Marks and Spencer 2016 Annual Report Download - page 80

Download and view the complete annual report

Please find page 80 of the 2016 Marks and Spencer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

78
MARKS AND SPENCER GROUP PLC
FINANCIAL STATEMENTS
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF MARKS AND SPENCER GROUP PLC
OPINION ON FINANCIAL STATEMENTS OF MARKS AND SPENCER GROUP PLC
SEPARATE OPINION IN RELATION TO IFRSs AS ISSUED BY THE IASB
INDEPENDENCE
GOING CONCERN AND THE DIRECTORS’ ASSESSMENT OF THE PRINCIPAL RISKS THAT WOULD THREATEN THE SOLVENCY
OR LIQUIDITY OF THE GROUP
IN OUR OPINION:
The fi nancial statements give a true and
fair view of the state of the Group’s and
of the parent Company’s a airs as at
2 April 2016 and of the Group’s profi t
for the 53 weeks then ended.
The Group fi nancial statements have
been properly prepared in accordance
with International Financial Reporting
Standards (IFRSs) as adopted by the
European Union.
The parent Company fi nancial
statements have been properly prepared
in accordance with IFRS as adopted by
the European Union and as applied in
accordance with the provisions of the
Companies Act 2006.
The fi nancial statements have been
prepared in accordance with the
requirements of the Companies Act
2006 and, as regards the Group
fi nancial statements, Article 4 of the
IAS Regulation.
The fi nancial statements comprise the
Consolidated Income Statement, the
Consolidated Statement of Comprehensive
Income, the Consolidated and Company
Statements of Financial Position, the
Consolidated and Company Statements
of Changes in Equity, the Consolidated
and Company statements of cash fl ows,
the reconciliation of net cash fl ow to
movement in net debt note, and the related
notes 1 to 30. The fi nancial reporting
framework that has been applied in their
preparation is applicable law and IFRSs as
adopted by the European Union and, as
regards the parent company fi nancial
statements, as applied in accordance with
the provisions of the Companies Act 2006.
As explained in note 1 to the fi nancial
statements, in addition to complying
with its legal obligation to apply IFRSs
as adopted by the European Union, the
Group has also applied IFRSs as issued
by the International Accounting Standards
Board (IASB).
In our opinion the Group fi nancial
statements comply with IFRSs as issued
by the IASB.
We are required to comply with the
Financial Reporting Council’s Ethical
Standards for Auditors and we confi rm
that we are independent of the Group and
we have fulfi lled our other ethical
responsibilities in accordance with those
standards. We also confi rm we have not
provided any of the prohibited non-audit
services referred to in those standards.
As required by the Listing Rules we have
reviewed the directors’ statement regarding
the appropriateness of the going concern
basis of accounting contained within note
1 to the fi nancial statements and the
directors’ statement on the longer-term
viability of the company contained within
contained within the “Other disclosures”
section on page 77.
We have nothing material to add or draw
attention to in relation to:
> The directors’ confi rmation on page
27 that they have carried out a robust
assessment of the principal risks facing
the Group, including those that would
threaten its business model, future
performance, solvency or liquidity;
> The disclosures on pages 27-29 that
describe those risks and explain how
they are being managed or mitigated;
> The directors’ statement in note 1 to the
fi nancial statements about whether they
considered it appropriate to adopt the
going concern basis of accounting in
preparing them and their identifi cation of
any material uncertainties to the Group’s
ability to continue to do so over a period
of at least twelve months from the date
of approval of the fi nancial statements;
> The directors’ explanation on page 47 as
to how they have assessed the prospects
of the Group, over what period they have
done so and why they consider that
period to be appropriate, and their
statement as to whether they have
a reasonable expectation that the
Group will be able to continue in
operation and meet its liabilities as
they fall due over the period of their
assessment, including any related
disclosures drawing attention to any
necessary qualifi cations or assumptions.
We agreed with the directors’ adoption
of the going concern basis of accounting
and we did not identify any such material
uncertainties. However, because not
all future events or conditions can be
predicted, this statement is not a guarantee
as to the Group’s ability to continue as
a going concern.