14h 11min, mar 12, 2026 y - Schutz Key WP Review

Description:

Audit approach
• Manufacturing, goods only IBC drums
• Auditing to local PM £500k Groups £2.5m
• Fully substantive
• 9+3
- GA comfort: ITGC only

FY25:
Fixed assets:
- getting


FY24:
• Sales substantive
- Documentation not on file, ‘’ Fas agreed only PM items’’
- No testing of stock
• Journals
- ‘’ 000’’ entries not …(?) tracked back
- Transactions; massive rise in volumes due to errors in decimal – corrected
- Direct R&P; postings exist for cash sales. Direct pension postings
• AUC
- £4.3 m poor referencing
- No depreciation
- No borrowing costs
• Accruals
- Mainly bonus 91% utilization
- Bonus in line with contract
• Opex
- trend analysis done
- July margin spike to 41% (?)
• Intercompany confirmations(?) agreed
• Payroll and directors expenses ok
• MLP operational Board minutes
• No legal cases
• Customer ageing 97% not due








FY24:
• PPE + £7m to £57m
- £6m AUC
• Raw materials £2.4m vs £2.5m
• WIP £561k vs £665k
• FG £1m vs £992k
• Trade receivables + £1m to £10.5m
- Domestic receivables £900k
• Cash - £6m
- Dividends £10m
- Capex
• Trade payables + £3m to £10m
- DT + £1.3m
- IC + £1m
• Revenues + £3m to £73m
- Domestic industrial + £3.5m
- Non – EU exports + £1.1m
- EU exports - £1m
• Staff costs + £600k to £5.8m
- Increase staff and salaries
• Opex + £700k to £12.8m
- Freight £300k, dep(?) £200k
• Other operating income £ 100k(?)
• Bank interest receivable - £25k due to less cash
• £7.9 m profit after tax

Audit approach
• Manufacturing, goods only IBC drums
• PM £500k Groups £2.3m
• Fully substantive
• Revenue, on engagement o/ride (?)

Working papers
• Sales substantive
- Documentation not on file, ‘’ Fas agreed only PM items’’
- No testing of stock
• Journals
- ‘’ 000’’ entries not …(?) tracked back
- Transactions; massive rise in volumes due to errors in decimal – corrected
- Direct R&P; postings exist for cash sales. Direct pension postings
• AUC
- £4.3 m poor referencing
- No depreciation
- No borrowing costs
• Accruals
- Mainly bonus 91% utilization
- Bonus in line with contract
• Opex
- trend analysis done
- July margin spike to 41% (?)
• Intercompany confirmations(?) agreed
• Payroll and directors expenses ok
• MLP operational Board minutes
• No legal cases
• Customer ageing 97% not due

Added to timeline:

Date: