Questions continue to be asked about the finances of Red Funnel after the Isle of Wight ferry firm shortened its accounting reference period for 2022/2023 by one day.

It is the third time in two years the company has filed for what is colloquially known as a 'one day diddle'.

It means the cross-Solent operator has yet to publish its financial results for the 2022/2023 financial year.

Red Funnel failed to respond to questions asking why it had shortened the date.


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According to Companies House, on September 29, 2024, the firm cut its accounting period for the 2022/2023 financial year by one day — from December 30, 2023 to December 29, 2023.

On December 27 last year, the firm again filed to shorten its accounting period. It had been due to end on December 29 but it instead finished on December 28.

In September 2022, the firm also cut its 2020/2021 accounting period from December 31, 2021 to December 30, 2021. It published its accounts for that financial year on January 3, 2023.

According to data intelligence company Red Flag Alert, a company might change its accounting period if it wants to "align accounting dates with other companies in the same group — or to move it to a quieter trading time of year to help with staff workloads."

Other reasons why a company might do so include to "avoid publishing accounts", it said.

"Accounting period changes are a common precursor to administration, with many recent examples of companies changing their year ends – often by lengthening and then shortening periods to avoid filing accounts – shortly before going into administration", Red Flag Alert said.

In March, it was reported how eight directors had resigned from Red Funnel.

A spokesperson said the change was in support of its “fleet replacement programme.”

In September, the firm sought to quash rumours that it had gone into administration, saying it was "absolutely not correct information".

In November, it was announced head of operations, Leanna Lakes, was leaving to become the new chief operating officer and director of regions for the RNLI.

Later that month, when asked if the company was for sale, CEO Fran Collins said the firm was in a 'competitive process' to raise investment from 'appropriate partners'.

Pressed on how the company intended to 'raise investment', Ms Collins said: "I cannot disclose commercially sensitive information but can reassure our customers there are no current plans to sell any of our vessels."