Annual report and accounts 2023 - Flipbook - Page 131
Strategic Report
Corporate Governance
Accounts
Independent Auditor’s Report to the members of A.G. BARR p.l.c.
Report on the audit of the financial statements
1.
Opinion
In our opinion:
• the financial statements of A.G. Barr p.l.c. (the ‘parent company’) and its subsidiaries (the ‘group’) give a true and fair view of the state of the group’s and of the
parent company’s affairs as at 29 January 2023 and of the group’s profit for the year then ended;
• the group financial statements have been properly prepared in accordance with United Kingdom adopted international accounting standards;
• the parent company financial statements have been properly prepared in accordance with United Kingdom adopted international accounting standards 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.
We have audited the financial statements which comprise:
• the consolidated income statement;
• the consolidated statement of comprehensive income;
• the consolidated and parent company statements of financial position;
• the consolidated and parent company statements of changes in equity;
• the consolidated and parent company cash flow statements; and
• the related notes 1 to 32.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom adopted international accounting standards and, as regards
the parent company financial statements, as applied in accordance with the provisions of the Companies Act 2006.
2.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further
described in the auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the group and the parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK,
including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. The non-audit services provided to the group and parent company for the year are disclosed in note 3 to the financial statements.
We confirm that we have not provided any non-audit services prohibited by the FRC’s Ethical Standard to the group or the parent company.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
3.
Summary of our audit approach
Key audit matters
The key audit matter that we identified in the current year was:
• Completeness and valuation of brand support discounts and cost accruals.
Materiality
The materiality that we used for the group financial statements was £2,175,000 (2022:£2,070,000) which was determined
on the basis of 5% (2022: 5%) of adjusted profit before tax.
Scoping
Our full scope and specified audit procedures covered 95% of the Group’s revenue, 98% of the Group’s net assets, and 97%
of the Group’s profit before tax.
Significant changes in our approach
Our audit approach is consistent with the prior year with the exception of Funkin Limited, a component which has increased
in scope to full scope in light of its overall contribution to the group.
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