Auditors question £15.5m Jordan accounts payment

THE auditors to the Jordan Formula One team have raised questions about how a £15.5 million payment was treated in the outfit’s financial accounts.

Accountants KPMG said the payment, which was recognised as turnover in the year ended December 2003, should have been booked as operating income in the 2002 accounts.

Had the £15.5m been booked in 2002, Jordan would have made a loss of just over £16m last year instead of a loss of £587,000, while its 2002 pre-tax loss of £0.2m would turned a profit of £15.3m.