Notification to Shareholders

RNS Number : 9361T

Sutton Harbour Holdings PLC

04 April 2016

 

4 April 2016

SUTTON HARBOUR HOLDINGS PLC

("Sutton Harbour Holdings" or "the Company")

Notification to Shareholders in accordance with FRS 101

On 1 April 2016, the Company 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

Sutton Harbour Holdings plc's ("the Company") parent company financial statements contained in the Sutton Harbour Group  Annual  Report for  the  year  ended  31 March 2015  ("the  2015 Report") were prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). The 2015 Report can be found on the Company's website at www.suttonharbourholdings.co.uk. 
 
A new UK GAAP accounting framework introduced by the Financial Reporting Council ("FRC") becomes  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 March 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 Sutton Harbour Holdings plc, Tin Quay House, Sutton Harbour, Plymouth, PL4 0RA, United Kingdom by no later than 30 April 2016.

Ends

Sutton Harbour Holdings plc	01752 204186
Jason Schofield - Chief Executive
Natasha Gadsdon - Finance Director
Arden Partners	0207 614 5917
James Felix / Benjamin Cryer
Yellow Jersey	07768 534641
Philip Ranger / Aidan Stanley

 

END

 

 

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