Tesco 2013 Annual Report Download - page 74
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70 Tesco PLC Annual Report and Financial Statements 2013
Statement of Directors’ responsibilities
The Directors are required by the Companies Act 2006 to prepare
financial statements for each financial year which give a true and fair
view of the state of affairs of the Group and the Company as at the
end of the financial year and of the profit or loss of the Group for the
financial year. Under that law the Directors are required to prepare the
Group financial statements in accordance with International Financial
Reporting Standards (‘IFRS’) as endorsed by the European Union (‘EU’)
and have elected to prepare the Company financial statements in
accordance with UK Accounting Standards.
In preparing the Group and Company financial statements, the Directors
are required to:
• select suitable accounting policies and then apply them consistently;
• make reasonable and prudent judgements and estimates;
• for the Group financial statements, state whether they have been
prepared in accordance with IFRS, as endorsed by the EU;
• for the Company financial statements state whether applicable UK
Accounting Standards have been followed; and
• 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, whose names and functions are set out on pages
24 and 25 confirm that, to the best of their knowledge:
• the Group financial statements, which have been prepared in
accordance with IFRS, as endorsed by the EU, give a true and fair view
of the assets, liabilities, financial position and profit of the Group; and
• the Business Review contained within this document includes a fair
review of the development and performance of the business and the
position of the Group, as well as a description of the principal risks
and uncertainties that it faces.
The Directors are responsible for keeping proper accounting records,
whichdisclose with reasonable accuracy at any time the financial
position of the Group and the Company and which enable them to
ensure that the financial statements and the Directors’ Remuneration
Report comply with the Companies Act 2006 and, as regards the Group
financial statements, Article 4 of the IAS Regulation.
The Directors are responsible for the maintenance and integrity of the
Company’s website. Legislation in the UK concerning the preparation
and dissemination offinancial statements may differ from legislation
in other jurisdictions.
The Directors have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Group and of
the Company and to prevent and detect fraud and other irregularities.