1. Corporate Information Sample Clauses


1. CORPORATE INFORMATION. The consolidated financial statements of Superscape Group PLC (the ‘Group’) for the year ended 31 January 2008 were authorised for issue in accordance with a resolution by the Board of Directors on 24 April 2008 and the balance sheet was signed on the Board’s behalf by A. Pimentel. Superscape Group PLC is a public limited company incorporated and domiciled in England & Wales and its ordinary shares are traded on the London Stock Exchange. Effective 6 April 2008, the Group’s shares were delisted. The Group’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and IFRS as adopted by the European Union (EU). IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB, however, the differences have no impact on the Group’s consolidated financial statements for the years presented. The principle accounting policies adopted by the Group are set out in note 2. 2. ACCOUNTING POLICIES Basis of preparation The consolidated financial statements are presented in US Dollars and have been prepared on a historical cost basis. The functional currency of the parent company is UK Sterling. The preparation of financial statements in conformity with Adopted IFRSs requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expense. The measurement and impairment assessment of intangible assets and goodwill, the measurement and recoverability assessment of advanced royalties and the estimation of share based payment costs are the key areas that require management to make judgments, estimates and assumptions. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which form the basis for making the judgments about carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods. Presentation of financial ...