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.
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
• 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
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