Is billion-pound boast by Sir Tom Hunter coming up short?
Opaque financial disclosure discriminates against creditors, suppliers and other stakeholders in UK companies. Our Business Risk Adviser, Nick Hood comments on the abbreviated accounts published by certain companies within the business empire of Scottish entrepreneur, Sir Tom Hunter in an article by Alex Ralph and Deidre Hipwell published by the Times:
Accounts for the year to the end of March last year show West Coast Capital Holdings made an impairment of £200 million on shares in group undertakings. West Coast had total assets less current liabilities of £134.7 million, up from £113.4 million.
Nick Hood, a business risk adviser at Opus Restructuring, said it was difficult to work out what the impairment was for, as accounts for West Coast Capital and its web of subsidiaries disclosed little information.
“The trouble is that they’re getting away with filing these useless abbreviated small companies accounts because their turnover is under the limit for fuller disclosure.”
A spokesman for Sir Tom defended the accounts, saying: “We always have and always will continue to meet all our regulatory and legal requirements in relation to our accounts.”
To read the full Times article, please click on the link below: