Experian 2009 Annual Report Download - page 142

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140 Experian Annual Report 2009
A. Corporate information
Experian plc (the ‘Company’) is incorporated and registered in Jersey as a public company limited by shares. The principal
legislation under which the Company operates is Jersey Companies Law and regulations made thereunder. The Company
changed its name from Experian Group Limited on 21 July 2008.
The principal activity of the Company is to act as the ultimate holding company of the Experian group of companies (the
‘Group’), whose principal activity is business services. The shares of the Company are listed on the London Stock Exchange.
B. Basis of preparation and signicant accounting policies
Basis of preparation
The separate nancial statements of the Company are presented in compliance with the requirements for companies whose
shares are listed on the London Stock Exchange. They have been prepared on a going concern basis and under the historical
cost convention, modied by the revaluation of certain nancial instruments, and in accordance with the Companies (Jersey)
Law 1991 and United Kingdom Generally Accepted Accounting Practice (‘UK GAAP’).
In preparing the nancial statements for the year ended 31 March 2009, the Company has used sterling as its local and
presentational currency. The nancial statements for the Company for the year ended 31 March 2010 will be prepared and
presented in US dollars.
The Company nancial statements comprise the prot and loss account, balance sheet and related notes. The Company has
taken advantage of the exemption from preparing a cash ow statement under the terms of FRS 1 ‘Cash Flow Statements’.
The Company is also exempt under the terms of FRS 8 ‘Related Party Disclosures’ from disclosing transactions with other
members of the Group.
The Experian plc consolidated nancial statements for the year ended 31 March 2009 contain nancial instrument disclosures
required by IFRS 7 ‘Financial Instruments: Disclosure and Presentation’ and these would also comply with the disclosures
required by FRS 29 ‘Financial Instruments: Disclosure and Presentation’. Accordingly, the Company has taken advantage of the
exemption in FRS 29 and has not presented separate nancial instrument disclosures.
Signicant accounting policies
The principal accounting policies applied in the preparation of these nancial statements are set out below. These policies
have been consistently applied to both years presented.
Tangible xed assets
Leasehold improvements are depreciated over the shorter of the estimated life of the asset and the remaining life of the lease.
Leases
Gross rental income receivable and payable in respect of operating leases is recognised on a straight line basis over the
periods of the leases.
Investments in group undertakings
Investments in group undertakings are stated at cost less provision considered necessary for any impairment.
Impairment of xed assets
Where there is an indication of impairment, xed assets are subject to review for impairment in accordance with FRS 11
‘Impairment of Fixed Assets and Goodwill’. Any impairment is recognised in the year in which it occurs.
Debtors and creditors
Debtors are initially recognised at fair value and carried at the lower of cost and recoverable amount. Where the time value
of money is material, debtors are carried at amortised cost. Creditors are initially recognised at fair value and carried at
amortised cost if the time value of money is material.
Cash at bank and in hand
Cash at bank and in hand includes deposits held at call with banks and other short-term highly liquid investments. Bank
overdrafts are shown within current liabilities in the Company balance sheet.
Accounting for derivative nancial instruments
The Company uses forward foreign exchange contracts to manage its exposures to uctuations in foreign exchange rates. The
interest differential reected in forward foreign exchange contracts is taken to interest expense. Forward foreign exchange
contracts are recognised at fair value, based on forward foreign exchange market rates at the balance sheet date. Gains or
losses on forward foreign exchange contracts are taken directly to net foreign exchange gains or losses in the prot and loss
account.
Notes to the parent company nancial statements
for the year ended 31 March 2009
Financial statements