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34 National Grid Electricity Transmission Annual Report and Accounts 2006/07
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report
and Accounts, including the consolidated financial statements
and the Company financial statements, in accordance with
applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have prepared the consolidated financial statements in
accordance with International Financial Reporting Standards
(IFRS) as adopted by the European Union, and the Company
financial statements in accordance with applicable law and
United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice). The consolidated
financial statements and Company financial statements are
required by law to give a true and fair view of the state of affairs
of the Company on a consolidated and individual basis and of
the consolidated profit of the Company for that period.
In preparing those financial statements, the Directors are
required to:
• select suitable accounting policies and then apply
them consistently;
• make judgements and estimates that are reasonable
and prudent;
• state that the consolidated financial statements
comply with IFRS as adopted by the European Union,
and with regard to the Company financial statements
that applicable UK Accounting Standards have been
followed, subject to any material departures disclosed
and explained in the financial statements; and
• prepare the consolidated financial statements and
Company financial statements on a going concern
basis unless it is inappropriate to presume that the
Company will continue in business, in which case
there should be supporting assumptions or
qualifications as necessary.
The Directors confirm that they have complied with the above
requirements in preparing both the consolidated financial
statements and the Company financial statements.
The Directors are responsible for keeping proper accounting
records that disclose with reasonable accuracy at any time the
financial position of the Company on a consolidated and
individual basis and to enable them to ensure that the
consolidated financial statements comply with the Companies
Act 1985 and Article 4 of the IAS Regulation and the Company
financial statements comply with the Companies Act 1985.
They are also responsible for safeguarding the assets of the
Company and its subsidiaries and hence for taking reasonable
steps for the prevention and detection of fraud and other
irregularities.
The Directors are responsible for ensuring that publication of
financial statements on the website of the Company or of a
related company is in accordance with UK legislation and for
maintenance and integrity of that website. Legislation in other
jurisdictions governing the preparation and dissemination of
financial statements may differ from UK legislation.