Virgin Media 2006 Annual Report Download - page 142

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders
Virgin Media Investment Holdings Limited
We have audited the accompanying consolidated balance sheets of Virgin Media Investment Holdings Limited and subsidiaries
(the “Company”) an indirect wholly−owned subsidiary of Virgin Media Inc. (the “Parent”) as of December 31, 2006 and 2005, and
the related consolidated statements of income, shareholders’ equity, and cash flows for each of the three years in the period ended
December 31, 2006. Our audits also included the financial statement schedules listed in the Index at Item 15(d). These financial
statements and schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on these
financial statements and schedules based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting.
Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal
control over financial reporting. Accordingly we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial
position of Virgin Media Investment Holdings Limited and subsidiaries as of December 31, 2006 and 2005, and the consolidated
results of their operations and their cash flows for each of the three years in the period ended December 31, 2006, in conformity with
U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedules, when considered in
relation to the basic financial statements taken as a whole, present fairly in all material respects the information set forth therein.
As discussed in Note 2 to the consolidated financial statements, Virgin Media Inc. changed its method of accounting for
stock−based compensation expense as of January 1, 2006 to conform with the provisions of Statement of Financial Accounting
Standards No. 123(R), “Share−Based Payment”; changed its method of accounting for defined benefit pension and other
postretirement plans as of December 31, 2006 to conform with the provisions of Statement of Financial Accounting Standards
No. 158, “Employer’s Accounting for Defined Benefit Pension and Other Postretirement Plan”; and adopted Financial Accounting
Standards Board Staff Position FAS 143−1 “Accounting for Electronic Waste Obligations” as of December 12, 2006.
/s/ Ernst & Young LLP
London, England
March 1, 2007
F−63
Source: VIRGIN MEDIA INVESTM, 10−K, March 01, 2007