Utilitywise plc Adoption of Financial Reporting Standard (FRS) 101 (2477C)
June 24 2016 - 9:20AM
UK Regulatory
TIDMUTW
RNS Number : 2477C
Utilitywise plc
24 June 2016
Utilitywise plc ("Utilitywise" or the "Company")
Adoption of Financial Reporting Standard (FRS) 101
Notification to shareholders on parent company financial
statements: adoption of Financial Reporting Standard (FRS) 101 -
Reduced Disclosure Framework
The Company has today posted a letter to all shareholders, the
full text of which is set out below:
The parent company financial statements of Utilitywise plc (the
'Company') contained in the Utilitywise plc Annual Report for the
year ended 31 July 2015 were prepared in accordance with UK
Generally Accepted Accounting Practice ('UK GAAP'). The 2015 Annual
Report can be found on the Company's website at
www.utilitywise.com.
A new UK GAAP accounting framework introduced by the Financial
Reporting Council ('FRC') became 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
parent company financial statements on one of the new bases
permitted by the FRC. The consolidated financial statements of the
Group will continue to be prepared in accordance with EU-adopted
International Financial Reporting Standards ('IFRS') and are
unaffected by this new accounting framework.
The Company therefore proposes to adopt FRS 101 - Reduced
Disclosure Framework ('FRS 101') for its parent company financial
statements for the year ending 31 July 2016 which will be included
in the Group'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 parent company financial
statements. The Company intends to take advantage of the disclosure
exemptions allowed under FRS 101. Accordingly, the disclosures in
the parent company 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 and
therefore this letter hereby constitutes due notice of this
election. In accordance with FRS 101, any shareholder or
shareholders holding in aggregate five 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 the Company's registered office at Utilitywise House,
3 & 4 Cobalt Park Way, Cobalt Business Park, North Tyneside
NE28 9EJ by 31 July 2016.
For further information:
Utilitywise plc 0330 303 0233
Geoff Thompson (CEO)
Jon Kempster (CFO)
finnCap (NOMAD and broker) 020 7220 0500
Matt Goode/ Grant Bergman (Corporate Finance)
Simon Johnson (Corporate Broking)
Liberum (Joint broker) 020 3100 2000
Robert Morton/ Steve Pearce
Redleaf Communications 020 7382 4730
Rebecca Sanders-Hewett/ David Ison/ Susie Hudson
About Utilitywise
Utilitywise is a leading independent utility cost management
consultancy based in Newcastle upon Tyne. The Group has established
trading relationships with a number of major UK energy suppliers
and provides services to its customers designed to assist them in
achieving better value out of their energy contracts, as well as
enabling reduced energy consumption and lower carbon footprint.
Businesses large and small rely on Utilitywise for their energy
management needs. Clients range in size from single site SME's to
multinationals with thousands of sites and cover the whole of the
UK. In total, Utilitywise has c.30,000 UK & I customers. The
Group also has a European operation which is starting to build a
presence in France, Germany, Belgium and Netherlands with a total
customer base of c.5,500.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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