CAR DEALER Pendragon has been forced to correct its 2011 accounts after it overstated its cash flows from operations and investment activities.
The move follows a review by the FRC’s Financial Reporting Review Panel into the company’s presentation of cash flows from its contract hire vehicle operations.
As a result of the correction, made in the company’s 2012 interim results, cash inflow from operating activities was overstated by £31.3m and should, therefore, have been reported as £52.6m. Net cash outflow from investing activities was overstated by £31.3m and should have been reported as £23.8m.
The FRRP said it was satisfied with the corrections and the matter has been closed.
Shares in the London-listed company fell 6% following the announcement.
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation
Top 50+50 firm Begbies Traynor recorded pre-tax profits of £4.5m for the year, boosted by its property services unit, despite seeing insolvencies drop to its lowest level since 2004.
EY becomes the latest Big Four firm to sign HM Treasury’s Women in Finance Charter
Top 50+50 firm Dains has appointed former RBS director Richard McNeilly as its new managing partner