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Sanctuary warns of 'serious loss of capital' ahead of accounting review
Sunday, October 30 2005

Music group with Elton John and Robert Plant on its books, says accounting review could seriously hit books.

Sanctuary, the music group with the likes of Joss Stone, Robert Plant and Elton John on its books, has warned that it is facing a 'serious loss of capital' as it commences a review of its accounting policies.

In an announcement released on October 28, 2005 Sanctuary said that it was in 'continuing discussions' with auditors Baker Tilly as it undertook an accounting review which would 'alter the balance sheet significantly' and see the group show net liabilities on its September 30, 2005 balance sheet.

The group announced a review of its business in June 2005, and has since undertaken a cost reduction programme in addition to the accounting review announced today.

Sanctuary said that the review could 'give rise to prior year adjustments', 'alter its methods of estimation in certain areas' and give rise to exceptional items in its accounts.

The group said it was investigating whether the impact on its balance sheet constituted a serious loss of capital as defined by Section 142 of the Companies Act (1985).

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