Breaking News

Bosso debt soars to $500 000

by Sports reporter
29 January 2013 | 4247 Views
HIGHLANDERS Football Club have been advised by their new auditors Grant Thornton to set up a workable accounting system to manage the club's finances as they continue to be saddled with debts of over $500 000.

Philip Ndlovu, a partner at Grant Thornton, on Sunday told the Bosso annual general meeting that the club's accounting system was not viable for the club which has been declared broke and unable to service its creditors.

"You are technically and factually insolvent. We cannot say you have enough resources to continue as a concern. Your creditors can also not be ascertained because of your system. If all your assets were to be sold you would not be able to meet your liabilities," Ndlovu said.

"The responsibility for the prevention of fraud and error rests with management through the implementation and continued operation of adequate accounting and internal control systems."

According to the executive summary of the auditors: "The company (Highlanders) incurred a cumulative net loss at the year ended December 31 2012 of $472 960 and, as at that date its total liabilities exceeded its total assets by $194 485. These events indicate a material uncertainty that may cast significant doubt on the company's ability to continue as a growing concern and, therefore, the company may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements (and notes thereto) do not disclose this fact."

According to the summary, the Bulawayo football giants are $511 332 in the red and Grant Thornton said the club board and executive should advise of projects to trade Bosso out of insolvency, operate at a profit position and establish other projects to sustain core ventures.

Last year, Highlanders generated 73% of its total revenue from its football division, but it is noted that they incurred losses. Grant Thornton gave the thumbs up to the Manwele Beer Garden project which made a profit of $10 681 in five months.
Highlanders won a tender to run the beer garden from the city council.

The club was found wanting in authorisation of club expenditures, authorisation of journal entries, segregation of duties, audit preparedness, budgetary controls, revenue, creditors and payments.




It was, therefore, advised to hire quality staff and increase training, produce monthly management accounts, be prepared for audit, establish a well thought and feasible business plan and implement key accounting systems and controls.

Club chairman Peter Dube said they were working on measures to rectify the situation.

Bosso Debt

Source: newsday

Could there be war if Grace Mugabe becomes President?

Yes
74.6%
No
9.09%
Who cares?
16.31%
374

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

'Prioritise quality education,' says Grace Mugabe - The First Lady Dr...

by Staff Reporter | 25 October 2014 | 46 Views

'I am not a sell out,' says Dr Mujuru - Vice President Dr Joice Mujur...

by Staff reporter | 25 October 2014 | 2055 Views

Mugabe's Zanu-PF politburo ignores Grace's demands - Yesterday's much-...

by Staff reporter | 25 October 2014 | 1435 Views

Zesa power outage riles Mugabe - President Robert Mugabe yesterday cam...

by Staff reporter | 25 October 2014 | 930 Views

My aunt taught me how to have sex, says rapist

by Staff Reporter | 25 October 2014 | 3386 Views

Incompetent cops - WhatsApp update - Please note that Bulawayo24 does...

by Concerned Citizen | 25 October 2014 | 1486 Views

'Amaiguru Gire is working tirelessly hard to destroy Zanu PF' - Please...

by Sando kuna Gire | 25 October 2014 | 5131 Views

Rotary Club of Bulawayo donates to Tjewondo Primary School

by Collin Nyabadza, Executive Director - Collin Nyabadza Children's Voice Charitable Trust | 25 October 2014 | 976 Views

Dr Joice Mujuru graduation party - Live updates - Vice President Joic...

by Staff reporter | 25 October 2014 | 7350 Views

Politburo ends pre-matually - The Zanu-PF Politburo meeting has ended ...

by Staff reporter | 25 October 2014 | 2543 Views

Mujuru's political life hangs in balance, kept guessing - Vice-Preside...

by Staff reporter | 25 October 2014 | 2531 Views

Zanu-PF Politburo drama fails to materialise - THE Zanu-PF politburo g...

by Staff reporter | 25 October 2014 | 1394 Views

Mugabe convenes parliament - President Robert Mugabe will next week op...

by Staff reporter | 25 October 2014 | 1195 Views

Tsvangirai broke, failing to maintain government mansion - MDC-T leade...

by Staff reporter | 25 October 2014 | 1230 Views

Bosso ranked higher than English Premier sides QPR, Pompey - BULAWAYO ...

by Sikhumbuzo Moyo | 25 October 2014 | 2041 Views

Adulterous man sued for maintenance - A BULAWAYO magistrate has grante...

by Lethokuhle Moyo | 25 October 2014 | 1125 Views

Cop gets a thorough hiding, left with swollen face - A policeman was ...

by Plaxcedes Hove | 25 October 2014 | 1491 Views

Teacher suspended over sex with Grade 6 pupil - THE teacher from Roman...

by Sukulwenkosi Dube | 25 October 2014 | 1619 Views

Entertainment

Carl Joshua Ncube to star in game show - Comedian Carl Joshua Ncube wi...

by Staff reporter | 23 October 2014 | 975 Views

LadyBee Anondida - Official video

by Staff Reporter | 23 October 2014 | 2249 Views

Zim representative in the Big Brother Africa survives eviction - Zimba...

by Staff reporter | 20 October 2014 | 2879 Views

Grace Mugabe's political comedy takes ZTV hostage - For the past two w...

by Staff reporter | 20 October 2014 | 5328 Views

Oliver Mtukudzi to deliver lecture at Musica 2014 - Zimbabwe's interna...

by Staff reporter | 19 October 2014 | 1603 Views

Gezha maoko - Ladybee (Official Video)

by Staff Reporter | 19 October 2014 | 2901 Views

Matebeleland Music & Arts Festival - Sivala umnyaka ngengoma lapho sit...

by Staff Reporter | 17 October 2014 | 1847 Views

Obediah Matulana releases Christmas DVD - Bulawayo-based musician Obed...

by Staff reporter | 16 October 2014 | 2146 Views
iBlog

The Zero-day Vulnerability Cve-2014-4114 Impacting All Versions Of Microsoft Windows

new microsoft windows zero-day vulnerability - cve-2014-4114on tuesday, october 14, 2014, isight partners - in close collaboration with microsoft - announced the discovery of a zero-day vulnerability impacting all supported versions of microsoft win... Read More
SecNews 16 October 2014 ago

Obviously, Windows Xp Has Nothing More To Offer

With no support from the manufacturer, windows xp no longer receives antivirus updates, which provoked an increase in the number of attacks on xp users. according to avast company, windows xp systems are attacked 6 times more often than the devices r... Read More
Sergey 12 June 2014 ago