Adoption of FRS 101 - Reduced Disclosure Framework
8 July 2016
Ceres Power Holdings plc
("the Company")
Notification to Shareholders Regarding the Adoption of Financial Reporting Standard ("FRS") 101 - Reduced Disclosure Framework
Ceres Power Holdings plc (AIM: CWR), a world leader in low cost, next generation fuel cell technology, announces that it has sent a letter to its shareholders, the content of which is reproduced below:
A new accounting framework introduced by the Financial Reporting Council ("FRC") becomes mandatorily effective for financial statements commencing on or after 1 January 2015. Under this new framework, the Company is required to elect to prepare its company financial statements on one of the new bases permitted by the FRC. The consolidated financial statements of the Company will continue to be prepared in accordance with EU-adopted International Financial Accounting Standards and are unaffected by this new accounting framework.
The Directors have elected to adopt FRS 101 Reduced Disclosure Framework for the Company's financial statements for the year ended 30 June 2016 which will be included in the Company's Annual Report for 2016 and on an ongoing basis until such time as the Company notifies shareholders of any change to its chosen accounting framework for the Company's financial statements. The Company intends to take advantage of the disclosure exemptions allowed under FRS 101. Accordingly, the disclosures in the Company's financial statements prepared under FRS 101 are expected to be the same or follow closely those previously reported under UK GAAP.
The Company's decision to adopt FRS 101 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 may serve an objection. Objections must be served in writing and delivered to the Company Secretary at the Company's registered office Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX not later than 31st July 2016.
For further information please contact:
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Ceres Power Holdings plc Phil Caldwell, CEO Richard Preston, CFO |
Tel: +44 (0)1403 273 463 |
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Zeus Capital (Nominated Adviser and Broker) Phil Walker / Andrew Jones |
Tel: +44 (0) 20 3829 5000 |
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Tavistock Mike Bartlett / James Collins |
Tel: +44 (0) 20 7920 3150 |
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Notes to Editors:
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented Steel Cell technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use.
Ceres Power offer its partners the opportunity to develop power systems and products using its unique Steel Cell technology and know-how, combined with the opportunity to supply the Steel Cell in volume through its manufacturing partners.
www.cerespower.com
This information is provided by RNS
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