Ceres Power Holdings plc Adoption of FRS 101 - Reduced Disclosure Framework (6157D)
08 July 2016 - 4:00PM
UK Regulatory
TIDMCWR
RNS Number : 6157D
Ceres Power Holdings plc
08 July 2016
8 July 2016
Ceres Power Holdings plc
("the Company")
Notification to Shareholders Regarding the Adoption of Financial
Reporting Standard ("FRS") 101 - Reduced Disclosure Framework
Ceres Power Holdings plc (AIM: CWR), a world leader in low cost,
next generation fuel cell technology, announces that it has sent a
letter to its shareholders, the content of which is reproduced
below:
A new accounting framework introduced by the Financial Reporting
Council ("FRC") becomes mandatorily effective for financial
statements commencing on or after 1 January 2015. Under this new
framework, the Company is required to elect to prepare its company
financial statements on one of the new bases permitted by the FRC.
The consolidated financial statements of the Company will continue
to be prepared in accordance with EU-adopted International
Financial Accounting Standards and are unaffected by this new
accounting framework.
The Directors have elected to adopt FRS 101 Reduced Disclosure
Framework for the Company's financial statements for the year ended
30 June 2016 which will be included in the Company's Annual Report
for 2016 and on an ongoing basis until such time as the Company
notifies shareholders of any change to its chosen accounting
framework for the Company's financial statements. The Company
intends to take advantage of the disclosure exemptions allowed
under FRS 101. Accordingly, the disclosures in the Company's
financial statements prepared under FRS 101 are expected to be the
same or follow closely those previously reported under UK GAAP.
The Company's decision to adopt FRS 101 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 may serve an objection.
Objections must be served in writing and delivered to the Company
Secretary at the Company's registered office Viking House, Foundry
Lane, Horsham, West Sussex, RH13 5PX not later than 31st July
2016.
For further information please contact:
Ceres Power Holdings plc Tel: +44 (0)1403
Phil Caldwell, CEO 273 463
Richard Preston, CFO
Zeus Capital (Nominated Tel: +44 (0) 20 3829
Adviser and Broker) 5000
Phil Walker / Andrew Jones
Tavistock Tel: +44 (0) 20 7920
Mike Bartlett / James Collins 3150
Notes to Editors:
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in
low cost, next generation fuel cell technology for use in
distributed power products that reduce operating costs, lower CO2,
SOx and NOx emissions, increase efficiency and improve energy
security. The Ceres Power unique patented Steel Cell technology
generates power from widely available fuels at high efficiency and
is manufactured using standard processing equipment and
conventional materials such as steel, meaning that it can be mass
produced at an affordable price for domestic and business use.
Ceres Power offer its partners the opportunity to develop power
systems and products using its unique Steel Cell technology and
know-how, combined with the opportunity to supply the Steel Cell in
volume through its manufacturing partners.
www.cerespower.com
This information is provided by RNS
The company news service from the London Stock Exchange
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