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Annual Report & Accounts 2014 - NOTES
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1. siGnificant accountinG policies this note from pages 28 to 61 deals with both the significant accounting policies used in the preparation of these financial statements, together with a note identifying new accounting standards which will affect the group. gVc holdings pLc is a company registered in the isle of man and was incorporated on 5 January 2010. it is the successor company of gaming Vc holdings s.A. and took the assets of gaming Vc holdings s.A. on 21 may 2010 after formal approval by shareholders. the consolidated financial statements of the group for the year ended 31 December 2014 comprise the company and its subsidiaries (together referred to as the 'group'). on the 19 march 2013 the group completed the acquisition of sportingbet pLc. management views the enlarged group as having one business line which it has worked hard at integrating since acquisition. Within that one business line there are two distinct operating segments, sports and gaming. gaming includes casino, poker and Bingo. As a result of the sportingbet acquisition the revenues of east pioneer corporation B.V. are now fully consolidated into the group. the significant subsidiary undertakings of the group are listed in note 22. 1.1 statement of compliance the consolidated financial statements have been prepared in accordance with international Financial Reporting standards (iFRss), as adopted by the european union. the Directors have reviewed the accounting policies used by the group and consider them to be the most appropriate. the accounting policies are consistent with the prior year with the exception of revisions and amendments to iFRs issued by the iAsB, which are relevant to and effective for the annual period beginning 1 January 2014. there was no material effect on current, prior or future periods arising from the first-time application of these new requirements in respect of presentation, recognition and measurement are described more fully in note 1.2. 1.2 Basis of preparation the financial information, which comprises the consolidated income statement, the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated statement of cash flows and related notes, is derived from the group financial statements for the year ended 31 December 2014, which have been prepared under international Financial Reporting standards as adopted by the european union (iFRs) and those parts of the isle of man companies Act 2006 applicable to companies reporting under iFRs. the financial statements are presented in the euro, rounded to the nearest thousand, and are prepared on the historical cost basis with the exception of those assets and liabilities carried at fair value. the financial statements are prepared on the going concern basis (see note 25). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. in estimating the fair value of an asset or a liability, the group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of iFRs 2, leasing transactions that are within the scope of iAs 17, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in iAs 2 or value in use in iAs 36. the preparation of financial statements in conformity with iFRss requires directors to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. the estimates and associated assumptions are based on various factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. the estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. significant accounting estimates and judgements are discussed in further detail in note 24. the accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. the accounting policies have been applied consistently by group entities. ANNUAL REPORT 2014 28 notes to the consolidated financial statements continued for the year ended 31 december 2014