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21 January 2022
By Maynard Paton
Oh dear. I had expected this article to celebrate a dynamic growth company that had commendably prospered during the pandemic.
I find myself instead relaying some unusual financial reporting after digging deep into a few annual reports.
Read on to discover:
- An erroneous £2 million entry within the cash flow statement;
- The inconsistent disclosure of related-party transactions;
- The delayed reporting of a website breach to the auditor (and customers);
- “Historic errors” with stock control;
- The auditor resigning after becoming “concerned about the robustness of the Company’s control and governance frameworks“;
- The peculiar disclosure of trade payables and receivables, and the level of receivables versus revenue, and;
- Bookkeeping curiosities such as overdue tax, R&D tax credits and regular revaluations of distribution centres.
Let’s take a closer look.
Read my full Cake Box article for SharePad.
Maynard Paton
PS: I have provided more Cake Box observations on the Quidisq forum.
If sales continue to climb and franchisees continue to come on board ( upping the cost to purchase a franchise?) I don’t know why there couldn’t be many more stores in the UK and beyond
Dom spends a ton on marketing. Cakebox spends a tiny tiny fraction.
That could be a lever too.
How many people do you know that doesn’t like a birthday cake?
Jake
Ps invested in Dominoes pizza as well as Pat Val!
Thanks Jake. Let’s just see what happens. I like a birthday cake and actually tried a CBOX cake last week. Very nice!
Maynard