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Sunrise Diamonds plc

Independent Auditors’ Report to the Members of Sunrise Diamonds plc

for the year ended 30 September 2009

We have audited the financial statements of Sunrise Diamonds plc for the year ended 30 September 2009 which comprise the income statement, the balance sheet, the cash flow statement, the statement of recognised income and expense and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

This report is made solely to the company’s members, as a body, in accordance with sections 495 and 496 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of the audit An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements.

Opinion on financial statements In our opinion the financial statements:

  • give a true and fair view of the state of the company’s affairs as at 30 September 2009 and of its loss for the

year then ended;

  • have been properly prepared in accordance with IFRSs as adopted by the European Union; and

  • have been prepared in accordance with the requirements of the Companies Act 2006.

Emphasis of matter — going concern In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosure made in note 1 to the financial statements concerning the company’s ability to continue as a going concern. As explained in note 1 to the financial statements, the company will need to raise further funds within the next 12 months in order to cover the company’s overheads and carry out the company’s planned discretionary project expenditure. As there is no assurance that adequate funds will be obtained there is a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

  • adequate accounting records have not been kept by the company, or returns adequate for our audit have not

been received from branches not visited by us; or

  • the financial statements are not in agreement with the accounting records and returns; or

  • certain disclosures of directors’ remuneration specified by law are not made; or

  • we have not received all the information and explanations we require for our audit.

Donald Bancroft (Senior statutory auditor) for and on behalf of PKF (UK) LLP, Statutory auditors Manchester, UK 7 December 2009



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