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Missing your goals
04 June 2019
Goal, the five-a-side venue operator, has warned that its 2018 and 2019 financial performances will be significantly weaker following a major accounting error.
The shares of the embattled firm were suspended in March, and it has now said that its results will be “materially below expectations and historically-reported financial performance”.
There is even a real possibility that the group will not be able to complete its full-year 2018 audit by the 30 June deadline. The company will be asking Aim, the London junior stock market, for an extension.
Forensic accountants have been appointed to try to get to the bottom of a possible misdeclaration of VAT of around £12m, going back several years. Goals is in discussion with HMRC to try to establish the full extend of the underpayment. The fear is that it could be substantial and mean the company has to ask shareholders for emergency funds.
It is also being reported that it was a junior member of the new auditor’s (BDO) who discovered the apparent error after the firm took over from KPMG.
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