We have audited the financial statements of Intec Telecom
Systems PLC for the year ended 30 September 2003 which
comprise
the consolidated profit and loss account,
the balance sheets,
the consolidated cash flow statement,
the consolidated statement of total recognised gains and losses,
the consolidated reconciliation of movements in shareholders’ funds and
the related notes 1 to 24. These financial statements have been
prepared under the accounting policies set out therein. We
have also audited the information in the part of the
directors’ remuneration report that is described as having been audited.
This report is made solely to the Company’s members, as a body,
in accordance with section 235 of the Companies Act 1985. 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 described in the statement of directors’ responsibilities, the
company’s directors are responsible for the preparation of the
financial statements in accordance with applicable United
Kingdom law and accounting standards. They are also responsible
for the preparation of the other information contained in the
annual report including the directors’ remuneration report. Our
responsibility is to audit the financial statements and the part
of the directors’ remuneration report described as having been
audited in accordance with relevant United Kingdom legal and
regulatory requirements and auditing standards.
We report to you our opinion as to whether the financial
statements give a true and fair view and whether the financial
statements and the part of the directors’ remuneration report
described as having been audited have been properly prepared
in accordance with the Companies Act 1985. We also report to
you if, in our opinion, the directors’ report is not consistent with
the financial statements, if 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
transactions with the company and other members of
the Group is not disclosed.
We review whether the corporate governance statement reflects
the company’s compliance with the seven provisions of the
Combined Code specified for our review by the Listing Rules of
the Financial Services Authority, and we report if it does not.
We are not required to consider whether the board’s statements
on internal control cover all risks and controls, or form an opinion
on the effectiveness of the Group’s corporate governance
procedures or its risk and control procedures.
We read the directors’ report and the other information
contained in the annual report for the above year as described in
the contents section including the unaudited part of the directors’
remuneration report and consider the implications for our report
if we become aware of any apparent misstatements or material
inconsistencies with the financial statements.
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Basis of Audit Opinion
We conducted our audit in accordance with United Kingdom
auditing standards issued by the Auditing Practices Board. An
audit includes examination, on a test basis, of evidence relevant
to the amounts and disclosures in the financial statements and
the part of the directors’ remuneration report described as having
been audited. It also includes an assessment of the significant
estimates and judgements made by the directors in the
preparation of the financial statements and of whether the
accounting policies are appropriate to the circumstances of the
company and the Group, 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 financial statements and the part of the
directors’ remuneration report described as having been 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 financial statements and the part of the
directors’ remuneration report described as having been audited.
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Opinion
In our opinion the financial statements give a true and fair view
of the state of affairs of the Company and the Group as at 30
September 2003 and of the loss of the Group for the year then
ended and the financial statements and part of the
directors’ remuneration report described as having been audited have been
properly prepared in accordance with the Companies Act 1985.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
London
24 November 2003
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Independent Auditors’ Report to the Members of Intec Telecom System PLC