PracticeAuditAccounts qualified at off licence chain

Accounts qualified at off licence chain

Auditors unable to verify transaction

The auditors of Glasgow-based off licence chain G101 have had to qualify the
company’s accounts after being unable to verify the details of a transaction
between owner George King and the company, the Herald reported.

G101, which has about 50 stores across Scotland, posted operating profits of
£624,736 in the year to May 31, compared with £673,386 in the previous 12
months.

Glasgow firm Rennie Smith & Co, which took over as auditor from JW Moore
& Co last year, issued a qualified opinion reflecting what it said was the
‘limited scope’ of its investigations.

The slip in profits was attributed to stiffer competition from supermarkets.

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