MLM bot watch - Discussion of the network marketing companies Forever Living, Herbal Life, Juice Plus etc as a pyramid scheme or scam

[CheekySmile]

Continuing the discussion of the various network marketing schemes or multi-level marketing schemes (MLMs) that people we know are involved in.

If you have a bot of your own then join us and share what they are saying!

Or if you are researching a company before signing up to be a network marketer please take a look at the previous bot watch thread and also this thread which delves deeper into the workings of MLMs.

And don't forget our very own MN MLM Timeless Vie!
www.facebook.com/timelessvie
www.twitter.com/timelessvie

I'm am so very eager to see ECs accounts next year. Gutted I'll have to wait until April/May time to see them.

Has NH's company figures been submitted for 2015 here? I seem to recall the figures we saw for her put her in negative net worth and now she's worth £120K. Were they the 2014 numbers we were looking at before?

companycheck.co.uk/company/08565865/RESIDUAL-WEALTH-MANAGEMENT-LIMITED/summary

cat they will make interesting reading for sure but recently found the wait will be even longer. First year accounts need to be filed within 21 months of registration, so that's by 20th October 2016..... Bah

I was about to say it will be October next year... They will definitely be interesting!

I bet they do that on purpose: get people to register ltd companies early-ish in the year giving them the extra time to file the previous year accounts. My guess it that this is done on purpose to hide the fact that most bots fail within 18-24 months.

It's speculation, of course. But question is: Will EC still be with FL come the start of Q3 2016? I doubt she will...

As for NHs cheeky it seems new accounts were filed 14 November 2015. She may have filed early as the deadline for annual returns isn't until march 2016. Can accounts be filed any time and is this different to annual returns? I have no idea. We really need someone who works in finance to explain how it all works for us, and what's normal business practice. I'm just learning on the hoof. For example, both companies are private limited with 'share capital' ???
If you scroll down on this page there's more detailed accounts than last we checked hcompanycheck.co.uk/company/08565865/RESIDUAL-WEALTH-MANAGEMENT-LIMITED/financial-accounts

Minus an h :) companycheck.co.uk/company/08565865/RESIDUAL-WEALTH-MANAGEMENT-LIMITED/financial-accounts

Yes, it's all so confusing when you don't understand it. And I don't!

And her business name is interesting when FL now state that 'residual income' is a phrase that FBOs are no longer allowed to use (from page 6 of their ad pack)

Agnes replied on NM btw. I have posted a response asking for some facts and figures from her...

But we know NH is seemingly in some kind of business partnership with Dave O'connor: www.endole.co.uk/company/09660846/pay-it-4ward-limited

I don't know anything much about accounts but could her worth have gone up by 50% because she maybe gets an income from whatever she has going on with Dave O'connor?

After counting on all my fingers and toes the change in accounts fits about right for the big (literally) chairmans bonus cheque she received. The bonus was approx £450,000 when converted from $. So the company is now much more cash rich, hence the change to £120,812 net worth. Interestingly though it shows that liabilities increased another £110,000 between 2014-15 to £363,474. Let's not forget she is the MOST successful flbot in the UK and her website still states she has built a 'multi-million pound business'.

Probably, but I doubt those numbers are easily transferable from one ltd to another without it looking dodgy.

I think we somehow need to get this on the BBC's Panorama radar. Either that, or get Matt Albright on a Rogue Traders trip.

Liabilities have tripled to £363,474?

Has she invested money in to the company by means of a secured loan against her house or something? Either that or she has got an investor somewhere. The amount is just staggering for a one man band.

Presumable all for the purpose of faking it till making losing it.

cake the company shared with snake oil dave doesn't appear to have been officially launched yet hence the half finished website. The site is, in my opinion, a lead generation site for their businesses. The about us section links directly to their businesses. Bear in mind this site is under construction and not live yet www.jollyone.co.uk/test/Pay-It-Forward/about.html

Not tripled no cat gone from £363,474 to £475,124. Should have made that more clear but my head was spinning

So is mine lol! I read that as 'from 110 to...'.

To be fair, i was at one point working in an office with a light sensor which turns off after 15 mins without movement. Seeing as it was dark by 4, it rather hurt my eyes on several occasions.

Not to mention staring at fecking spreadsheets (no, I am not an accountant!).

There's an MLM article here which starts with a former FLbot from the Philippines speaking out about his experience.

NHs 2014 accounts. Her intangible assets are set at £240k.

Has she looked at her own ability to bullshit and said: "Yes, I am good at this bullshitting lark and would value it at £240k".

I have no idea how she could possibly quantify her intangible assets. Her tangible assets, which I would assume is mostly stock, is at just over £2k which is lower than I had imagined. Then again, she is not exactly at risk of being audited and thus likely to fudge her figures somewhat, if you ask me.

Agnes has responded. Do you want to do the honours or shall I?

Disclaimer: I am multitasking this, work & G&T

Very interesting, cheeky. Have copied it on the other thread.

Intangible assets of £240k! That's crazy, surely? And how can her creditors figure be so high? What would she owe that much for? I genuinely don't understand. Is it just a way of avoiding tax? How can she afford such an apparently lavish lifestyle on less than £30k pa? Wouldn't even pay the school fees. I'm baffled.

Ooh, yes I'll read and reply in a bit!

Shirley It is possible that there is an ex who pays substantial maintainence. I obviously have no evidence of this though.

I had no idea what an intangible asset was, so looked it up on HMRC. It includes intellectual property so maybe it's to do with her book?

My brother is an accountant. I might get his opinion on things or to put it into laymans terms for me!

Possibly. But then effectively she is valuing her book's worth based on, well, nothing.

Intangible assets are hard to quantify, so I think these have been overestimated. I am no accountant, I hated business studies when I was at school, but I do work in a job that involves a lot of numbers and reports and I am slowly becoming more knowledgeable. Her numbers just don't make any sense.