Tesco 2007 Annual Report Download - page 44

Download and view the complete annual report

Please find page 44 of the 2007 Tesco 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 112

  • 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

42 Tesco PLC Annual report and financial statements 2007 Find out more at www.tesco.com/corporate
Statement of Directors’ responsibilities
The Directors are required by the Companies Act 1985 to
prepare financial statements for each financial year which give
a true and fair view of the state of affairs of the Company and
the Group as at the end of the financial year and of the profit
or loss of the Group for the financial year. Under that law
the Directors are required to prepare the Group financial
statements in accordance with IFRS as adopted by the
European Union (EU) and have elected to prepare the
Company financial statements in accordance with UK
Accounting Standards.
In preparing the Group and Company financial statements,
the Directors are required to:
• select suitable accounting policies and apply them
consistently;
• make reasonable and prudent judgements and estimates;
• for the Group financial statements, state whether they have
been prepared in accordance with IFRS as adopted
by the EU;
• for the Company financial statements state whether
applicable UK Accounting Standards have been followed;
• prepare the financial statements on the going concern
basis, unless it is inappropriate to presume that the Group
and the Company will continue in business.
The Directors confirm that they have complied with the above
requirements in preparing the financial statements.
The Directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time,
the financial position of the Company and Group, and which
enable them to ensure that the financial statements and the
Directors’ remuneration report comply with the Companies
Act 1985, and as regards the Group financial statements,
Article 4 of the IAS Regulation.
The Directors are responsible for the maintenance and integrity
of the Annual Review and Summary Financial Statement and
Annual Report and Financial Statements published on the
Group’s corporate website. Legislation in the UK concerning
the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
The Directors have general responsibility for taking such steps
as are reasonably open to them to safeguard the assets of the
Group and of the Company and to prevent and detect fraud
and other irregularities.