ISLE OF WIGHT FERRIES
Solent treatment
ISLE OF WIGHT residents who rely on ferries for a lifeline service from Cowes to the mainland have finally been able to see the accounts of their operator, Red Funnel Ferries.
The accounts’ publication had been repeatedly delayed after the cross-Solent operator used a technique known in accounting circles as the “one day diddle”. The ferry’s trading arm applied to shorten its accounting reference date by one day, which meant it received a three-month extension to file its statutory accounts. It repeated the diddle three times in two years.