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Independent Auditor’s Report
To the Members of Stobart Group Limited
48
Independent Auditor’s Report
We have audited the Group Financial Statements of Stobart Group
Limited for the year ended 28 February 2011 which comprise the
Consolidated Income Statement, the Consolidated Statement of
Comprehensive Income, the Consolidated Statement of Financial
Position, the Consolidated Statement of Changes in Equity, the
Consolidated Cashflow Statement and the related Notes 1 to 29.
The financial reporting framework that has been applied in their
preparation is applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the European Union.
This report is made solely to the company’s members, as a body,
in accordance with section 262 of the Companies (Guernsey)
Law, 2008. Our audit work has been undertaken so that we
might state to the company’s members those matters we are
required to state to them in an auditor’s report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and
the Company’s members as a body, for our audit work, for this
report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
As explained more fully in the Directors’ Responsibilities Statement
set out on page 38, the Directors are responsible for the
preparation of the Group Financial Statements and for being
satisfied that they give a true and fair view. Our responsibility is to
audit and express an opinion on the Group Financial Statements
in accordance with applicable law and International Standards on
Auditing (UK and Ireland). Those standards require us to comply
with the Auditing Practices Board’s (APB’s) Ethical Standards for
Auditors.
Scope of the Audit of the Financial Statements
An audit involves obtaining evidence about the amounts and
disclosures in the Financial Statements sufficient to give reasonable
assurance that the Financial Statements are free from material
misstatement, whether caused by fraud or error. This includes an
assessment of: whether the accounting policies are appropriate to
the company’s circumstances and have been consistently applied
and adequately disclosed; the reasonableness of significant
accounting estimates made by the Directors; and the overall
presentation of the Financial Statements.
In addition, we read all the financial and non-financial information
in the Annual Report to identify material inconsistencies with the
audited Financial Statements. If we become aware of any
apparent material misstatements or inconsistencies we consider
the implications for our report.
Opinion on Financial Statements
In our opinion the Group Financial Statements:
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Give a true and fair view of the state of the Group’s affairs as
at 28 February 2011 and of its profit for the year then ended;
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Have been properly prepared in accordance with IFRSs as
adopted by the European Union; and
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Have been properly prepared in accordance with the
requirements of the Companies (Guernsey) Law, 2008.
Matters onwhichwe are required to report by exception
We have nothing to report in respect of the following:
Under the Companies (Guernsey) Law, 2008 we are required to
report to you if, in our opinion:
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Proper accounting records have not been kept by the Group;
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The Group’s accounts are not in agreement with the
accounting records; or
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We have not received all the information and explanations we
require for our audit.
Under the Listing Rules we are required to review the part of the
Corporate Governance Statement relating to the Group’s
compliance with the nine provisions of the
June 2008 Combined
Code
specified for our review.
Other Matter
We have reported separately on the Parent Company Financial
Statements of Stobart Group Limited for the year ended 28
February 2011.
Stuart Watson
For and on behalf of Ernst & Young LLP, Manchester
23 May 2011