RNS: Adoption of Financial Reporting Standard 101 - Reduced Disclosure Framework
Tuesday, 10 January 2017
Notification to shareholders on parent company financial statements: Adoption of Financial Reporting Standard 101 - Reduced Disclosure Framework
Synectics plc (AIM: SNX), a leader in the design, integration, control and management of advanced surveillance technology and networked security systems, announces that following the introduction by the Financial Reporting Council ("FRC") of a new UK Generally Accepted Accounting Practice ("UK GAAP") accounting framework for periods commencing on or after 1 January 2015, there is a requirement to prepare its parent company financial statements for its financial year commencing 1 December 2015 on one of the new bases permitted by the FRC.
The financial statements for the year ended 30 November 2015 of Synectics plc (the "Company"), as set out on pages 78 to 86 of the 2015 Annual Report, were prepared in accordance with UK GAAP. The 2015 Annual Report is available on the Company's website, www.synecticsplc.com.
The Company proposes to adopt FRS 101 "Reduced Disclosure Framework" and to take advantage of the permitted election to the disclosure exemptions allowed under FRS 101 for the year ended 30 November 2016 and thereafter. As a result of taking the available disclosure exemptions permitted under FRS 101, disclosures are expected to follow closely those reported under UK GAAP.
The Company's decision to adopt FRS 101 does not require shareholder approval. However, due to the election to take the available disclosure exemptions permitted under FRS 101, the Company is required to notify all shareholders of this election and any shareholder or shareholders holding in aggregate 5 per cent. or more of the total allotted shares in the Company may object. Objections must be served in writing and be delivered to the Company Secretary at the Company's registered office at Studley Point, 88 Birmingham Road, Studley, Warwickshire B80 7AS not later than Tuesday 7 February 2017. A letter will be sent to the Company's shareholders later today.
The consolidated financial statements of the Company and its subsidiaries will continue to be prepared in accordance with IFRS as adopted by the EU.
For further information, please contact:
Paul Webb, Chief Executive
Mike Stilwell, Finance Director
Tel: +44 (0) 1527 850 080
Stockdale Securities Limited
Tom Griffiths / Henry Willcocks
Tel: +44 (0) 20 7601 6100
Mark Court / Sophie Cowles / Jane Glover
Tel: +44 (0) 20 7466 5000