Page 179 - Sigmaroc Annual-Report 2023

POLITICAL CONTRIBUTION
The Group did not make any contributions to political parties during either the current or the previous year.
ANNUAL GENERAL MEETING
The AGM will be held at the Washington Mayfair Hotel, 5 Curzon St, London W1J 5HE on 12 April 2024 at 12:30pm. The formal notice convening the AGM, together with explanatory notes on the resolutions contained therein, is included in the separate circular accompanying this document and is available on the Company’s website at www.sigmaroc.com.
VIABILITY STATEMENT
The Directors have assessed the viability of the Group over a period to December 2027. This is the same period over which financial projections were prepared for the Group’s strategic financial plan. In making their assessment the Directors have taken into account the Group’s current position and the potential impact of the principal risks and uncertainties set out on pages 132 to 137 on its business model, future performance, solvency or liquidity. They also stress tested their analysis by running a number of credible scenarios and considered the availability of mitigating actions. Based on this assessment, the Directors confirm that they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period to 31 December 2024. In making this statement, the Directors have assumed that financing remains available and that mitigating actions are effective.
CORPORATE RESPONSIBILITY
Environmental
SigmaRoc undertakes its activities in a manner that minimises or eliminates negative environmental impacts and maximises positive impacts of an environmental nature.
Health and safety
SigmaRoc operates a comprehensive health and safety programme to ensure the wellness and security of its employees. The control and eventual elimination of all work- related hazards require a dedicated team effort involving the active participation of all employees. A comprehensive health and safety programme is the primary means for delivering best practices in health and safety management. This programme is regularly updated to incorporate employee suggestions, lessons learned from past incidents and new guidelines related to new projects, with the aim of identifying areas for further improvement of health and safety management. This results in continuous improvement of the health and safety programme. Employee involvement is regarded as fundamental in recognising and reporting unsafe conditions and avoiding events that may result in injuries and accidents.
Internal controls
The Board recognises the importance of both financial and non-financial controls and has reviewed the Group’s control environment and any related shortfalls during the year. Since the Group was established, the Directors are satisfied that, given the current size and activities of the Group, adequate internal controls have been implemented. Whilst they are aware that no system can provide absolute assurance
against material misstatement or loss, in light of the current activity and proposed future development of the Group, continuing reviews of internal controls will be undertaken to ensure that they are adequate and effective.
Further details of corporate governance can be found in the Corporate Governance Report on page 156.
Going concern
The Group meets its day-to-day working capital and other funding requirements through cash and banking facilities, which were renewed in November 2023 and of which more information can be found on page 203.
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and, therefore, continue to adopt the going concern basis in preparing the Annual Report and Financial Statements. Further details on their assumptions and their conclusion thereon are included in the statement on going concern included in Note 2.3 to the Financial Statements.
Directors’ and officers’ indemnity insurance
The Company has made qualifying third-party indemnity provisions for the benefit of its Directors and officers. These were made during the year and remain in force at the date of this Annual Report.
EVENTS AFTER THE REPORTING PERIOD
Events after the reporting period are set out in Note 38 to the Financial Statements.
POLICY AND PRACTICE ON PAYMENT OF CREDITORS
The Group agrees terms and conditions for its business transactions with suppliers. Payment is then made in accordance with these terms, subject to the terms and conditions being met by the supplier. As at 31 December 2023, the Company had an average of 53 days (2022: 54 days) purchases outstanding in trade payables and the Group had an average of 62 days (2022: 58 days).
FUTURE DEVELOPMENTS
Details of future developments for the Group are disclosed in the Chairman’s Statement on page 14 and the CEO’s Strategic Report on page 18.
PROVISION OF INFORMATION TO AUDITOR
So far as each of the Directors is aware at the time this report is approved:
• there is no relevant audit information of which the Group's auditor is unaware; and
• the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
AUDITOR
PKF Littlejohn LLP has signified its willingness to continue in office as auditor.
This report was approved by the Board on 17 March 2024.
Garth Palmer
Chief Financial Officer
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