Tanfield Group PLC
Page 17
DIRECTORS' RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS
The directors are responsible for preparing the Annual Report and the financial statements in accordance with
applicable law and regulations.
UK company law requires the directors to prepare Group and Company Financial Statements for each financial
year. Under that law the directors are required to prepare Group financial statements in accordance with
International Financial Reporting Standards ("IFRS") as adopted by the EU and have elected to prepare the
company financial statements in accordance with IFRS as adopted by the EU.
The group financial statements are required by law and IFRS adopted by the EU to present fairly the financial
position and performance of the group; the Companies Act 1985 provides in relation to such financial
statements that references in the relevant part of that Act to financial statements giving a true and fair view are
references to their achieving a fair presentation.
The company financial statements are required by law to give a true and fair view of the state of affairs of the
company.
In preparing each of the group and company financial statements, the directors are required to:
a.
select suitable accounting policies and then apply them consistently;
b.
make judgements and estimates that are reasonable and prudent;
c.
state whether they have been prepared in accordance with IFRS adopted by the EU;
d.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
group and the company will continue in business.
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at
any time the financial position of the company and to enable them to ensure that the financial statements
comply with the requirements of the Companies Act 1985.
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.
The directors are also responsible for the maintenance and integrity of the Tanfield Group plc website.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
