by Nick Robinson | Mar 21, 2013 | Accounting
Drawing upon reliable online accounting services like those available from Yorkshire Accountancy can assist many companies in averting the kind of accounting mistakes recently revealed to have been made by London black cab maker Manganese Bronze Holdings plc. The company was recently forced to delay revealing its half-year results following revelations of accounting errors responsible for an understatement of historical losses by £3.9m at the company.
Manganese Bronze recently told the market that the accounting errors concerned 2011 and earlier financial years and indicated that its half-year results are now set to be revealed on or before 24 September 2012. The problems can be dated back to August 2010, when a new integrated IT system intended to assist management of the increasingly complex supply chain was introduced. However, the company have declared that, “Due to a combination of system and procedural errors, a number of transactions relating to 2010 and 2011, and some residual balances from the previous system were not properly processed through the new IT system”.
This resulted in the over-statement of stock and under-statement of liabilities in previous years’ financial statements. The company also cited the ultimate effect of the accounting errors as an estimated £3.9m understatement of historical losses dating back over several years. You can use the Yorkshire Accountancy website to learn more about how our online accounting services can help companies to avert making accounting errors.