Member Info for Erebus55

These days it is best to avoid any company where the there are financial problems - McColls, MADE, Joules, etc. despite what their BOD might say. In case of DKE we don't know what is happening due to poor comms from Lizard.

Neil, unlike you to be so positive.

All four involved in electricity production and rather odd; how will they produce it?

Michael is that from BOD or your view?

Not sure 11th October RNS was open ended. It also made clear they had secured company’s future and to allow an RTO. Seems they were lying.

Belwo is from 2021 auditor report for 2021. I expect they can no longer tick all the boxes outlined below:
"Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the group's and parent company's ability to continue to adopt the going concern basis of accounting included obtaining management's going concern assessment and associated cash flow forecasts for the period of 12 months from the date of approval of the financial statements. We have reviewed the assumptions applied in the cash flow forecast for reasonableness, and compared to historical financial information.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report."

A mess at the moment. I do think if no hope then we would have heard something by now. But worrying they haven't updated position via an RNS or contacted Michael, although expect latter is due to no TR1 on his behalf. Zak Mir could have got back to him though.

Kop, the auditors won't sign the accounts off if they don't consider DKE to be a going concern. As Trout states, it seems they need to inject cash in to the business to get accounts signed off. For them is it worth the hassle but I suppose if it was totally dire we would have been told already the business was finished. I expect they are trying to raise money.

I would expect everyone here knows why the accounts have not been issued but the company should have made this clear in recent RNS. As you say I doubt the BOD care and they have plenty of other toys to play with. A courtesy RNS would be good though.

Odd response from Mir as plenty if not most companies explain in an RNS why accounts are delayed.

It is now two weeks since suspension and poor not to have an update. Wonder how much attention Gazzard gives here given how many companies he is involved in.

Seems poor that Gazzard hasn't been in touch with Michael.

Hopefully Duke aren’t royally shafting people here.

Progress, they have until 31st January 2023, else action will be taken to dissolve the company. I expect we will hear something either way well before then.

There are two deadlines - for quoted companies the FCA needs results within six months after year end; HMRC needs them within 9 months of year end. The 2021 accounts were published as an RNS on 29th October and at Companies House on 25th November. In the 2021 auditor report they considered DKE was a going concern for another 12 months based on information from the directors,

The three directors of TBC seem to set up companies for fun - Shardlow and Clare have or are directors of over 70 companies and Gizzard 39. Gizzzrd active director in 13 companies; was director of 8 that were dissolved and recently resigned from 18. Is he actually concentrating on DKE?

Sianna, I agree that the 1st Novemeber RNS comes agress fine although odd it states DKE haven't completed the audit - surely that is the role of the auditors. As with waiting to hear progress on a proposed NHS appointment the lack of communication from the BOD on reasons for delay is poor and cause for distress. I doubt BOD will respnd to Michael until there is a TR1 as they can argue anyone can claim they hold 10% of the shares.

This is a small company so expect the issue is whether it is still an ongoing concern. This might suggest BOD are trying to get funding so accounts can be signed off. BOD certainly showing disrespect to shareholders and we will see if Gizzard contacts Michael.

Trout, sadly I expect you are right. Especially for small companies it is always worth reading the previous audit reports and see what hoops have been gone through to get the audit cleared; usually it is as was done here in 2021 but a warning sign will be are hoops getting bigger each year. Company obviously knows why accounts haven't been signed off and I see know reason why they can't tell the shareholders as other companies have done.

Trout; well just that I suppose if true and I expect you are correct in that the BOD are struggling to get the auditors to agree DKE is still a going concern - this type of discussion appears in many audit reports. However, other companies with issues with their accounts explain why the delay or give timeline for completion. They could have done that on 1st November; not doing so shows they don't seem to care about shareholders.