adept4 plc Adoption of Financial Reporting Standard FRS102 (2551M)
October 11 2016 - 9:07AM
UK Regulatory
TIDMAD4
RNS Number : 2551M
adept4 plc
11 October 2016
adept4 plc ("adept4" or the "Group")
Adoption of Financial Reporting Standard FRS102
adept4 plc (AIM: AD4), the AIM listed provider of IT as a
Service, announces that following the publication of FRS 100
'Application of Financial Reporting Requirements' by the Financial
Reporting Council, the Company is required to change the accounting
framework for its Company and subsidiary financial statements which
currently adopt United Kingdom Generally Accepted Accounting
Practice (UK GAAP).
adept4 plc's consolidated financial statements, which cover the
Group as a whole, will continue to be prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union. The Group's financial statements are unaffected
by this adoption going forward and do not require any changes to be
made to historic reported numbers.
The Board considers that it is in the best interests of the
Group for the Company and its subsidiaries to adopt FRS 102 - The
Financial Reporting Standard applicable in the UK and Republic of
Ireland. It is intended that for the year ended 30 September 2016
and for future accounting periods FRS 102 is adopted, and the
relevant disclosure exemptions permitted under FRS 102 are applied.
These disclosure exemptions are consistent with those adopted in
the financial statements for the year ended 30 September 2015 as
produced under the then applicable UK GAAP.
The Company's election to adopt FRS 102 for its parent company
financial statements does not require shareholder approval.
However, as stipulated in FRS 102, the Company is required to
notify 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. Objections
must be served in writing and delivered to the Company Secretary at
adept4 plc, 5 Fleet Place, London, EC4M 7RD by 11 November
2016.
For further information please contact:
adept4 plc
Gavin Lyons, Executive Chairman 01925 204
Ian Winn, Finance Director and Chief Operating Officer 844
N+1 Singer (Nominated Adviser and Broker)
Shaun Dobson 020 7496
Jen Boorer 3000
MXC Capital Markets LLP
Marc Young 020 7965
Charlotte Stranner 8149
About adept4
adept4 delivers IT as a service to small and medium sized
businesses across the UK. IT as a Service (ITaaS) provides you with
exactly the amount of technology and support you need in accordance
with business requirements, billed on a monthly basis, based on
what is consumed.
Critically we underpin this delivery method with a 24 x 7 UK
response team, strategic consulting, professional services and
software development to provide exactly what organisations need
from IT at any given time. Whether an infrastructure is based on
legacy or emerging technologies we will ensure organisations have
the flexibility, agility and cost efficiencies required to run
their business effectively, all through a single trusted
provider.
adept4 is a public company quoted on the AIM market of the
London Stock Exchange. The company is headquartered in Warrington,
with offices in Leeds, Aberdeen, and Brighton.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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