9h 39min, sep 19, 2026 y - Marine Industrial (MIT) FY25 File Review

Description:

Revenue
-goods 90%
-servicing of ship clutches

Fully substantive
point in time revenue, no PoC

Revenue testing
-didn't check to despatch, VAT, debtors, stock
-no line item conclusion

Purchases testing
-didn't check to receipt, VAT, creditors, stock
-no line item conclusion

Journals
-documentation and explanations not sufficient
-customer credit note not followed through to goods receipt
-compare tab10 to prior year for strong evidence

Maintenance of ship clutches etc.

Move/relocation/potential Dilaps accrual £30k
-accrual for future event???? shouldn't gone through and no SUAD. speak to client
-no professional surveyor used

FY24:
-debtors; Twin disk is customer and supplier refusing to pay £250k due to warranty cover
-warranty provision; no significant movements
-rent of service yard to triple
-large credit in Market/Advertising

Legal
-trademark issue with MIT from PY
-£7k damages accrued

Added to timeline:

Date: