Notes to the financial statements

1 Basis of preparation

These interim financial statements were approved by the Board on 13 September 2011. They are unaudited, and do not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006.

The results for the half year to 30 July 2011 have been prepared using the discrete period approach, considering the half year as an accounting period in isolation. The tax charge is based on the effective rate estimated for the full year, which has been applied to the profits in the first half year.

The group’s published financial statements for the year ended 29 January 2011 have been reported on by the group’s auditors and filed with the Registrar of Companies. The report of the auditors was unqualified and did not contain any statement under Chapter 3 of Part 16 of the Companies Act 2006.

This condensed consolidated interim financial information for the half year ended 30 July 2011 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with IAS 34, ‘Interim Financial Reporting’, as adopted by the European Union. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 29 January 2011, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The Directors, after reviewing the group’s operating budgets, investments plans and financing arrangements, consider that the company and group have, at the date of this report, sufficient financing available for the estimated requirements for the foreseeable future and, accordingly, the Directors are satisfied that it is appropriate to adopt the going concern basis in preparing the interim financial statements.

2 Accounting policies

The group’s results for the half year to 30 July 2011 have been prepared on a basis consistent with the group’s accounting policies published in the financial statements for the year ended 29 January 2011.

These accounting policies reflect IFRS and interpretations that are expected to be applicable to the group for its 2011/12 financial statements. It is possible that there will be changes to these standards and interpretations before the end of the group’s 2011/12 financial year, which might require adjustments to this information before it is included in the financial statements for the year ended 28 January 2012.

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