David Lock

OK so Tesco screwed up its accounts by adding in profits that might accrue but had not yet been received.

But I thought businesses paid accountants to check the books and auditors to go through the figures?

So would this apply to Tescos even though it is a huge company?

dl

dpb

Worth buying some shares?

Cpt Jack Sparrow

iTrader: (14)

Very difficult times sat here working in H/O, Not going to comment.

I've been here 25 years and never known anything like what is going on...

RS_Matt

Carousel fraud?

Dr Hu

Bottomfeeder eh? LOL I did wonder meself how much lower can they go, 'specially with the new guy about to come in....

alcazar

iTrader: (2)

Hate them..worst customer service of any of the big three.

They deserve everything they get.

fat-thomas

iTrader: (4)

^ as he says, they take advantage of suppliers and staff with low pay and poor conditions,so **** em its about time the got some comeuppance.

zip106

Not only that but they have local planners in their pockets and run rough shod over local residents views.
They tried to build a store in the next village to me - it was totally unwanted and un-needed by the locals and in a location where it would've caused problems, but Tesco persisted.
Borough Council passed the plans but the community, along with the parish council kicked up a huge stink.

Many petitions later and the intervention of the Secretary of State Tesco had to back down.
No one would have used the store and they knew it was fruitless to carry on.

I have never, and will never, set foot in a Tesco store.
They are getting their just desserts now.

billythekid

It does happen with some larger companies, when they expect profits to be higher but then something does not quite pan out but they fully expected it to swing back. I think the issue here is perhaps they had some knowledge a while ago that's what was going on.

madscoob

iTrader: (3)

quality just desserts.
they take ths p1ss out of customers on a daily basis a few example's
beef packed in plastic bag on shelf £11 a kilo on the meat counter 10metres away £8 a kilo
penguins pack of 9 £1 when on special offer (£1.75 the week before) pack of 27 next to them £4.29
dishwasher tabs 100 on special for £20. packs of 40 for £6 right next to them i mean how bloody stupid do they think people are

PaulC72

People are very stupid thats the problem.

I have seen it in the supermarkets people grab and don't look at anything else around the item they are grabbing.

You cannot blame the supermarkets for pricing items this way if people are going to buy them.

jayallen

iTrader: (31)

We were not so lucky even with petitions! It amazes me what supermarkets get away with in terms of planning. There is a big-ish stored being built in my Village at present, its taken about 4 years for building to start because of planning issues. The site consisted of a small shopping precinct of village shops with a Co-op, a couple of houses and an old thatched village pub which was built in the mid 1800's.

The main build stalling point was with the pub and its demolition but Tesco managed to get around that even though it was "supposed" to be a listed building! With Co-op leaving the precinct, they managed to build a brandnew store only 1 mile up the road on a site which did house a United Reformed Church, until they demolished it.!

I can only imagine there were quite a few palms greased with silver for the go ahead for these two stores to be built..

ALi-B

iTrader: (1)

Surely some of those profits were taxable... So did Tesco actually pay too much tax?

alcazar

iTrader: (2)

Oh, my faves are a TESCO speciality:

Like, bacon, £2.79 a pack, buy three for £9...

The first time I saw similar, I reported it to customer services. They said it was a mistake, and they would put it right.

They didn't, (hadn't done a week later).
And now you can almost always find similar. It's dishonest .

Loathsome company. Hope they go bust.

alcazar

iTrader: (2)

See my post above. It's dishonest.

What about those with special needs? Should Tesco be allowed to cheat them like this?

"People are stupid" doesn't cut any ice with me, sorry.

Stupid, too busy/unable to do the maths? No reason to cheat them, is it?

Cpt Jack Sparrow

iTrader: (14)

oh yes of course and then the 300,000 people with out jobs. what joy do you hope for that also

David Lock

Any chance that someone could answer my question in OP?

I don't like Tescos - it's tacky with mostly ignorant staff and some dodgy pricing (also stores too big for me). My local Lidl has tidied itself up and super value for many products.

dl

Cpt Jack Sparrow

iTrader: (14)

Price Waterhouse Cooper are the company that do this for Tesco

urban

iTrader: (1)

Yeah, businesses pay for outside auditors, but accounts only have to be audited at year end.
These were half year accounts.

David Lock

Thank you

dl

ReallyReallyGoodMeat

These are forecast i.e. future profits, no tax has yet been paid.

hodgy0_2

I think auditors are just external (to the company) accountants

so all auditors would be qualified accountants, not all accountants would be auditors - as you can audit you own "work"

the banking crash showed that often Auditors work in a "virtuous circle" and that there is little competition between the big 4

ultimately they seem to sing to the paymasters tune

Lehman,s accounts were signed off by Auditors

http://www.accountingweb.co.uk/topic...lations/412927

it appears not much has changed

An0n0m0us

All this hatred for Tescos. I shop there as it's my local and cheaper than Sainsburys (both in my village within 100yds of each other) with just as nice food. Couldn't be handier being open 7-11 7 days a week plus all the vouchers I get = free beer tokens. It's not as though the offers aren't obvious as they are brightly coloured labels and stick out a mile. I save a packet buying the stuff on offer.

markjmd

iTrader: (11)

If this is true, does that also mean they have no real legal significance, so far as regulatory duty to file accounts and so on are concerned?

hodgy0_2

I suppose it would be more serious if there were irregular share purchases by the directors

but I suspect it was not done for immediate personal gain by the directors i.e. a short term manipulation the share price - they would not be that stupid

more of a cultural thing

David Lock

But there could be middle management guys in finance department whose salaries might be enhanced if profits higher?

dl

Cpt Jack Sparrow

iTrader: (14)

Nope

zip106

There might be, they just haven't let on to you

hodgy0_2

well i did say "short term" manipulation

obviously the directors/executives will be bonused on the share price so any artificial inflation of profits by dodgy accounting and reporting of results will ultimately benefit them

Cpt Jack Sparrow

iTrader: (14)

Bonuses stopped a few years ago