Bid Shopping Accounts upto 31 Dec 2011

It is not good news no wonder Speed Auction was dropped.

http://www.companycheck.co.uk/company/03877786/SIT-UP-LIMITED#accounts-tab

Just check out the net worth :frown:

steveh31 said:

It is not good news no wonder Speed Auction was dropped.

http://www.companycheck.co.uk/company/03877786/SIT-UP-LIMITED#accounts-tab

Just check out the net worth :frown:

Click to expand...

waiting for these. :hi:

If they carry on like this they'll be doomed in another couple of years. It just won't be a viable business...

Expect the following to occur;

Fewer product ranges/more tat!
Cream of the crop (if you can call them that) presenters
Higher p&p/call costs
Presenters leaving (some having seen sense and jumped ship before the storm has taken hold)

Bear in mind that the quoted figures refer to the end of 2011 which is a year and 3 months' ago, therefore Sit-up's financial situation could be much worse now than it was back then. And things won't be getting better anytime soon given that they now have to be relatively honest in relation to things such as p&p and call charges, etc.; many products are selling painfully slowly these days even when experienced presenters are on-air, plus even various items of clothing and certain handbags aren't selling as well either, which not so long ago was unthinkable.

It's also interesting to note though that B&M Bargains is doing rather well at the moment, namely that they're a chain of shops selling similar if not identical goods to the Sit-up channels albeit at much lower prices.

I predict another Warehouse Clearance event next month :wink:

B&M?? Tell me more PP. Don't think much if anything will take my fancy these days from Sit/Bid but I'd like to see what they've got, what's their brand full name?
Ta x

B&M is a discount store that is there name.

I just looked in the perfume section and B&M's range was full of known brands and (the rather cheapo) celebrities fragrances.

It's nothing like the unknown **** that Bid are peddling. Clearly the fragrance buyer at B&M has some clout unlike Mr Sherlock!

Greg said:

I just looked in the perfume section and B&M's range was full of known brands and (the rather cheapo) celebrities fragrances.

It's nothing like the unknown **** that Bid are peddling. Clearly the fragrance buyer at B&M has some clout unlike Mr Sherlock!

Click to expand...

Indeed.

Seen the latest one? LOL, oh the irony.

And as for Yacht Man Blue, they are saying it's an introductory at around £15 + £7.99? I don't think so Peter Sherlock.

£4.99 in TJ Hughes, a store Peter will know well as he comes from Birkenhead.

http://www.tjhughes.co.uk/fcp/product/brands-for-less/Mens-Fragrance/Yacht-Man-Blue-100ml-EDT/14426

I suppose this is why the vouchers are flying left, right and centre

On PD now you have to buy 3 things and get a £10 credit. Lots of things for a quid but that's still nearly £30 you have to spend at that to get a near enough useless voucher

It's interesting seeing these. Bid have really changed their style over of the past year - they focus now on products for a longer amount of time, feature certain products on repeat (e.g. Yonanas) and have guests on - pretty similar in format to the other channel.

I would imagine last year people got sick of the absolute tat they were selling for rip-off prices and extortionate P&P, throw in poor customer services and decrease in entertainment value from the presenters and you can see why they've plummeted! I think there's been a slight improvement on late - but they still have a long way to go.

If anyone is in any doubt the financial issues Bid Shopping just look at all the minuses in the company accounts comparison from 2011 and 2010

Accounts Date 31 Dec 2011
Accounts Filed Until Unknown
Accounts Type Full Accounts
Key Financials This Year (2011) % Change Previous Year (2010)
Employees 329 -4.91% 346
Turnover 131,907,000 GBP -10.74% 147,779,000 GBP
Cost Of Sales 85,771,000 GBP -11.88% 97,334,000 GBP
Gross Profit 46,136,000 GBP -8.54% 50,445,000 GBP
Operating Profit -7,412,000 GBP -171.01 -2,735,000 GBP
Pre-Tax Profit -7,393,000 GBP -180.36% -2,637,000 GBP
Post-Tax Profit -7,393,000 GBP -209.72% -2,387,000 GBP

Ledger
Net Assets 9,627,000 GBP -43.44% 17,020,000 GBP
Total Assets 33,947,000 GBP -23.84% 44,573,000 GBP
Total Liabilities 24,320,000 GBP -11.73% 27,553,000 GBP
Cash 16,021,000 GBP -23.16% 20,851,000 GBP
Tangible Assets 3,995,000 GBP 0.38% 3,980,000 GBP
Fixed Assets 3,995,000 GBP 0.38% 3,980,000 GBP
Current Assets 29,952,000 GBP -26.21% 40,593,000 GBP
Stock 5,041,000 GBP -40.41% 8,459,000 GBP
Other Current Assets 5,300,000 GBP -31.34% 7,719,000 GBP
Assets Current Misc — —
Current Liabilities 23,932,000 GBP -12.01% 27,200,000 GBP
Creditors 16,676,000 GBP -15.38% 19,708,000 GBP
Trade Debtors 3,590,000 GBP 0.73% 3,564,000 GBP
Overdraft — —
Short Term 46,000 GBP -20.69% 58,000 GBP
Misc Current Liabilities 7,210,000 GBP -3.01% 7,434,000 GBP
Other Long Term Finance —
Total Long Term Liabilities 388,000 GBP 9.92% 353,000 GBP
Salaries and Dividends
Wages Salaries 12,461,000 GBP -0.93% 12,578,000 GBP
Director Emoluments 30,000 GBP -93.95% 496,000 GBP
Shareholder Funds 9,627,000 GBP -43.44% 17,020,000 GBP
Dividends - 11,085,000 GBP
Other
Cost Of Sales 85,771,000 GBP -11.88% 97,334,000 GBP
Audit Fees 40,000 GBP 0% 40,000 GBP
Tax — 250,000 GBP
Retained Profit — —
Book Value 9,627,000 GBP -43.44% 17,020,000 GBP
Depreciation 1,663,000 GBP -2.41% 1,704,000 GBP
Capital Employed 10,015,000 GBP -42.35% 17,373,000 GBP

Audit Date 16 Apr 2013

And all that free credit they have generously gave away can only make things worse.

Oh, hang about........... :wink:

Can they make it to the end of the next financial year? I'm no accountant, but my husband says he'll be surprised if they make it to the end of next week!