SAIC fined for not submitting its 2015 accounts - MG-Rover.org Forums
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post #1 of 58 (permalink) Old 19-10-2016, 22:56 Thread Starter
GSi
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SAIC finally filed its 2015 accounts on 14 December 2016

I had hoped to share with you details from their accounts. Instead I have to share the following information:

SAIC MOTOR UK HOLDING CO., LTD 06174862
SAIC MOTOR UK TECHNICAL CENTRE LIMITED 05437330
NANJING AUTOMOBILE CORPORATION (UK) LTD 05586826
MG MOTOR UK LTD 05779958
MG SALES CENTRE LIMITED 07416929

SAIC's UK subsidiaries shown above have not filed their accounts for year ending 31/12/15 yet. UK company law requires accounts to be filed within nine months of the year end and Companies House states that these accounts are now overdue. Not filing accounts on time is a red flag to accountants and credit reference agencies as they see it as the sign of a company not being properly managed. They also don't like the unknowns.

What happens to SAIC?
Each of the above five companies will be fined until its accounts are submitted. As it was late last year, the fines will be double the usual rates. The rates are:
Up to a month late 150 x 5 companies x 2 = 1,500
Between one and three months late 375 x 5 companies x 2 = 3,750
Between three and six months late 750 x 5 companies x 2 =7,500
More than six months late 1,500 per company x 5 companies x 2 =15,000
Source: https://www.gov.uk/government/upload...3.0-ver0.1.pdf

Failure to file accounts is a criminal offence which can result in directors being fined personally in the criminal courts but I do not envisage this situation occurring with SAIC.
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Last edited by GSi; 25-12-2016 at 00:36. Reason: Updating title
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post #2 of 58 (permalink) Old 20-10-2016, 03:39
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No doubt You'll now be branded as The Uber-Hater or somesuch juvenile name, for sharing this.
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post #3 of 58 (permalink) Old 20-10-2016, 06:36
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No doubt 'someone' will be along soon to tell us that MG are doing fantastically and that profits are increasing.
I await the, eventual, publication of the accounts.
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post #4 of 58 (permalink) Old 20-10-2016, 12:11
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Thanks for the information. I had been waiting for notification about these numbers. Of course the necessary directors' statement will have helped drive the timing of the annoucement about Longbridge assembly. What has to be said about the likely future needs to be carefully reviewed at this moment so the fact that the annual accounts are due out now is an issue.

Brexit is decided and MG now have a new plan for selling five times as many cars in the UK by 2021 than they did in 2015, and they're on their way! A plan which will involve paying less rent for unused or underutilised space to St Modwen, I expect.

The future's bright, the future's Birmingham Orange.
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post #5 of 58 (permalink) Old 20-10-2016, 14:47
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No doubt 'someone' will be along soon to tell us that MG are doing fantastically and that profits are increasing.
I await the, eventual, publication of the accounts.
Yep. You can always rely on good ol' Pat.
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post #6 of 58 (permalink) Old 20-10-2016, 19:04
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Interesting thread - I wonder what the hold-up is at SAIC/MG?!

Shame the usual names are on here trying to antagonise.
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post #7 of 58 (permalink) Old 20-10-2016, 19:07
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As GSi says, the accounts were late last year. Hope they are not making a habit of this.
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post #8 of 58 (permalink) Old 20-10-2016, 19:36
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I knew I forgot something. Where's my calculator...
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post #9 of 58 (permalink) Old 21-10-2016, 16:21
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Originally Posted by snifferdog1 View Post
Interesting thread - I wonder what the hold-up is at SAIC/MG?!

Shame the usual names are on here trying to antagonise.
Allow me to speak for the defence;-
Quote:
SAIC fined for not submitting its 2015 accounts
+
Quote:
Cheyne-O-Meter
=
Quote:
MG Lead With Innovative Company Reporting

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post #10 of 58 (permalink) Old 24-10-2016, 12:38
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Originally Posted by patpending View Post
Brexit is decided and MG now have a new plan for selling five times as many cars in the UK by 2021 than they did in 2015, and they're on their way! A plan which will involve paying less rent for unused or underutilised space to St Modwen, I expect.

The future's bright, the future's Birmingham Orange.
Well if BREXIT has already informed SAIC's direction in Europe than they at least are satisfied it is going ahead. Personally I think they are holding off on any commitment they might be considering until the post BREXIT situation is clearer (i.e. EU tariffs/quotas not applying to imports). That doesn't mean I think they are committed to UK (or EU) sales or the most cost-effective way of achieving them.
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post #11 of 58 (permalink) Old 24-10-2016, 13:17
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Just what has Brexit got to do with MG not filing LAST YEAR'S accounts.
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post #12 of 58 (permalink) Old 24-10-2016, 14:02
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It is really such a shame that this site has now become a slag fest for the few that like nothing better than to berate, slate and generally moan and whine about everything to do with MG, SAIC and Longbridge.

If it were not for this company, when everything went to the wall 11 years ago, we would have NO MG at all, at least we have the brand, and regardless of what the naysayers moan on about, MG was always from the very very first car, a badge engineering exercise, there has been very few actual cars bespoke to MG.

And if MGR were still here, they would have had to produce cars like the MG6, MG3 and GS, it is the law of supply and demand, if the likes of Rolls Royce, Bentley, Maserati, Aston Martin and so on are building SUV's and thats were the sales and profits are, then MGR WOULD have to follow suit.

The MG6 for all its issues, which are not really issues but niggles, is what MGR would have built, give or take some styling tweaks.

I can understand WHY people that do nothing but moan and groan, spend so much time on this site, it is similar to slating Morrisons but you do all your shopping there, whats the point.

There used to be some great debates, chats and conversations, that rarely went down the route of personal attacks, slating off the company and so on, yet today, with a tiny proportion of the old member participation, nearly all posts end up this way, and all it is doing is turning people away.

Just consider that you are in the market for a new car and your considering MG, so you do some online checks, and you end up here, and see what people that have never even been in a new MG let alone feel compelled to comment, sentiments like that can have a negative effect.

If the dealers are happy to sell the cars, and more are coming, lots more in 2017, and virtually all the owners are happy with their cars, then why behave like spoilt brats.

Personally i just wish they would all go away, and frequent the sites that are more in tune with their brain capacity, i am sure there is a Telly Tubby site somewhere.

In the mean time, WHY does the admins not do anything to stop all the personal attacks and blatant lies spouted off by a small vocal few, or as is probably the case, one or two people with multiple accounts, now that really is sad.......

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post #13 of 58 (permalink) Old 24-10-2016, 17:01
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In the mean time, WHY does the admins not do anything to stop all the personal attacks and blatant lies spouted off by a small vocal few, or as is probably the case, one or two people with multiple accounts, now that really is sad.......

Because it ain't China, Sonny Jim.

Reading between the lines and your posts, I could very easily come to the conclusion that you are some kind of Longbridge stooge, sent by MG UK to manage dissent and could demand that management do something about it. That would be a childish attempt to stifle debate however.

MG Motor have failed to file their accounts on time yet again.

It ain't lies. It's the truth but you just don't like the smell nor the taste of it.
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post #14 of 58 (permalink) Old 24-10-2016, 17:16
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It could be argued that there are a small number on here who cry 'lies, lies' whenever something is posted that they don't like, which usually proves to be correct.
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post #15 of 58 (permalink) Old 24-10-2016, 17:44
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You should get over losing your job in 2005. I always blamed you for the substandard paintwork on my brand new ZT190.
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post #16 of 58 (permalink) Old 24-10-2016, 18:12
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Q. Are the accounts late and have they been late before?

A. Yes
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post #17 of 58 (permalink) Old 24-10-2016, 18:24
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Originally Posted by Perry Stalsis View Post
Because it ain't China, Sonny Jim.

Reading between the lines and your posts, I could very easily come to the conclusion that you are some kind of Longbridge stooge, sent by MG UK to manage dissent and could demand that management do something about it. That would be a childish attempt to stifle debate however.

MG Motor have failed to file their accounts on time yet again.

It ain't lies. It's the truth but you just don't like the smell nor the taste of it.
Oh FFS i am not surprised that YOU responded, i mentioned nothing about the tax liabilities and your comments about me being an MG stooge just goes to show what an fool you are. I stated facts, about the way this site is going, nothing about MGs way they run their company, it just goes to show, you never read what others state and make it up as you go - And what the hell has being in China got to do with admins reacting to comments, every site that runs a chat system has Mods and admins, unfortunately this one fails to react to people and there inability to behave like a reasonable person.

and for your info i have never worked for, either in part or whole, for MGR, its subsidiaries, previous named companies or any part thereof, I have however owned a significant number of products over the years that came from those companies.

Dissent is fine if its factual, but being abusive to others is past dissent, its just ignorant, your post shows that in its entirety. have a very good evening, i am now off out....
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post #18 of 58 (permalink) Old 24-10-2016, 18:55
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Originally Posted by patpending View Post
Thanks for the information. I had been waiting for notification about these numbers. Of course the necessary directors' statement will have helped drive the timing of the annoucement about Longbridge assembly. What has to be said about the likely future needs to be carefully reviewed at this moment so the fact that the annual accounts are due out now is an issue.
The accounts and director's report will be concerned with the previous financial year, so your suggestion that the staff redundancies have been a factor in the company not submitting their return on time would not be accurate. Even putting that point to one side, shutting down the batch run assembly will have taken some time to consider and arrange; it should not impact on submitting the annual return. If anything, being late yet again works against the company in several ways in the UK and beyond.

Quote:
Originally Posted by patpending View Post
Brexit is decided and MG now have a new plan for selling five times as many cars in the UK by 2021 than they did in 2015, and they're on their way! A plan which will involve paying less rent for unused or underutilised space to St Modwen, I expect.
'Brexit' is a total red-herring. The company only has two models on sale. The 3 is ageing and needs some heavy updating to remotely keep up with competing models. The GS is not Type Approved and so can't be sold in large numbers in the UK. It's entirely possible the same thing will happen with the forthcoming baby-SUV - depending on when it arrives here. That doesn't present a bright future for MG in the UK at all.
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post #19 of 58 (permalink) Old 24-10-2016, 18:56
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Andy, I hope you're not driving anywhere, not in that mood.
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post #20 of 58 (permalink) Old 24-10-2016, 19:05
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Originally Posted by AndyhMG View Post
Dissent is fine if its factual, but being abusive to others is past dissent, its just ignorant,
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Originally Posted by NickTL View Post
You should get over losing your job in 2005. I always blamed you for the substandard paintwork on my brand new ZT190.
I rest my case/
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