ESR Ensor Hldgs

RNS Number:6642N
Financial Reporting Review Panel
11 July 2000


                          THE FINANCIAL REPORTING

                                REVIEW PANEL


         FINDINGS OF THE FINANCIAL REPORTING REVIEW PANEL IN RESPECT OF
            THE ACCOUNTS OF ENSOR HOLDINGS PLC FOR THE YEAR ENDED 31
                                   MARCH 1999

The Financial Reporting Review Panel has had under consideration the Report and
Accounts of Ensor Holdings PLC for the year ended 31 March 1999 and has
discussed them with the company's directors.

The main matter of concern to the Panel was the presentation of a transfer of
reserves within the statement of total recognised gains and losses.  Financial
Reporting Standard (FRS) 3 'Reporting Financial Performance' requires the
statement of total recognised gains and losses to include the profit or loss for
the period together with all other movements on reserves reflecting the  gains
and losses recognised in the period insofar as they are attributable to
shareholders (paragraph 27). The statement is not intended however to deal  with
transfers between reserves which are required to be shown in the notes to  the
financial statements.

In the light of their discussions with the Panel the directors have corrected
the presentation of the statement through adjustment to the comparative numbers
presented in the 31 March 2000 accounts published today. The company has also
taken the opportunity of amplifying its disclosure in respect of the accounting
policy for goodwill and certain details required by FRS 13, 'Derivatives and 
other financial instruments: Disclosures'. The Panel welcomes the action taken
by the directors and regards its enquiry, initiated on 19 January 2000, as
concluded.

NOTES TO EDITORS

1. The remit of the Financial Reporting Review Panel is to examine the annual
   accounts of public and large private companies to see whether they comply
   with the requirements of the Companies Act 1985. Within this framework a     
  main focus is material departures from accounting standards where such a      
 departure results in the accounts in question not giving a true and fair       
view as required by the Act.

2. Where a company's accounts are defective the Panel will wherever possible
   endeavour to secure their revision by voluntary means, but if this approach
   fails it is empowered to make an application to the court under section 245B
   of the Companies Act 1985 for a order compelling their revision. To date no
   court applications have been made, though in some instances, the necessary
   steps have been at an advanced stage.

3. The Panel does not itself monitor or actively initiate scrutinies of company
   accounts for possible defects, but acts on matters drawn to its attention,
   either directly or indirectly. The Panel's responsibilities do not extend to
   the directors' report, summary financial statements or interim statements.

4. The Chairman of the Panel is Richard Sykes QC and the Deputy Chairman is
   Matthew Patient CBE. There are currently 18 other Panel members.  Individual
   cases are normally dealt with by specially constituted Groups of 5 or more
   members.

                      
Press Enquiries:    Ann Wilks (Secretary) on 020-7611-9750.

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