Avon Rubber PLC ADOPTION OF FINANCIAL REPORTING STANDARD (FRS) 101 (0341M)
08 October 2016 - 1:34AM
UK Regulatory
TIDMAVON
RNS Number : 0341M
Avon Rubber PLC
07 October 2016
AVON RUBBER p.l.c. ("Avon", the "Group" or the "Company")
NOTIFICATION TO SHAREHOLDERS OF ADOPTION OF FINANCIAL REPORTING
STANDARD (FRS) 101
PARENT COMPANY FINANCIAL STATEMENTS
A new UK Generally Accepted Accounting Practice ('GAAP')
accounting framework introduced by the Financial Reporting Council
('FRC') became effective for the financial statements of UK
companies with accounting periods commencing on or after 1 January
2015. Under this new framework, Avon Rubber p.l.c. is required to
elect to prepare its parent company financial statements on one of
the bases permitted by the FRC.
The consolidated financial statements of Avon Rubber p.l.c. will
continue to be prepared in accordance with International Financial
Reporting Standards as adopted by the European Union and are
unaffected by this new accounting framework.
The Company proposes to adopt Financial Reporting Standard
('FRS') 101 'Reduced Disclosure Framework' for the preparation of
its parent company financial statements for the year ended 30
September 2016 and on an ongoing basis until such time as the
Company notifies shareholders of any change. As a result of taking
the possible disclosure exemptions permitted under FRS 101,
disclosures are expected to be the same as, or follow closely,
those reported under the previously applicable UK GAAP. The Annual
Report for the year ended 30 September 2015 with parent company
financial statements prepared under the previously applicable UK
GAAP can be found on the Company's website at
www.avon-rubber.com.
The Company's election to adopt FRS 101 for its parent company
financial statements does not require shareholder approval.
However, as stipulated in FRS 101, the Company is required to
notify all shareholders of this election. Any shareholder (or
shareholders) holding in aggregate 5 per cent or more of the total
allotted shares in the Company may serve an objection to the use of
the disclosure exemptions. Objections must be served in writing and
delivered to the Company Secretary at Avon Rubber p.l.c., Hampton
Park West, Semington Road, Melksham, Wiltshire, SN12 6NB by no
later than 4 November 2016. If shareholders have no objection to
the adoption of FRS 101, no further action is required.
For further enquiries, please contact:
Avon Rubber p.l.c.
Miles Ingrey-Counter, Company Secretary 01225 896850
Andrew Lewis, Group Finance Director 01225 896830
Sarah Matthews-DeMers, Associate Group Finance Director 01225 896835
Weber Shandwick Financial
Nick Oborne/Tom Jenkins 020 7067 0700
Note to editors: The Group has transformed itself over recent
years into an innovative design and engineering group specialising
in two core markets, Protection & Defence and Dairy. With a
strong emphasis on research and development we design, test and
manufacture specialist products from a number of sites in the US
and Europe, serving markets around the world. We achieve this
through nurturing the talent and aspirations of our employees to
realise their highest potential.
Avon Protection is the recognised global market leader in
advanced Chemical, Biological, Radiological and Nuclear (CBRN)
respiratory protection systems technology for the world's military,
homeland security, first responder, fire and industrial markets.
With an unrivalled pedigree in mask design dating back to the
1920's, Avon Protection's advanced products are the first choice
for Personal Protective Equipment (PPE) users worldwide and are
placed at the heart of many international defence and tactical PPE
deployment strategies. Our expanding global customer base now
includes military forces, civil and first line defence troops,
emergency service teams and industrial, marine, mineral and oil
extraction site personnel. All put their trust in Avon's advanced
respiratory solutions to shield them from every possible threat
whether land, air or sea based.
Our world-leading Dairy supplies business and its Milkrite
InterPuls brand have a global market presence. With a long history
of manufacturing liners and tubing for the dairy industry, we have
become the leading innovator and designer for products and services
right at the heart of milking. The acquisition nof InterPuls in
2015, a milking components specialist in electromechanical
components, such as pulsators, milk meters, automatic cluster
removers, milking clusters, washing systems, vacuum pumps, bucket
milkers and pipeline system components has added significantly to
our product range, making us the complete milking point solution
provider. Working with the leading scientists and health
specialists in the global dairy industry we continue to invest in
technology to further improve the milking process and animal
welfare. Our products provide exceptional results for both the
animal and the milker, making the milk extraction process more
efficient. As our market share and milking experience continue to
grow, so does our global presence.
For further information please visit the Group's website
www.avon-rubber.com
This information is provided by RNS
The company news service from the London Stock Exchange
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