Accounts17 Apr 2018 01:52
Just looked at the Turf to Table Accounts online at Companies House. They made a large loss in the year ended 31 August 2017 of �205K compared with shareholders funds of �507K. They definitely need a change of accountant because there are four fundamental errors in the Accounts:-
1. The Accounts have been prepared under the FRSSE. That was abolished for all Accounts whose year commenced after 1 January 2016. They should have been prepared under FRS102.
2. They show negative trade debtors due after more than one year. These have to be shown as creditors due after more than one year.
3. They show negative staff loans outstanding, which should be shown as other debtors.
4. Freehold property is not depreciated. It is a requirement that working freehold property, assuming these to be the restaurant buildings they own, are required to be depreciated and they are not. If any element of depreciation is considered to be immaterial, the Accounts should say so.
I do find it extraordinary that there are so-called accountants allowed to practice still, if they show such lack of knowledge. Their accountant is neither chartered or certified but a CPA.
I have no idea why the company made such a loss because there is no need to publish a Profit and Loss Account at Companies House, but the more I look at it, the more concerned I am that the possible acquisition of this company is as a last minute convenience with Alexander Snow director and part of the family owning the company also being a director of Amerisur Resources. If it goes ahead, will they really make anything of it?
I suppose the first thing is for the RTO to go ahead, so that at least we shareholders in SMA have got something.
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