Tesco 2015 Annual Report Download - page 76

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The Directors are required by the Companies Act 2006 to prepare
financial statements for each financial year which give a true and fair
view of the state of affairs of the Group and the Company 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 International Financial
Reporting Standards (‘IFRS’) as adopted by the European Union
(‘EU’) and have elected to prepare the Parent Company financial
statements in accordance with UK Generally Accepted Accounting
Practice (UK Accounting Standards and applicable law).
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them
consistently;
• make judgements and accounting estimates that are reasonable
and prudent;
• state whether IFRSs as adopted by the European Union and
applicable UK Accounting Standards have been followed,
subject to any material departures disclosed and explained in
the Group and Parent Company financial statements
respectively; and
• 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 are responsible for keeping adequate accounting records
that disclose with reasonable accuracy at any time the financial position
of the Group and the Company and which enable them to ensure that
the financial statements and the Directors’ Remuneration Report
comply with the Companies Act 2006 and, as regards the Group
financial statements, Article 4 of the IAS Regulation. They also have
general responsibility for taking such steps as are reasonably open
to them to safeguard the assets of the Group and the Company
and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the
Company’s website. Legislation in the UK governing the preparation
and dissemination of financial statements may differ from legislation
in other jurisdictions.
The Directors consider that the Annual Report and Financial
Statements, taken as a whole, is fair, balanced and understandable
and provides the information necessary for shareholders to assess the
Group’s and the Company’s performance, business model and strategy.
Each of the Directors, whose names and functions are set out
on pages 28 and 29 confirm that, to the best of their knowledge:
• the Group financial statements, which have been prepared
in accordance with IFRS as adopted by the EU, give a true
and fair view of the assets, liabilities, financial position and loss
of the Group; and
• the Strategic report contained within this document includes a
fair review of the development and performance of the business
and the position of the Group, together with a description of the
principal risks and uncertainties that it faces.
74 Tesco PLC Annual Report and Financial Statements 2015
Statement of Directors’ responsibilities