b'56 Mercia Asset Management PLC Annual Report & Accounts 2022Statement of Directors responsibilitiesThe Directors are responsible for preparing the Annual ReportThe Directors are responsible for keeping adequate accounting and the audited financial statements in accordance withrecords that are sufficient to show and explain the Groups applicable law and regulations. and the Companys transactions and disclose with reasonable accuracy at any time the financial key position of the Group Company law requires the Directors to prepare financialand the Company, enabling them to ensure that the financial statements for each financial year. Under that law thestatements comply with the Companies Act 2006. They are Directors have prepared the Group financial statementsalso responsible for safeguarding the assets of the Group and in accordance with UK-adopted International Accountingthe Company and hence for taking reasonable steps for the Standards (IAS) in conformity with the requirements of theprevention and detection of fraud and other irregularities.Companies Act 2006 and have elected to prepare the Parent Company financial statements in accordance with UnitedThe Directors are responsible for the maintenance and Kingdom Generally Accepted Accounting Practice (Unitedintegrity of the corporate and financial information included Kingdom Accounting Standards and applicable law), includingon the Groups website. Legislation in the United Kingdom Financial Reporting Standard 101 Reduced Disclosuregoverning the preparation and dissemination of financial Framework. Under company law, the Directors must notstatements may differ from legislation in other jurisdictions.approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of theDirectors responsibility statementGroup and the Company and of the profit or loss of the GroupWe confirm that to the best of our knowledge:for that period. the financial statements, prepared in accordance with In preparing the Group financial statements, the Directors arethe relevant financial reporting framework, give a true required to: and fair view of the assets, liabilities, financial position of the Group and the Company and profit of the Group and properly select and apply accounting policies the undertakings included in the consolidation taken as present information, including accounting policies, in aa wholemanner that provides relevant, reliable, comparable andthe Strategic Report includes a fair review of the understandable information development and performance of the business and the provide additional disclosures when compliance withposition of the Company and the undertakings included the specific requirements of IAS in conformity with thein the consolidation taken as a whole, together with a requirements of the Companies Act 2006 is insufficientdescription of the principal risks and uncertainties that to enable users to understand the impact of particularthey facetransactions, other events and conditions on the entitysthe Annual Report and financial statements, taken as a financial position and financial performance whole, are fair, balanced and understandable and provide make an assessment of the Groups ability to continue as athe information necessary for shareholders to assess going concern.the Companys and the Groups position and the Groups performance, business model and strategy. In preparing the Company financial statements, the Directors are required to: This responsibility statement was approved by the Board on select suitable accounting policies and then apply4 July 2022 and signed on its behalf by:them consistently Dr Mark Payton Martin Glanfieldmake judgements and accounting estimates that are reasonable and prudent Chief Executive OfficerChief Financial Officerstate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statementsprepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.'