HSS Hire Group PLC Re: Notice of Adoption of FRS 101 (8539I)
September 02 2016 - 9:16AM
UK Regulatory
TIDMHSS
RNS Number : 8539I
HSS Hire Group PLC
02 September 2016
HSS Hire Group plc
Re: Notice of Adoption of Financial Reporting Standard 101
On 1 September 2016, HSS Hire Group plc posted a letter to
shareholders, the full text of which is set out below.
Notice of Adoption of Financial Reporting Standard 101 ("FRS
101"): Reduced Disclosure Framework
HSS Hire Group plc's ("the Company") parent company financial
statements contained in the Company's Annual Report for the year
ended 26 December 2015 were prepared in accordance with UK
Generally Accepted Accounting Practice ("UK GAAP"). This report can
be found on the Company's website at www.hsshiregroup.com.
A new UK GAAP accounting framework introduced by the Financial
Reporting Council ("FRC") became mandatorily effective for the
financial statements of UK companies with accounting periods
commencing on or after 1 January 2015. Under this new framework,
the Company 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 Company's group will
continue to be prepared in accordance with EU-adopted IFRS and are
unaffected by this new accounting framework.
The Company proposes to adopt FRS 101, a reduced disclosure
regime, for its parent company financial statements for the year
ended 31 December 2016 and on an ongoing basis until such time as
the Company notifies shareholders of any change to its chosen
accounting framework for the parent company financial
statements.
The Company's election to adopt FRS 101 for its parent company's
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. Objections
must be served in writing and delivered to the Company Secretary at
HSS Hire Group plc, 25 Willow Lane, Mitcham, Surrey, CR4 4TS,
United Kingdom by no later than 22 September 2016.
In accordance with Listing Rule 9.6.1, a copy of the
notification sent to shareholders has been submitted to the
National Storage Mechanism and will shortly be available for
inspection at www.morningstar.co.uk/uk/NSM
This announcement is made pursuant to Listing Rule 9.6.3.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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