Experian 2012 Annual Report Download - page 154

152 Experian Annual Report 2012 Financial statements
Notes to the parent company financial statements
for the year ended 31 March 2012
A. Corporate information
Experian plc (the ‘Company’) is incorporated and registered in Jersey as a public company limited by shares and is resident in Ireland. The
principal legislation under which the Company operates is the Companies (Jersey) Law 1991, as amended, and regulations made thereunder.
The Company’s registered office is at 22 Grenville Street, St Helier, Jersey JE4 8PX.
The Company is the ultimate holding company of the Experian group of companies (the ‘Group’) and its ordinary shares are traded on the
London Stock Exchange’s Regulated Market (Premium Listing). Experian is the leading global information services group.
B. Basis of preparation
The separate financial statements of the Company are:
•presented in compliance with the requirements for companies whose shares are traded on the London Stock Exchange’s Regulated Market;
•prepared on a going concern basis and under the historical cost convention, modified by the revaluation of certain financial instruments, and
in accordance with UK accounting standards;
•presented in US dollars, the Company’s functional currency; and
•designed to include disclosures sufficient to comply with those parts of the UK Companies Act 2006 applicable to companies reporting under
UK accounting standards even though the Company is incorporated and registered in Jersey.
The Experian plc Group financial statements for the year ended 31 March 2012 contain financial instrument disclosures required by IFRS 7
and these would also comply with the disclosures required by FRS 29. Accordingly, the Company has taken advantage of the exemption in
FRS 29 and has not presented separate financial instrument disclosures. Under the terms of FRS 8 , the Company is exempt from disclosing
transactions with its wholly-owned subsidiary undertakings.
C. Significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been
consistently applied to both years presented.
Tangible fixed assets
Leasehold improvements are held at cost less accumulated depreciation. Cost includes the original purchase price and amounts attributable to
bringing the asset to its working condition for its intended use. Depreciation is charged so as to write off such assets on a straight line basis over
ten years, being the shorter of their estimated life and the remaining period of the lease.
Operating leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases and not
capitalised. Payments made under operating leases are charged in the profit and loss account on a straight line basis over the period of the
lease.
Investments - shares in Group undertakings
Investments in Group undertakings are stated at cost less any provisions necessary for impairment.
The fair value of share incentives issued by the Company to employees of subsidiary undertakings is accounted for as a capital contribution and
recognised as an increase in the Company’s investment in Group undertakings with a corresponding increase in total shareholders’ funds.
Impairment of fixed assets
Where there is an indication of impairment, fixed assets are subject to review for impairment in accordance with FRS 11. Any impairment is
recognised in the year in which it occurs.
Debtors and creditors
Debtors are initially recognised at fair value and subsequently measured at this value. Where the time value of money is material, they are then
carried at amortised cost using the effective interest rate method. Creditors are initially recognised at fair value. Where the time value of money
is material, they are then carried at amortised cost using the effective interest rate method.
Cash at bank and in hand
Cash at bank includes deposits held at call with banks and other short-term highly liquid investments.