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.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group