Client Case Study
Engineering Company, Subsidiary of International Group
Issue
We have acted for this engineering company, which is based on the outskirts of Sheffield, since the 1960’s. UHY Wingfield Slater act as the company’s accountants and business advisers and it is currently audited by one of the Big Four. The company has a turnover of £7 m and its performance was lacklustre in the late 90’s and early 2000’s.
Our approach
In 2004 the parent company appointed a new management team. As the team were all foreign nationals, one of our partners was appointed company secretary to ensure that they had good advice as to how to carry on the business in the UK. UHY Wingfield Slater was consulted in many areas, including accounting systems and management policy.
Outcome
Members of our team visit the engineering company on a quarterly basis to ensure management accounts sent to head office are accurate. We also advise on corporation tax matters, which are particularly complex. With input from ourselves, the new management team has turned the company around so that its 2006 profits exceed £1 m.
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