Accounting & Finance Sainsbury Essay

1394 words - 6 pages

IntroductionThis is the annual repot of sainsbury. Audited by the qualified auditors.Contents of Annual ReportThis is the responsibility of the directors to prepare the Annual Report and the financial statements in accordance with applicable law and regulations. Directors need to make annual report every financial year. Directors have prepared the Company and the Group financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.Financial statements are required by law to give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. The directors confirm that they have complied with the above requirements in preparing the financial statements. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements and the Remuneration report comply with the Companies Act 1985 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The importance of directors can be imagined that they are the persons who run the company and responsible for every activity in the company (Williams 2007).Usefulness of operating and financial reviewsThe financial and operating reviews are very much necessary for every company, which is usually done by the directors; here are three major issues in Sainsbury:1.Sales are very useful issues with the operation and financial view for company. Over the year company grew like-for-like sales, excluding fuel, by 5.9 per cent, despite limited maturing new space and extensions and the tougher comparatives of the previous year. This result represented growth on growth on growth and demonstrated continued improvement and momentum.2.Product quality is another useful issues for Sainsbury. Throughout the year company have focused on maintaining lead in product quality and remaining very competitive on price.3. Sainsbury is customer-oriented company. Its goals are to provide customers with healthy, safe, fresh and tasty products. We want to make healthy eating easier, enjoyable and more affordable for everyone and satisfy customer's needs.Group Financial statements and company financial statementsFinancial statement is a written report that quantitatively describes the financial health of a Sainsbury. This contains an income statement and a balance sheet, and habitually also includes a cash flow statement. Where the Group Financial Statement shows the performance of group not a single company. Consolidated statements more often than not are prepared for entities having common ownership but different types of operational structures, even...

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