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Independent Auditor’s Report
To the Members of Stobart Group Limited
We have audited the Parent Company financial statements of
Stobart Group Limited for the year ended 28 February 2011 which
comprise the Company Income statement, the Company Statement
of Financial Position, the Company Statement of Changes in Equity,
the Company Cash flow statement and the related notes A to M.
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
on page 38, the Directors are responsible for the preparation of
the Parent Company 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 Parent Company 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.
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 Parent Company Financial Statements:
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Give a true and fair view of the state of the Company’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
>
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 matters
where the Companies (Guernsey) Law, 2008 requires us to report
to you in our opinion:
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Proper accounting records have not been kept;
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The Company’s Financial Statements 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.
Other Matter
We have reported separately on the Group 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
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Independent Auditor’s Report