RegulationAccounting StandardsCGI restates numbers to resolve accounting error

CGI restates numbers to resolve accounting error

Warrington-based interiors business publishes two sets of accounts after discovery of profits booked too early

AN ACCOUNTING PROBLEM at Claremont Group Interiors (CGI) led the business to restate its position and produce two sets of accounts at the same time.

The Warrington-based business found it had recognised profits too early in earlier sets of accounts, and to ease concerns it produced figures for the year to March 2010, then moved its year-end to produce figures for the half-year to September 2010, reported the Daily Post.

CGI turned a profit of £299,000 before tax in the year to March 2010, while the next six months saw a pre-tax profit of £308,000.

Managing director Mike Gardner described the error as “extremely disappointing” because the group is trading well and has a good relationship with its bankers.

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