… well, some of it…
Now, I’m no forensic accountant, or an accountant per se for that matter, but I’ve taken a mild interest in the Grangemouth affair due to the reports some of the reports I’ve seen on this matter and from an interesting few comments over on Christie Malry’s blog.
It was this particular quote froman article in The Guardian which intrigued me (my emphasis added):
Unite yesterday released an analysis of Grangemouth’s finances by tax consultant Richard Murphy. He disputed Ineos’s claims and said Grangemouth Chemicals – the only accounts he could find – made a profit in 2012 and was expecting £117m of tax gains that could only occur if the company earned £500m over the next few years.
I found that highlighted bit quite odd, partly because The Guardian were able to assert this (I couldn’t imagine why you would admit shortcomings in your analysis) and partly because I couldn’t imagine how Richard couldn’t find some accounts. So I decided to have a little look.
Anybody can find a pretty good group structure map (for free) on Duedil.com who I’ve taken this screenshot from.
You can see there are quite a lot of companies involved. But there appear to be at least three companies that you need to consider in relation to the Grangemouth plant:
Ineos Grangemouth Limited
Ineos Infrastructure (Grangemouth) Limited
Ineos Services (Grangemouth) Limited – Which is now Ineos Sales UK Limited
The last of these three appears to be dormant from the summary of the accounts, but the first two commenced trade (or had the existing trade transferred into it) during 2011. The 2010 accounts are dormant.
It does offer an explanation for the comment I highlighted in The Guardian. Given that 2012 includes the 2011 comparison, there is no need to get both sets of accounts to get the latest figures for both years. However, you don’t get the narrative which could be vital.
There have been some comparisons quoted between 2012 and 2011 and it’s not clear whether the two years can be compared on a like-for-like basis. It’s not clear when trade commenced for either company. Or where the plant’s activities were based prior to it being transferred into (either or both of) these companies
So I’ve just requested the accounts for these two companies, for the three years that they have been in existence, from http://www.companycheck.co.uk. I might blog about it later if I get the chance to read them.
PS I probably will, because just checking through the first page of the 2011 accounts for INEOS Chemicals Grangemouth Limited I saw this which confirms my concerns from above: