French sweet treat maker Laduree bakes more than 15,000 macarons every day – filling them with flavours such as a ganache of red fruit and pomegranate apricot.
But the latest accounts from the 162-year-old firm’s UK business, which has outlets in Harrods, Heathrow Terminal 3 and Selfridges in Manchester, left a sour taste in the mouth of its auditor.
Mazars said it could not give them a clean bill of health because of inadequate record-keeping as Laduree overhauled its accounting software systems.
‘We have not been able to obtain sufficient and appropriate audit evidence to give an opinion on the financial statements,’ Mazars said. No material misstatements – such as fraud – were identified in the accounts, it added in its ‘disclaimer of opinion’.
Sole director David Holder insisted the accounts were prepared on a ‘going concern’ basis and that its Paris-based parent would continue to support it.
A bad taste: Auditor Mazars said it could not give Laduree a clean bill of health
The auditor’s warning came as the British firm posted a £647,000 loss in 2022 having made a £180,000 profit the year before. But sales, at £8.5 million, were up from £5.17 million a year prior.
It is unusual for auditors to qualify the accounts in this way.
Investors and other stakeholders rely on beancounters to check the books of companies and provide an independent view on the financial statements.
Their work has come under close scrutiny following a number of recent audit scandals, including construction firm Carillion and Patisserie Valerie.
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