Inspired Energy PLC Notice of Adoption of FRS 101 (8609J)
September 14 2016 - 10:03AM
UK Regulatory
TIDMINSE
RNS Number : 8609J
Inspired Energy PLC
14 September 2016
14 September 2016
Inspired Energy plc
("Inspired Energy" or the "Group")
Notice of Adoption of Financial Reporting Standard 101 ("FRS
101"):
Reduced Disclosure Framework
Inspired Energy (AIM: INSE), a leading UK energy procurement
consultant to UK corporates and SMEs, notifies shareholders about
certain proposed changes to the information that will be disclosed
in its individual parent company financial statements contained in
the Group's future annual report and accounts.
A new UK Generally Accepted Accounting Practice accounting
framework introduced by the Financial Reporting Council ("FRC")
became mandatory for the financial statements of UK companies with
accounting periods commencing on or after 1 January 2015. Under
this new framework, Inspired is required to elect to prepare its
individual parent company financial statements on one of the 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 as these are not
affected by the new accounting framework.
The Group proposes to adopt FRS 101, a reduced disclosure
regime, for its individual parent company financial statements for
the year ended 31 December 2015 and on an ongoing basis. This will
continue until such time as the Group notifies shareholders of any
change to its chosen accounting framework for the parent company
financial statements. After applying FRS 101, the Group expects the
financial position and disclosures included in the parent company's
financial statements to be the same or very similar to those
reported previously.
The Group's election to adopt FRS 101 for its individual parent
company's financial statements does not require shareholder
approval. However, under FRS 101, the Group is required to notify
all shareholders of this election. Any shareholder or shareholders
holding in aggregate five per cent or more of the total allotted
shares in the Group may object. Objections must be served in
writing and delivered to Inspired Energy plc, 29 Progress Business
Park, Orders Lane, Kirkham, Lancashire, PR4 2TZ by no later than 27
September 2016.
Enquiries:
Inspired Energy plc www.inspiredenergy.co.uk
Janet Thornton (Managing Director) +44 (0) 1772 689250
Paul Connor (Finance Director)
David Foreman (Corporate Development +44 (0) 7717 707 201
Director)
Shore Capital (Nominated Adviser
and Joint Broker)
Bidhi Bhoma
Edward Mansfield +44 (0) 20 7408 4090
Panmure Gordon (Joint Broker)
Ben Thorne
Erik Anderson +44 (0) 20 7886 2500
Gable Communications +44 (0) 20 7193 7463
Justine James +44 (0) 7525 324431
John Bick inspired@gablecommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
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September 14, 2016 10:03 ET (14:03 GMT)