ADOPTION OF FINANCIAL REPORTING STANDARD (FRS) 101
AVON RUBBER p.l.c. ("Avon", the "Group" or the "Company")
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, Avon Rubber p.l.c. 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 Avon Rubber p.l.c. 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 September 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 September 2015 with parent company financial statements prepared under the previously applicable UK GAAP can be found on the Company's website at www.avon-rubber.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 Company Secretary at Avon Rubber p.l.c., Hampton Park West, Semington Road, Melksham, Wiltshire, SN12 6NB by no later than 4 November 2016. If shareholders have no objection to the adoption of FRS 101, no further action is required.
For further enquiries, please contact:
Avon Rubber p.l.c. |
|
|
Miles Ingrey-Counter, Company Secretary |
01225 896850 |
|
Andrew Lewis, Group Finance Director |
01225 896830 |
|
Sarah Matthews-DeMers, Associate Group Finance Director |
01225 896835 |
|
|
|
|
|
|
Weber Shandwick Financial |
|
|
Nick Oborne/Tom Jenkins |
020 7067 0700 |
Note to editors: The Group has transformed itself over recent years into an innovative design and engineering group specialising in two core markets, Protection & Defence and Dairy. With a strong emphasis on research and development we design, test and manufacture specialist products from a number of sites in the US and Europe, serving markets around the world. We achieve this through nurturing the talent and aspirations of our employees to realise their highest potential.
Avon Protection is the recognised global market leader in advanced Chemical, Biological, Radiological and Nuclear (CBRN) respiratory protection systems technology for the world's military, homeland security, first responder, fire and industrial markets. With an unrivalled pedigree in mask design dating back to the 1920's, Avon Protection's advanced products are the first choice for Personal Protective Equipment (PPE) users worldwide and are placed at the heart of many international defence and tactical PPE deployment strategies. Our expanding global customer base now includes military forces, civil and first line defence troops, emergency service teams and industrial, marine, mineral and oil extraction site personnel. All put their trust in Avon's advanced respiratory solutions to shield them from every possible threat whether land, air or sea based.
Our world-leading Dairy supplies business and its Milkrite InterPuls brand have a global market presence. With a long history of manufacturing liners and tubing for the dairy industry, we have become the leading innovator and designer for products and services right at the heart of milking. The acquisition nof InterPuls in 2015, a milking components specialist in electromechanical components, such as pulsators, milk meters, automatic cluster removers, milking clusters, washing systems, vacuum pumps, bucket milkers and pipeline system components has added significantly to our product range, making us the complete milking point solution provider. Working with the leading scientists and health specialists in the global dairy industry we continue to invest in technology to further improve the milking process and animal welfare. Our products provide exceptional results for both the animal and the milker, making the milk extraction process more efficient. As our market share and milking experience continue to grow, so does our global presence.
For further information please visit the Group's website www.avon-rubber.com
This information is provided by RNS
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund