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We have audited the revised financial statements of Psion plc for the year ended 31 December 2009 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Balance Sheets, the Consolidated and Company Cash Flow Statements, the Consolidated and Company Statements of Changes in Equity and the related notes 1 to 33. 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.
The revised financial statements have been prepared under the Companies (Revision of Defective Accounts and Reports) Regulations 2008 and accordingly do not take account of events which have taken place after the date on which the original financial statements where approved.
This report is made solely to the company’s members, as a body, in accordance with the Companies (Revision of Defective Accounts and Reports) Regulations 2008. 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 under those regulations 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 Statement of Directors’ Responsibilities, the directors are responsible for the preparation of the revised financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the revised 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 (APB’s) Ethical Standards for Auditors. We are also required to report whether in our opinion the original financial statements failed to comply with the requirements of the Companies Act 2006 in the respects identified by the directors.
Scope of the Audit of the Financial Statements
An audit involves obtaining evidence about the amounts and disclosures in the revised 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 group’s and the 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 revised financial statements.
Opinion on Financial Statements
In our opinion: |
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the revised financial statements give a true and fair view, as seen at 4 March 2010 (the date on which the original financial statements were approved), of the state of the group’s and of the parent company’s affairs as at 31 December 2009 and of the group’s loss for the year then ended; |
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the revised group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union; |
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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 |
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the revised financial statements have been prepared in accordance with the provisions of the Companies Act 2006 as they have effect under the Companies (Revision of Defective Accounts and Reports) Regulations 2008 and, as regards the group revised financial statements, Article 4 of the IAS Regulation. |
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Emphasis of matters
In forming our opinion on the revised financial statements, which is not qualified, we have considered: |
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the adequacy of the disclosures made in note 32 to the revised consolidated financial statements. Note 32 refers to uncertainty over the possible outcome of legal claims totalling JPY1.96 billion (£13.6 million at 31 December 2009 exchange rates) relating to unauthorised trading and a guarantee of a third party’s trading obligations, where the company’s Japanese subsidiary, Psion Teklogix KK (“PTKK”), is the defendant. The group has filed a number of counter actions. The ultimate outcome of these matters cannot presently be reasonably estimated, and no provision for any liability that may result from either future settlements or legal costs has been made in the revised financial statements; and |
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the adequacy of the disclosures made on the home page of the Annual Report which describe the revision to the financial statements made in accordance with the Companies (Revision of Defective Accounts and Reports) Regulations 2008. These regulations do not require the directors to take account of events which have taken place after the date on which the original financial statements were approved and, accordingly, we have not performed a subsequent events review for the period from the date of our previous report to the date of this report. |
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Opinion on Other Matters Prescribed by the Companies Act 2006
In our opinion: |
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the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006; |
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the information given in the revised Directors’ Report for the financial year for which the revised financial statements are prepared is consistent with the financial statements; and |
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the original financial statements for the year ended 31 December 2009 failed to comply with the requirements of the Companies Act 2006 in the respects identified by the directors in the statement set out on the home page of the Annual Report. |
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Matters on Which We Are Required to Report by Exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required to report to you if, in our opinion: |
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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 |
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the parent company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns; or |
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certain disclosures of directors’ remuneration specified by law are not made; or |
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we have not received all the information and explanations we require for our audit. |
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Under the Listing Rules we are required to review: |
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the directors’ statement contained within the Directors’ report in relation to going concern; and |
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the part of the Corporate Governance Statement relating to the company’s compliance with the nine provisions of the June 2008 Combined Code specified for our review. |
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Richard Norton (Senior Statutory Auditor)
for and on behalf of Deloitte LLP
Chartered Accountants and Registered Auditors
London, United Kingdom
16th March 2010 |
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