13h 31min, feb 19, 2025 y - Bericap Key WP Review

Description:

Manufacture "closures" i.e. bottle tops
Hard close on Sep numbers (9+3)
PM local £395k auditing to local

AR
PPE cost +£5m to £70m
- transfer of AUC to PPE +£8m
- AUC -£4m existence issue
Inventories -£500k to £1.13m
- Resin -£200k to £696k
- calibration issues on silo 4,8,9 £122k extrapolated error and MLP
Trade receivables -£500k to £9.9m
- better collection
- after date cash looks reasonable
- invoice factoring
Deferred tax liability +£1.5m to £4m
- additions to PPE
Trade payables -£3.2m to £4.4m
- due to timing; corroborated to top 10 suppliers o/s
Other payables -£1.6m to £2.3m
- £2.5m relates to invoice factoring; agreed to confirmation
- other contributors are corp tax accrual, VAT and manual accruals, GR clearing account
Sales before Plastic tax adjustment +£1.6m to £50.5m
- plastic tax adj is £2.6m to gross up sales/COS
Salaries +£300k to £8.4m
- inflationary increases 4%
GP% 29% vs 26%
- falling energy and resin prices
Other operating income £900k
- fa disposal proceeds, scrap stock and 'Group Other Sales' ????
PBT £6.7m PY 4.85m

Audit
Sales & purchases TOC
Screen shots to test SI can not be raised
Sales TOC satisfactory 6 open items
Not tested to stock out
No reference to incoterms or line item references
Purchases walkthrough - no VAT consideration
Purchases TOC - no VAT consideration
Sales cut-off missing ????
Purchases cut-off; 3 queries/open items
Journals
- volume of transactions; follow up required
- bank vs prepayment; need to check advance to which employee??
- bank vs P&L; potential MLP for direct travel expense booking? follow thorough to supporting

Added to timeline:

Date: