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28 National Grid Gas plc Annual Report and Accounts 2009/10
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, UK GAAP). In
preparing the consolidated financial statements, the Directors
have also elected to comply with IFRS, issued by the
International Accounting Standards Board (IASB). Under
company law the Directors must not approve the financial
statements unless they are satisfied that they 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, on
a consolidated and individual basis, will continue in
business, in which case there should be supporting
assumptions or qualifications as necessary.
The Directors are responsible for keeping proper accounting
records that are sufficient to show and explain the company’s
transactions and 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 2006 and Article 4 of the IAS Regulation and the Company
financial statements comply with the Companies Act 2006.
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.
Each of the Directors, whose names are listed in the Directors
report on page 27, confirms that, to the best of their knowledge:
The consolidated financial statements and the Company
financial statements, which have been prepared in
accordance with IFRS as adopted by the European Union
and UK GAAP respectively, give a true and fair view of the
assets, liabilities, financial position and profit of the
Company on a consolidated and individual basis; and
The Annual Report includes a fair review of the
development and performance of the business and the
position of the Company on a consolidated and individual
basis, together with a description of the principal risks and
uncertainties that it faces.
By order of the Board
Adam Wiltshire
Director
2 July 2010