ANNUAL REPORT 2011 AVESCO GROUP PLC
www.avesco.com
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 30 SEPTEMBER 2011
1. General information
Avesco Group plc (‘the Company’) and its subsidiaries (together ‘the Group’) is an international media services business. The Group has subsidiaries around the world and sells in the UK, USA, Europe, Asia Pacific and the Middle East.
The Company is a public limited company which is listed on AIM and is incorporated and domiciled in the UK. The address of its registered office is Unit E2, Sussex Manor Business Park, Gatwick Road, Crawley, West Sussex, RH10 9NH. The registered number of the Company is 01788363. 2. Accounting policies 2.1 Basis of preparation
The annual report and accounts of Avesco Group plc have been prepared in accordance with IFRS as adopted by the European Union, IFRIC interpretations, the Companies Act 2006 applicable to Companies reporting under IFRS and the AIM rules for companies. The annual report and financial statements have been prepared under the historic cost convention as modified by available for sale financial assets and financial assets and financial liabilities at fair value through profit or loss.
The annual report and accounts have been prepared on a going concern basis in accordance with the Group’s accounting policies set out below which are based on the recognition and measurement principles of IFRS.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4.
The accounting policies adopted in these Consolidated Financial Statements are consistent with those of the financial statements for the year ended 30 September 2010 except for the adoption of new standards, amendments to the standards and interpretations which are mandatory for the financial year ending 30 September 2011. All effective dates shown below are those given within the IFRS as adopted by the European Union.
Standards, amendments and interpretations effective in the current year Standard
IFRS 1 First-time adoption of International Financial Reporting Standards – Additional Exemption for First-time Adopters (Amendments)
IFRS 2 – Group Cash-Settled Share-based Payment Arrangements IAS 32 Financial Instruments: Presentation – Classification of Rights Issues (Amendment)
IFRS 1 First-time Adoption of International Financial Reporting Standards — Limited Exemption from comparative IFRS 7 Disclosures for First-time Adopters
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments Improvements to International Financial Reporting Standards (issued 2009) Improvements to International Financial Reporting Standards (issued 2010)
Effective Date
1 January 2010 1 January 2010 1 February 2010
1 July 2010 1 July 2010 Various Various
There has been no material impact to the Consolidated Financial Statements from the adoption of the above standards.
Amendments to existing standards and interpretations that are not yet effective and have not been early adopted by the Group Standard
IAS 24 Related Party Disclosures (Revised) IFRIC 14 Prepayments of a Minimum Funding Requirement (Amendment)
IFRS 1 First-time Adoption of International Financial Reporting Standards (Amendment) — Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters
IFRS 7 Financial Instruments: Disclosures (Amendment)
IAS 12 Income Taxes (Amendment) — Deferred Taxes: Recovery of Underlying Assets IFRS 10 Consolidated Financial Statements IAS 27 Separate Financial Statements
IFRS 11 Joint Arrangements, IAS 28 Investments in Associates and Joint Ventures IFRS 12 Disclosure of Interests in Other Entities IFRS 13 Fair Value Measurement
IAS 1 Presentation of Items of Other Comprehensive Income — Amendments to IAS 1 IAS 19 Employee Benefits (Revised)
Effective Date 1 January 2011
1 January 2011
1 July 2011 1 July 2011
1 January 2012 1 January 2013 1 January 2013 1 January 2013 1 January 2013 1 July 2012
1 January 2013
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