We have audited the financial statements which have been prepared under the
historical cost convention and the accounting policies.
Respective responsibilities of directors and auditors
As described above, the company's directors are responsible for the preparation of financial
statements. It is our responsibility to form an independent opinion, based on our audit, on those
statements and to report our opinion to you.
Basis of opinion
We conducted our audit in accordance with Auditing Standards 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 of the state of affairs of the company
and the group as at 25 February 1995 and of the group's profit and cash flows for the year then
ended and have been properly prepared in accordance with the Companies Act 1985.
Price Waterhouse
Chartered Accountants
and Registered Auditors
London
10 April 1995
