Annual Report 30 June 2007 - One Horizon Group

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10 REPORT OF THE DIRECTORS (continued) Auditors A resolution to re-appoint Chantrey Vellacott DFK LLP, as auditors for the ensuing year will be proposed at the Annual General Meeting in accordance with section 385 of the Companies Act 1985. Approved by the Board of Directors on 8 October 2007 Registered Office: Unit 3, The Woodford Centre Lysander Way Old Sarum Salisbury SP4 6BU Martin Ward Company Secretary
INDEPENDENT AUDITORS’ REPORT to the shareholders of SatCom Group Holdings plc We have audited the financial statements of SatCom Group Holdings plc for the year ended 30 June 2007 which comprise the Group profit and loss account, Group and Company balance sheets, Group cash flow statement, and related notes. These financial statements have been prepared under the historical cost convention and the accounting policies set out therein. 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 law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). We report to you our opinion as to whether the financial statements give a true and fair view and are 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 other transactions is not disclosed. We read other information contained in the financial statements and consider whether it is consistent with the audited financial statements. This other information comprises only the Report of the Directors, Chairman’s statement and the Chief Executive’s statement. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) 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. 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 Company’s circumstances, 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 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. Opinion In our opinion the financial statements: ● give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the Company’s and Group’s affairs as at 30 June 2007 and of its results for the year then ended; and ● have been properly prepared in accordance with the Companies Act 1985; and ● the information given in the Directors’ Report is consistent with the financial statements. Chantrey Vellacott DFK LLP Chartered Accountants Registered Auditors London 8 October 2007 11
Page 1 and 2: Annual Report 30 June 2007 SatCom G
Page 3 and 4: CONTENTS Chairman’s statement 2 C
Page 5 and 6: CHIEF EXECUTIVE’S STATEMENT Highl
Page 7 and 8: DIRECTORS, OFFICERS AND ADVISERS Di
Page 9 and 10: Share options No Directors had inte
Page 11: ut not absolute, assurance with reg
Page 15 and 16: GROUP BALANCE SHEET As at 30 June 2
Page 17 and 18: GROUP CASH FLOW STATEMENT Year ende
Page 19 and 20: 1. Accounting policies (continued)
Page 21 and 22: 4. Operating profit 30 June 2007 30
Page 23 and 24: 8. Earnings per share Basic earning
Page 25 and 26: 13. Tangible fixed assets Short Lea
Page 27 and 28: 15. Stocks Group Company 30 June 20
Page 29 and 30: 21. Deferred taxation The movement
Page 31 and 32: 24. Share capital Authorised share
Page 33 and 34: 27. Reconciliation of movements in
Page 35 and 36: HORIZON MOBILE COMMUNICATIONS HORIZ

Annual Report 30 June 2007 - One Horizon Group

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