RWS Annual Report 2022 web - Flipbook - Page 112
Notes to the Consolidated Financial Statements
1. ACCOUNTING POLICIES
Basis of accounting and preparation
of financial statements
RWS Holdings plc (“the Parent Company”) is a public
company, limited by shares, incorporated and domiciled
in England and Wales whose shares are publicly traded on
AIM, the London Stock Exchange regulated market.
The consolidated financial statements consolidate those
of the Company and its subsidiaries (“the Group”). The
Parent Company financial statements present information
about the Company as a separate entity and not about its
Group.
The consolidated financial statements have been
prepared in accordance with international accounting
standards in accordance with UK-adopted international
accounting standards (IFRS) in accordance with the
requirements of the Companies Act 2006.
The consolidated financial statements have been
prepared under the historical cost convention as modified,
where applicable, by the revaluation of financial assets
and financial liabilities held at fair value through profit or
loss or through other comprehensive income.
The principal accounting policies adopted in the
preparation of the consolidated financial statements are
set out below and within the notes to which they relate
to provide context to users of the financial statements.
The policies have been consistently applied to both years
presented, unless otherwise stated.
The potential climate change-related risks and
opportunities to which the Group is exposed, as
identified by management, are disclosed in the Group’s
TCFD disclosures on pages 48 to 59. Management has
assessed the potential financial impacts relating to the
identified risks and exercised judgement in concluding
that there are no further material financial impacts of
the Group’s climate-related risks and opportunities on
the financial statements. These judgements will be kept
under review by management as the future impacts of
climate change depend on environmental, regulatory
and other factors outside of the Group’s control which
are not all currently known.
Results of subsidiaries are consolidated from the date
on which control is transferred to the Group and cease
to be consolidated from the date on which control
is transferred out of the Group. The separable net
assets, including intangible assets of newly acquired
subsidiaries, are incorporated into the consolidated
financial statements based on their fair values at the
effective date of control.
All intra-group transactions are eliminated as part of the
consolidation process.
Audit exemption for subsidiaries
The parent company, RWS Holdings plc, has given
guarantees to some of its subsidiaries incorporated in
the United Kingdom, to allow them to take exemption
from requiring an audit by virtue of s479A of the
Companies Act 2006.
The following companies incorporated in the United
Kingdom are exempt from the requirements of the
Companies Act 2006 relating to the audit of individual
financial statements by virtue of s479A of the Companies
Act 2006:
Subsidiary undertaking
Company
Registered number
Alterian Technology Limited
03351717
Corporate Translations Inc UK Limited
08072632
RWS Information Limited
01032254
RWS Language Solutions Limited
03290358
SDL Tridion Limited
03875520
XyEnterprise Limited
01750338
RWS Overseas Limited
01014383
RWS UK Holding Co Limited
09809972
SDL Global Holdings Limited
04007930
No new standards/amendments that have or are
expected to have a material impact.
RWS Group Limited
01575193
RWS Translations Limited
01080416
Basis of consolidation
SDL Sheffield Limited
02034398
The consolidated financial statements comprise the
financial statements of the Parent Company and
subsidiaries controlled by the Parent Company, drawn up
to 30 September 2022.
SDL Limited
02675207
New accounting standards, amendment
and interpretations
112
Subsidiary undertakings are entities that are directly or
indirectly controlled by the Group. The Group controls an
entity when it is exposed, or has rights to variable returns
from its involvement with the entity and has the ability to
affect those returns through its power over the entity.
RWS — Annual Report 2022
NOTES TO THE CONSOLIDATED STATEMENTS
