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Independent Auditor's Report

We have audited the financial statements of Wynnstay Group Plc for the year ended 31 October 2016 set out on pages 42 to 69. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the EU and, as regards the Parent Company financial statements, as applied in accordance with the Companies Act 2006.

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 auditor’s 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 Auditor

As explained more fully in the Directors’ Responsibilities Statement set on out page 31, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Our responsibility is to audit, and express an opinion on, the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of the Audit of the Financial Statements

A description of the scope of an audit of financial statements is provided on the Financial Reporting Council website at www.frc.org.uk/auditscopeukprivate.

Opinion on Financial Statements

In our opinion:

  • the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 31 October 2016 and of the Group’s profit for the year then ended;
  • the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the EU;
  •  the Parent Company financial statements have been properly prepared in accordance with IFRSs as adopted by the EU and as applied in accordance with the provisions of the Companies Act 2006;
  • the financial statements have been prepared in accordance with the requirements of the Companies Act 2006; and as regards to the Group financial statements, Article 4 of the IAS regulation.

Opinion on Other Matters Prescribed by the Companies Act 2006

In our opinion:

  • The information given in the Strategic Report and Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
  • the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006; and
  • the information given in the Corporate Governance Statement set out on pages 32 to 34 with respect to internal control and risk management systems in relation to financial reporting processes and about share capital structures is consistent with the financial statements.

Matters on which we are Required to Report by Exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

  • adequate accounting records have not been kept, by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the Parent Company financial statements and part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns; or
  • certain disclosures of Directors’ remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit;
  • a Corporate Governance Statement has not been prepared by the Group.

Nicola Quayle (Senior Statutory Auditor)

For and on behalf of

KPMG LLP,

Statutory Auditor Chartered Accountants

8 Princes Parade

Liverpool

L3 1QH

24 January 2017