23h 17min, jan 30, 2025 y - Chemtech Key WP Review

Description:

Turnover £31m
Servicing of pumps
Don't know what segments of business is PoC and what is PiT
MU hasn't understood the Shell UK project CY margins
No MLP for the under reporting of £240k
SUAD for local trivial Group
DT Asset workings strong - MU
Journals Testing
- no conclusions
- everything fine but volume of transactions for Oct-Dec very high no commentary
- prepayment v bank MU did not understand concept
- accruals v bank issues noted by SSC and nothing done
Journals significant risk - poorly done
Debtors
- 17 sampled for local 4 for group received 3
- 67% recovery
- no work done at Interim
- credit notes not corroborated to down payment
VAT accounting fine
Legal letter received - no issues
Tax letter outstanding
Luberef
- Saudisation costs £2m
- losses on project taken many years ago
- final settlement reached £2m booked in CY
- is this a correction fundamental error?
- confirm with Miriam for scope out
Review took way too long

Added to timeline:

Date: