Full-year - Chime Communications PLC

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Independent auditors’ reportIndependent auditors’ report to the members ofChime Communications plcWe have audited the parent companyfinancial statements of ChimeCommunications plc for the year ended31 December 2008 which comprise theCompany balance sheet and the relatednotes 1 to 16. These parent companyfinancial statements have been preparedunder the accounting policies set out therein.We have reported separately on theGroup financial statements of ChimeCommunications Plc for the year ended31 December 2008 and on the informationin the Directors’ remuneration report that isdescribed as having been audited.This report is made solely to the Company’smembers, as a body, in accordance withsection 235 of the Companies Act 1985.Our audit work has been undertaken so thatwe might state to the Company’s membersthose matters we are required to state tothem in an auditors’ report and for no otherpurpose. To the fullest extent permittedby law, we do not accept or assumeresponsibility to anyone other than theCompany and the Company’s members asa body, for our audit work, for this report,or for the opinions we have formed.Respective responsibilities of directorsand auditorsThe Directors’ responsibilities for preparingthe Annual Report and the parent companyfinancial statements in accordance withapplicable law and United KingdomAccounting Standards (United KingdomGenerally Accepted Accounting Practice) areset out in the Statement of Directors’Responsibilities.Our responsibility is to audit the parentcompany financial statements in accordancewith relevant legal and regulatoryrequirements and International Standards onAuditing (UK and Ireland).We report to you our opinion as to whetherthe parent company financial statementsgive a true and fair view and whether theparent company financial statements havebeen properly prepared in accordance withthe Companies Act 1985. We also report toyou whether in our opinion the Directors’report is consistent with the parent companyfinancial statements.In addition we report to you if, in ouropinion, the Company has not kept properaccounting records, if we have not receivedall the information and explanationswe require for our audit, or if informationspecified by law regarding Directors’remuneration and other transactions is notdisclosed.We read the other information contained inthe Annual Report as described in thecontents section and consider whether it isconsistent with the audited parent companyfinancial statements. We consider theimplications for our report if we becomeaware of any apparent misstatements ormaterial inconsistencies with the parentcompany financial statements. Ourresponsibilities do not extend to any furtherinformation outside the Annual Report.Basis of audit opinionWe conducted our audit in accordance withInternational Standards on Auditing (UK andIreland) issued by the Auditing PracticesBoard. An audit includes examination, on atest basis, of evidence relevant to theamounts and disclosures in the parentcompany financial statements. It alsoincludes an assessment of the significantestimates and judgements made by theDirectors in the preparation of the parentcompany financial statements, andof whether the accounting policiesare appropriate to the Company’scircumstances, consistently applied andadequately disclosed.We planned and performed our audit so asto obtain all the information and explanationswhich we considered necessary in order toprovide us with sufficient evidence to givereasonable assurance that the parentcompany financial statements are free frommaterial misstatement, whether caused byfraud or other irregularity or error. In formingour opinion we also evaluated the overalladequacy of the presentation of informationin the parent company financial statements.OpinionIn our opinion:• the parent company financial statementsgive a true and fair view, in accordancewith United Kingdom Generally AcceptedAccounting Practice, of the state of theCompany’s affairs as at 31 December2008;• the parent company financial statementshave been properly prepared inaccordance with the Companies Act1985; and• the information given in the Directors’Report is consistent with the parentcompany financial statements.Deloitte LLPChartered Accountants andRegistered AuditorsLondon11 March 200988Chime Communications plc
Company balance sheetCompany balance sheetYear ended 31 December 2008Fixed assets2008 2008 2007 2007Note £’000 £’000 £’000 £’000Investment in subsidiaries 4 122,664 120,293Other investments 5 350 350Current assets123,014 120,643Debtors 7 825 7,539Short-term investments 8 416 313Cash at bank and in hand – 2,9471,241 10,799Creditors: amounts falling due within one year 9 (5,990) (17,888)Net current liabilities (4,749) (7,089)Total assets less current liabilities 118,265 113,554Creditors: amounts falling due after more than one year 10 (14,428) (20,386)Net assets 103,837 93,168Capital and reservesShare capital 12 14,264 13,319Share premium account 12 37,121 32,217Share-based payment reserve 13 3,063 1,771Merger reserve 13 3,780 3,780Capital reduction reserve 13 32,385 32,385ESOP reserve 13,16 (4,952) (4,381)Retained earnings 13 18,176 14,077Equity shareholders’ funds 103,837 93,168The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2009. They were signed on its behalf by:Mark Smith, DirectorAnnual Report & Accounts 2008 89
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Full-year - Chime Communications PLC

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