11h 17min, feb 3, 2026 y - Progroup Key WP Review

Description:

9+3
Sig risks - Revenue, m/overide
Revenue CY-£123m PY£130m
Local PM £900k
Goods only
Manufacturing Board from paper
All made to order
Buy raw materials from Group
Don't forward purchase energy

Mgmnt Overide/journals testing
- transaction volumes need corroboration
- sales debit entries; waiting on client
- rest is fine
Sales mainly UK 99% little export
Stop production in holidays
Controls audit; don't have screen shot

Events:
-Crystals is a debtor & tenant £8m w/off £5.2m £1m vat recovery, £1m from insurance, some recovery
-debt factoring entered
-new share issue

Revenue
- generally incoterms is DAP
- all customers are UK based
- 4 hours delivery time
- no MLP
- cut-off; agreed
-delivery documentation obtained from freight forwarders

COS
- no walkthrough on production costing process
- sample agreed back to ledger

Admin
- sample of admin & distribution costs tested; no issues
-capex items

Legal
- Peel case; £3.5m verdict in Dec 2025; outstanding construction work. Outsourced to another firm.

Confirmations
-legal confirmations no matters
-tax confirmations no issues
- bank confirmations received no matters

FA
-FAR to check age of machines?
-machine productivity reports; MA to insert into programmes
-existence testing

Inventory
-stock check fine
-conversion cost procedures notes documentation missing

Debtors
-ageing 84% not yet due rest 1-60 days
- some debtor confirmations did not received 9 . additional procedures carried out

Accruals - volume based rebates agreed to framework agreement and email addendums; PY utilisation agreed and CY checked and happy
-GR/IR; outstanding for 3 years under German rules can write off after 3 years need to check UK
-bonus testing- check contracts

IC confirmed
No complex areas

Payroll reconciling items checked

SUAD nil
MLP incoterms

Added to timeline:

Date: