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Annual Report & Accounts 2015 - DIRECTORS' REPORT
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DiRectoRs' RePoRt continued creditor Payment Policy it is the Group's policy to agree terms of business with suppliers prior to the supply of goods and services. corporate Governance statement the Company was not required to comply with the uK Corporate Governance Code (the "Code") in 2015 as an aim listed company, or more recently as a standard listed company. as previously publicly stated, however, the Company intends to apply for a premium listing on the London stock exchange later this year and as part of this process will explain how it complies with the Code. Going concern the Group's business activities, together with the factors likely to affect its future performance and position are set out in the Chairman's, Chief executive's and Group finance Director's reports. note 21 to the financial statements sets out the Group's financial risk management policies and its exposure to credit risk and liquidity risk including those arising from the Cerberus loan facility. the Directors have assessed the financial and regulatory risks facing the business, and compared this risk assessment to the net current assets position and dividend policy. the Directors have also reviewed relationships with key suppliers and software providers and are satisfied that the appropriate contracts and contingency plans are in place. the Directors have prepared income statement and cash flow forecasts to assess whether the Group has adequate resources for the foreseeable future. the Directors consider that the Group has adequate resources to continue in operational existence for the foreseeable future. for this reason, they continue to adopt the going concern basis in preparing the consolidated financial statements. statement of Directors' Responsibilities the Directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to keep reliable accounting records which allow financial statements to be prepared. in addition, the Directors have elected to prepare group financial statements in accordance with international financial reporting standards as adopted by the european union and applicable law, and have elected to prepare the parent company financial statements in accordance with uK accounting standards and applicable law (uK Generally accepted accounting practice including frs 101). the financial statements are required to give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that year. in preparing these financial statements, the Directors are required to: • select suitable accounting policies and apply them consistently; • make judgments and estimates that are reasonable and prudent; • state whether applicable international financial reporting standards and uK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Group and Company will continue in business. the Directors are responsible for keeping reliable accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the isle of man Companies act 2006. they are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Directors' responsibility statement under the Disclosure and transparency Rules each of the Directors 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 profit of the Group; and • to the best of their knowledge, the Company financial statements, prepared in accordance with frs 101, give a true and fair view of the assets, liabilities and financial position of the Company; and 36 GVC HOLDINGS PLC ANNUAL REPORT 2015