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Phoenix rap over records; LONGBRIDGE: Accounts failed to give 'true and fair' view.

Byline: By Jon Griffin BUSINESS EDITOR

PHOENIX Venture Holdings bosses have failed to comply with legislation over the delayed 2004 company accounts, it emerged today.

John Towers and his co-directors have not met the requirements of Financial Reporting Standard 2 and the Companies Act 1985, the accounts reveal.

In a disclaimer to the accounts, auditors Deloitte say the directors' failure to comply mean a "true and fair" view of the finances of PVH at December 31, 2004, had not been given.

But Phoenix bosses say the disclaimer was inevitable because the accounts were not "consolidated" - omitting financial information relating to the heavily loss making MG Rover.

The Deloitte disclaimer says: "Because of the possible effects of the limitation in evidence available to us, we are unable to form an opinion as to whether the company's individual financial statements give a true and fair view of the state of the company's affairs at December 31, 2004, and of its loss for the year.

"The directors of the company have not complied with the requirements of Financial Reporting 2 and the Companies Act 1985 for parent undertakings to prepare group financial statements.

"In view of this failure, in our opinion, a true and fair view of the state of affairs of the group as at December 31, 2004, and of the loss to the group for the year then ended has not been given.

"In respect of the limitation on the scope of our work, we have not obtained all the information and explanations that we considered necessary for the purpose of our audit.

"And we were unable to determine whether proper accounting records had been kept by the company."

But a PVH spokesman said: "We realised that Deloitte had no choice but to put the disclaimer in because of the impossibility of considering consolidated accounts."

The accounts revealed that the Phoenix Four - John Towers, Peter Beale, Nick Stephenson and John Edwards - former MG Rover chief executive Kevin Howe and non-executive director Nigel Petrie were paid a total of around pounds 1 million in 2004. PVH lost more than pounds 40 million for the year.

CAPTION(S):

BOSSES... John Towers, Peter Beale, Nick Stephenson and John Edwards
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Publication:Birmingham Mail (England)
Date:Apr 6, 2006
Words:365
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