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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.