11h 57min, mar 4, 2025 y - Polytech Car Styling Key WP Review- FY24

Description:

Deadline 28th Feb
KPMG group auditor
GAI received on time
PM local £360k (draft figures changing) group £870k
Point in time sales: TOC with TOD top-up
PoC: will be substantive
Approach - Group materiality first
HBII Specific scope - Revenue, Receivables, Staff costs; PoC out of scope

Financials
-sales £61m vs £42m includes £14m loan w/off;to be remapped to other income
-like for like Revenue £48m vs £42m
-Other sales £4m?? compensation from JLR; open item - to follow up
-tooling sales £2m vs £14m; down due to tooling production is nearly complete for JLR
-Domestic sales +£12m to £34m; opened Bridgenorth plant in 2023 to service Bentley
-cos +£11m; white collar salaries £1.5m??, blue collar salaries +£1m, energy, raw materials
-staff costs +£300k to £1.1m due to Bridgenorth hires
-opex +£4m to £16.7m; bad debts £230k of which £130k is provision uplift, temp staff +£1.5m due to Bridgenorth,, rent +£1m Bridgenorth, Transportation +£900k??
-profit on disposal of FA £2.1m transfer of Bromyard plant to Polytec Estates nbv £1.3m; open item???
-no Tax adjustments
-PPE -£1.3m due to transfer of Bromyard to Estates
-inventories +£900k to £8.5m due to increase volumes/revenues
-trade receivables +£500k due to lower factoring liability due to ???? still open; JLR is factored factoring pays 90% up front - received balance confirmation and statement
-3 customers make up 80% of debtors JLR, Bentley, Aston Martin. 1 debtor circ; alternative procedures
-other receivables +£8m; £5m is contract asset, £3m owing from Estates (money used from JLR compensation)
-reserves reconciled??? open item
-trade payables £6m; domestic 3rd party supplier +£2m, IC +£2m with Estates rent etc.
-other payables -£800k; group loan waiver of £13m documentation missing???, VAT liability -£1m missing liability??? open! +£1.5m in other accruals??? open! contract liabilities +£5m

Audit WP (scoped items)
Sales
-missing VAT agreement, missing GDN's reverted to TOD
Receivables
-2 out of 9 received. 1 with large difference; client investigating??? alternative testing no GDN's and unpaid invoices. incomplete
after-date credit notes is open issue
Staff costs
-311 Ees
-walkthrough, reconcilation no issues, no issues

Added to timeline:

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