Synectics PLC Adoption of Financial Reporting Standard 101 (7279T)
January 10 2017 - 2:00AM
UK Regulatory
TIDMSNX
RNS Number : 7279T
Synectics PLC
10 January 2017
10 January 2017
Synectics plc
Notification to shareholders on parent company financial
statements: Adoption of Financial Reporting Standard 101 - Reduced
Disclosure Framework
Synectics plc (AIM: SNX), a leader in the design, integration,
control and management of advanced surveillance technology and
networked security systems, announces that following the
introduction by the Financial Reporting Council ("FRC") of a new UK
Generally Accepted Accounting Practice ("UK GAAP") accounting
framework for periods commencing on or after 1 January 2015, there
is a requirement to prepare its parent company financial statements
for its financial year commencing 1 December 2015 on one of the new
bases permitted by the FRC.
The financial statements for the year ended 30 November 2015 of
Synectics plc (the "Company"), as set out on pages 78 to 86 of the
2015 Annual Report, were prepared in accordance with UK GAAP. The
2015 Annual Report is available on the Company's website,
www.synecticsplc.com.
The Company proposes to adopt FRS 101 "Reduced Disclosure
Framework" and to take advantage of the permitted election to the
disclosure exemptions allowed under FRS 101 for the year ended 30
November 2016 and thereafter. As a result of taking the available
disclosure exemptions permitted under FRS 101, disclosures are
expected to follow closely those reported under UK GAAP.
The Company's decision to adopt FRS 101 does not require
shareholder approval. However, due to the election to take the
available disclosure exemptions permitted under FRS 101, the
Company is required to notify all shareholders of this election and
any shareholder or shareholders holding in aggregate 5 per cent. or
more of the total allotted shares in the Company may object.
Objections must be served in writing and be delivered to the
Company Secretary at the Company's registered office at Studley
Point, 88 Birmingham Road, Studley, Warwickshire B80 7AS not later
than Tuesday 7 February 2017. A letter will be sent to the
Company's shareholders later today.
The consolidated financial statements of the Company and its
subsidiaries will continue to be prepared in accordance with IFRS
as adopted by the EU.
For further information, please contact:
Synectics plc Tel: +44 (0) 1527 850 080
Paul Webb, Chief Executive www.synecticsplc.com
Mike Stilwell, Finance
Director
email: info@synecticsplc.com
Stockdale Securities Tel: +44 (0) 20 7601 6100
Tom Griffiths / Henry
Willcocks
Media enquiries:
Buchanan Tel: +44 (0)
20 7466 5000
Mark Court / Sophie Cowles / Jane Glover
email: synectics@buchanan.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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