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John Lewis Partnership plc Annual Report and Accounts 2015


Independent auditors report to the members of John Lewis Partnership plc


Report on the financial statements


Our opinion In our opinion:


a John Lewis Partnership plc’s consolidated financial statements and Company financial statements (the ‘financial statements’) give a true and fair view of the state of the Partnership’s and of the Company’s affairs as at 31 January 2015 and of the Partnership’s and Company’s profit and the Partnership’s cash flows for the year then ended;


a the Partnership financial statements have been properly prepared in accordance with International Financial Reporting Standards (‘IFRSs’) as adopted by the European Union;


a the Company financial statements have been properly prepared in accordance with International Financial Reporting Standards (‘IFRSs’) as adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006; and


a the financial statements have been prepared in accordance with the requirements of the Companies Act 2006 and, as regards the Partnership financial statements, Article 4 of the IAS Regulation.


What we have audited


John Lewis Partnership plc’s consolidated and Company financial statements comprise:


a the consolidated balance sheet and balance sheet of the Company as at 31 January 2015;


a the consolidated income statement and statement of comprehensive expense for the year then ended;


a the consolidated and Company statement of changes in equity for the year then ended;


a consolidated statement of cash flows for the year then ended; and


a the notes to the financial statements, which include a summary of significant accounting policies and other explanatory information.


The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and IFRSs as adopted by the European Union and, as regards the Company financial statements, as applied in accordance with the provisions of the Companies Act 2006. Certain disclosures required by the financial reporting framework have been presented elsewhere in the Annual Report and Accounts (the ‘Annual Report’), rather than in the notes to the financial statements. These are cross-referenced from the financial statements and are identified as audited.


Our audit approach Overview


Materiality:


a Overall Partnership materiality: £18.5 million (2014: £18.5 million) which represents approximately 5% of Profit before Partnership Bonus, tax and exceptional item.


Audit scope:


a Of the Partnership’s 15 reporting units, we audited the complete financial information of 12 reporting units, which accounted for 97% (2014: 96%) of Profit before Partnership Bonus, tax and exceptional item.


Areas of focus: a Supplier rebates a Post-retirement benefit obligation a Capitalisation of intangible assets


a Impairment of property, plant and equipment and finite-lived intangible assets


a Provisions


The scope of our audit and our areas of focus We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) (‘ISAs (UK & Ireland)’).


We designed our audit by determining materiality and assessing the risks of material misstatement in the financial statements. In particular, we looked at where the Directors made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.


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