The extent of the multi-million pound black hole in the accounts at Polestar Chantry in Wakefield can be revealed.
The company’s latest accounts reveal that over the three-year period from 1998-2000 the net assets of the company were overstated to the tune of £5.9m “relating principally to overstatements of debtors and stock, and understatement of creditors”.
Polestar has restated the company’s year 2000 figures, with Chantry’s £1.6m profit being transmuted to a £4.3m loss as a result.
For the year to September 2001 sales jumped 20% to £44m, but a £2.1m exceptional cost for increased working capital provision saw the company post a retained loss of £186,000.
