Five-a-side football pitch firm Goals Soccer Centres has said it has uncovered "substantial" VAT accounting errors estimated so far at around £12 million.

The East Kilbride-based group said the board had concluded the VAT misdeclaration issues date back several years, although the final value of the error is still being established.

It also warned that new VAT accounting policies it plans to adopt are likely to impact on its future profits.

The group, which first revealed the accounting issues earlier this month, said the accounting blunder may lead to a "material change in its overall financial position".

Goals said that as a result, it has requested trading of its shares are suspended on London's junior Aim market.

READ MORE: Football firm reveals mistakes in accounts

It said it plans to enter into discussions with HMRC immediately and remains in discussions with its lenders to agree new financing facilities.

The group added it will make "further announcements in due course as the results of the investigation become known".

The Herald: Debenhams plan for out of town shopping park near Hayle

Mike Ashley's Sports Direct is considering tabling an offer for Debenhams that would value the department store chain at £61.4 million.

The "possible firm offer" would be for the 70% of Debenhams shares that Mr Ashley does not already own.

He would pay 5p per share, or £43m. Shares in Debenhams jumped over 70% in early trade.

Insurance market Lloyd's of London has reported its second year in a row of annual losses after claims hit £19.7 billion following a raft of natural disasters including the devastating Californian wildfires.

The group reported annual losses of £1bn for 2018 after a £2bn deficit the previous year as it bemoaned "another costly year for natural catastrophes".

Lloyd's of London said the bill for major claims alone cost the market £2.9bn, including for hurricanes Florence and Michael, Typhoon Jebi in Japan and the US wildfires. This compared with £4.6bn in 2017.