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added some more samples for testing and fixed deprecated methods
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ECO ANIMAL HEALTH GROUP PLC | ||
DIRECTORS' REPORT (CONTINUED) | ||
FOR THE YEAR ENDED 31 MARCH 2010 | ||
Financial instruments | ||
The Group's accounting policies for financial instruments and strategy for management of those financial | ||
instruments are given in notes 2 and 33 to the financial statements respectively. | ||
Employees | ||
Application for employment by disabled persons are given full and fair consideration. When existing | ||
employees become disabled every effort is made to provide continuing employment wherever possible. | ||
Donations | ||
2010 2009 | ||
|
||
Charitable donations - 100 | ||
Restatement of comparative figures | ||
As more fully disclosed in note 11 to the accounts, the Group's comparative figures have been restated to | ||
take account of the reclass'rfication of an amount of 1,034,860 from goodwill to distribution rights and the | ||
related effects on previous amortisation charges, to eliminate dividends shown in payables prior to their | ||
approval in General Meeting and to satisfy the IFRS requirements that results from discontinued activities be | ||
shown In one line on the income statement. The directors are confident that these adjustments, when taken | ||
together, would not affect the user's view of the Group's financial position and results for the prior periods | ||
concerned. | ||
Final dividend for the year ending 31 March 2009 | ||
As more fully explained in note 10 to the accounts, an administrative oversight rendered this dividend | ||
technically unlawful. The directors Intend to have this dividend ratified by shareholders at the next General | ||
Meeting of the Company on the 28 September 2010. | ||
Creditor payment policy | ||
The Company agrees terms and conditions for its business transactions with its suppliers and payments are | ||
made on these terms, subject to the terms and conditions being mel by the suppliers. The Parent Company | ||
has no supplies of goods.Trade payables for the Parent and its UK subsidiary at the year end amounted to | ||
84 days (2009: 75 days) of average supplies for the year. | ||
Internal financial control | ||
The board of directors is responsible for the Group's system of internal financial control. Internal control | ||
systems are designed to meet the particular needs of the companies concerned and the risks to which they | ||
are exposed. This provides reasonable, but not absolute, assurance against material misstatement or loss. | ||
Strict financial and other controls are exercised by the Group over its subsidiary companies by day to day | ||
supervision of the businesses by the directors. | ||
Stockbrokers | ||
Cenkos Securities pic are the Company's nominated advisor and stockbrokers. The closing share price on | ||
31 March 2010 was 161p per share (2009:160p). During the year the average share price was 167p | ||
(2009:113.59p). | ||
Auditors | ||
The directors having been notified of the cessation of the partnership known as F. W. Stephens, have | ||
resolved that Reeves + Neylan LLP be appointed successor auditor in accordance with the provisions of the | ||
Companies Act 2006, s.489. Reeves + Neylan LLP has indicated Its willingness to continue in office. ECO ANIMAL HEALTH GROUP PLC | ||
DIRECTORS' REPORT (CONTINUED) | ||
FOR THE YEAR ENDED 31 MARCH 2010 | ||
Statement of directors' responsibilities | ||
The directors are responsible for preparing the Annual Report and the financial statements in accordance | ||
with applicable law and regulations. | ||
Company law requires the directors to prepare financial statements for each financial year. Under that law | ||
the directors have prepared the Group and Parent Company financial statements in accordance with | ||
International Financial Reporting Standards (IFRSs) as adopted by the European Union. Under company law | ||
the directors must not approve the financial statements unless they are satisfied that they give a true and | ||
fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for thai | ||
period. In preparing these financial statements, the directors are required to: | ||
- select suitable accounting policies and then apply them consistently; | ||
- make judgements and accounting estimates that are reasonable and prudent; | ||
-slate whether applicable IFRSs as adopted by the European Union have been followed, subject to any | ||
material departures disclosed and explained in the financial statements; | ||
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the | ||
Group will continue in business. | ||
The directors are responsible for keeping adequate accounting records that are sufficient to show and | ||
explain the Company's transactions and disclose with reasonable accuracy at any time the financial position | ||
of the Company and the Group and enable them lo ensure that the financial statements comply with the | ||
Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group | ||
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | ||
The directors are responsible for the maintenance and integrity of the Company's website. Legislation in the | ||
United Kingdom governing the preparation and dissemination of financial statements may differ from | ||
legislation In other jurisdictions. | ||
Statement of disclosure to auditors | ||
So far as each of the directors are aware; | ||
(a) there is no relevant audit information of which the Company's auditors are unaware, | ||
and | ||
(b) they have taken all the steps that they ought to have taken as directors In order to make themselves | ||
aware of any relevant audit information and to establish that the Company's auditors are aware of that | ||
information. | ||
On behalf of the board | ||
Mr Peter Lawrence | ||
Director | ||
9 August 2010 | ||
-10- ECO ANIMAL HEALTH GROUP PLC | ||
INDEPENDENT AUDITORS' REPORT | ||
TO THE SHAREHOLDERS OF ECO ANIMAL HEALTH GROUP PLC | ||
We have audited the financial statements (the financial statements) of Eco Animal Health Group pic for | ||
the year ended 31 March 2010 which comprise the Consolidated income statement, the Consolidated | ||
statement of comprehensive income, the Consolidated and company statements of financial position, the | ||
Consolidated and company statement of changes in equity, the Consolidated and company statements | ||
of cashflows, 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 and, as regards the Parent Company financial statements, as applied in accordance | ||
with the provisions of the Companies Act 2006. | ||
This report, including the opinions, has been prepared for and only for the Company's members as a | ||
body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We | ||
do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other | ||
person to whom this report is shown or into whose hands it may come save where expressly agreed by | ||
our prior consent in writing. | ||
Respective responsibilities of directors and auditors | ||
As explained more fully in the Directors' Responsibilities Statement set out on page 10, 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 of the financial statements | ||
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 misstatemenl, | ||
whether caused by fraud or error. This includes an assessment of: whether the accounting policies are | ||
appropriate to the Group's and Parent 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 Group's and of the Parent | ||
Company's affairs as at 31 March 2010 and of the Group's profit and Group's and Parent | ||
Company's cash flows for the year then ended; | ||
the Group financial statements have been properly prepared in accordance with IFRSs as adopted | ||
by the European Union; | ||
the Parent Company financial statements have been properly prepared in accordance with IFRSs as | ||
adopted by the European Union and as applied in accordance with the provisions of the Companies | ||
Act 2006; and | ||
the financial statements have been prepared In accordance with the requirements of the Companies | ||
Act 2006. | ||
Opinion on other matters 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. | ||
-11- ECO ANIMAL HEALTH GROUP PLC | ||
INDEPENDENT AUDITORS' REPORT (CONTINUED) | ||
TO THE SHAREHOLDERS OF ECO ANIMAL HEALTH GROUP PLC | ||
Matters on which we are required to report by exception | ||
We have nothing lo report in respecl of Ihe 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 Parent company, or returns adequate for | ||
our audit have not been received from branches not visited by us; or | ||
the Parent company financial statements are not in agreement with the accounting records and | ||
relurns; or | ||
certain disclosures of directors' remuneration specified by law are not made; or | ||
we have not received all in the information and explanations we require for our audit | ||
Stephen Tanner BSc(Econ) FCA | ||
Senior Statutory Auditor | ||
For and on behalf of: | ||
Reeves and Neylan LLP | ||
Statutory Auditors | ||
Chartered Accountants | ||
London | ||
Date: 9 August 2010 | ||
-12- |
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