Preparation of audited accounts for Canbedone Ltd (FOI)

​Request

On page 96 of the States annual report it states that Economic Development ‘have agreed to fund the preparation of audited accounts for Canbedone Ltd and they are in the process of being prepared.’

Please could you confirm the estimated cost of preparation of these accounts.

Response

The States of Jersey have received accounts signed by the director of Canbedone Production Limited as at 31 August 2013 and 31 August 2012.

In the year ended 31 August 2012, a grant of £200,000 was received by the company Canbedone Production Ltd. (No further grant has been given since 2012). 

In the accounts, the directors have confirmed their legal responsibility under the Companies Act 2006. The accounts have been prepared (at the expense of the company) by a firm of Chartered Accountants and Registered Auditors who are registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales (ICAEW). 

As at 31 August 2013 the company had negative retained earnings and no dividends were paid or declared within the accounts. Based on the company’s financial position a full audit would need to be financed by the States of Jersey; given no further grant is to be awarded and both Internal Audit and PAC have done reports on Canbedone it was deemed prudent to accept the accounts signed by the director and prepared by a firm which is regulated by the ICAEW.