Independent Auditors’ Report
to the members of Home Retail Group plc - Parent
We have audited the Parent Company Financial Statements of Home
Retail Group plc for the period ended 3 March 2007 which comprise
the Company Balance Sheet and the related notes. These Parent Company
Financial Statements have been prepared under the accounting policies
set out therein.We have also audited the information in the Directors
Remuneration Report that is described as having been audited.
We have reported separately on the Group Financial Statements of
Home Retail Group plc for the period ended 3 March 2007.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report,
the Directors’ Remuneration Report and the Parent Company
Financial Statements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice) are set out in the Statement of Directors’
Responsibilities.
Our responsibility is to audit the Parent Company Financial Statements
and the part of the Directors’ Remuneration Report to be audited
in accordance with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland). This report,
including the opinion, has been prepared for and only for the Company’s
members as a body in accordance with Section 235 of the Companies
Act 1985 and for no other purpose. We do not, in giving this opinion,
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.
We report to you our opinion as to whether the Parent Company Financial
Statements give a true and fair view and whether the Parent Company
Financial Statements and the part of the Directors’ Remuneration
Report to be audited have been properly prepared in accordance with
the Companies Act 1985.We also report to you whether in our opinion
the information given in the Directors’ Report is consistent
with the Parent Company Financial Statements. The information given
in the Directors’ Report includes that specific information
presented in the Business Review that is cross referred from the
Business Review section of the Directors’ Report.
In addition we report to you if, in our opinion, the Company has
not kept proper accounting records, if we have not received all
the information and explanations we require for our audit, or if
information specified by law regarding directors’ remuneration
and other transactions is not disclosed.
We read other information contained in the Annual Report and consider
whether it is consistent with the audited Parent Company Financial
Statements. The other information comprises only the Chairman’s
Statement, the Business Review, the Board of Directors, the Directors
Report, the Corporate Governance Statement and the unaudited part
of the Directors’ Remuneration Report.We consider the implications
for our report if we become aware of any apparent misstatements
or material inconsistencies with the Parent Company Financial Statements.
Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards
on Auditing (UK and Ireland) issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant
to the amounts and disclosures in the Parent Company Financial Statements
and the part of the Directors’ Remuneration Report to be audited.
It also includes an assessment of the significant estimates and
judgments made by the directors in the preparation of the Parent
Company Financial Statements, and of whether the accounting policies
are appropriate to the Company’s circumstances, consistently
applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information
and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the
Parent Company Financial Statements and the part of the Directors’
Remuneration Report to be audited are free from material misstatement,
whether caused by fraud or other irregularity or error. In forming
our opinion we also evaluated the overall adequacy of the presentation
of information in the Parent Company Financial Statements and the
part of the Directors’ Remuneration Report to be audited.
Opinion
In our opinion:
- the Parent Company Financial Statements give
a true and fair view, in accordance with United Kingdom Generally
Accepted Accounting Practice, of the state of the Company’s
affairs as at 3 March 2007;
- the Parent Company Financial Statements and
the part of the Directors’ Remuneration Report to be audited
have been properly prepared in accordance with the Companies Act
1985; and
- the information given in the Directors’ Report is consistent
with the Parent Company Financial Statements.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London
2 May 2007
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