James Halstead PLC Adoption of Financial Reporting Standard (FRS) 101 (1142H)
15 August 2016 - 4:00PM
UK Regulatory
TIDMJHD
RNS Number : 1142H
James Halstead PLC
15 August 2016
15 August 2016
James Halstead plc
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, James Halstead plc 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 the James Halstead plc
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 June
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 June 2015 with parent company financial statements
prepared under the previously applicable UK GAAP can be found on
the Company's website at www.jameshalstead.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 Group Company Secretary at James Halstead plc,
Beechfield, Hollinhurst Road, Radcliffe, Manchester, M26 1JN by no
later than 10 September 2016. If shareholders have no objection to
the adoption of FRS 101, no further action is required.
Enquiries:
Gordon Oliver, Finance Director Telephone: 0161 767 2500
David Drillingcourt, Group Company Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
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