Peachtree 2015 Annual Report Download - page 99

The Group’s principal exposure to foreign currency lies in the translation
of overseas profits into sterling, this exposure is not hedged.
The Group’s external US Dollar and Euro denominated borrowings are
designated as a hedge of the net investment in its subsidiaries in the
US and Eurozone. The foreign exchange movements on translation
of the borrowings into Sterling have therefore been recognised in
the translation reserve. Certain of the Group’s intercompany balances
have been identified as part of the Group’s net investment in foreign
operations. Foreign exchange effects on these balances that remain
on consolidation are also reflected in the translation reserve. The
Group’s other currency exposures comprise those currency gains and
losses recognised in the income statement, reflecting other monetary
assets and liabilities of the Group that are not denominated in the
functional currency of the entity involved. At 30 September 2015 and
30 September 2014, these exposures were immaterial to the Group.
Disclaimer
The purpose of this Annual Report & Accounts is to provide information
to the members of the Company. The Annual Report & Accounts has
been prepared for, and only for, the members of the Company, as a
body, and no other persons. The Company, its directors and employees,
agents or advisers do not accept or assume responsibility to any other
person to whom this document is shown or into whose hands it may
come and any such responsibility or liability is expressly disclaimed.
The Annual Report & Accounts contains certain forward-looking
statements with respect to the operations, performance and
financial condition of the Group. By their nature, these statements
involve uncertainty since future events and circumstances can cause
results and developments to differ materially from those anticipated.
The forward-looking statements reflect knowledge and information
available at the date of preparation of this Annual Report & Accounts
and the Company undertakes no obligation to update these forward-
looking statements. Nothing in this Annual Report & Accounts should
be construed as a profit forecast.
Statement of directors’ responsibilities
The directors are responsible for preparing the Annual Report &
Accounts, including the Directors’ remuneration report and the
Group and parent 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
Group financial statements in accordance with International Financial
Reporting Standards (“IFRS”) as adopted by the European Union (“EU”)
and the parent Company financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards and applicable law). 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 and the Group and of the profit or loss of
the Group and the Company for that period.
In preparing these 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 whether IFRS as adopted by the EU, 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
– Prepare the financial statements on the going concern basis,
unless it is inappropriate to presume that the Company will
continue in business
The directors are responsible for keeping adequate 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 and the Group and to enable them to ensure that the
financial statements and the Directors’ remuneration report comply
with the Companies Act 2006 and, as regards the Group’s financial
statements, Article 4 of the International Accounting Standards
Regulation. They are also responsible for safeguarding the assets of
the Company and the Group and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
Directors’ statement
The directors as at the date of this report, whose names and functions
are listed in the Board of Directors on pages60 to 61, confirm that to
the best of their knowledge, the Group’s 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
profit of the Group.
– To the best of their knowledge, the Directors’ report and the Strategic
report include 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
Each director as at the date of this report further confirms that, so far as
the director is aware, there is no relevant audit information of which the
Company’s auditors are unaware
– The director has taken all the steps that he or she ought to have taken
as a director in order to make himself/herself aware of any relevant
audit information and to establish that the Company’s auditors are
aware of that information
This confirmation is given and should be interpreted in accordance
with the provisions of section 418 of the Companies Act 2006.
In addition, the directors as at the date of this report consider that
the Annual Report & Accounts, taken as a whole, is fair, balanced
and understandable and provides the information necessary for
shareholders to assess the Company’s and the Group’s position
and performance, business model and strategy.
By Order of the Board
M J Robinson
Company Secretary
2December 2015
The Sage Group plc | Annual Report & Accounts 2015 97
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