Adoption of Financial Reporting Standard (FRS) 101

RNS Number : 3576U

Flowtech Fluidpower PLC

06 April 2016

 

Issued on behalf of Flowtech Fluidpower plc Date: Wednesday, 6 April 2016 Immediate Release

FLOWTECH FLUIDPOWER PLC ("Flowtech" or the "Group" or "Company") Adoption of Financial Reporting Standard (FRS) 101 Flowtech Fluidpower plc announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, the Company is required to change the accounting framework for its own financial statements which currently adopts United Kingdom Generally Accepted Accounting Standards (UK GAAP).  It is intended for the year ended 31 December 2015 and future years that the parent entity adopt FRS 101 'Reduced Disclosure Framework', based on International Financial Reporting Standards (IFRS) as adopted by the European Union. The Group's consolidated financial statements are unaffected by this change, and will continue to be prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.  The adoption of FRS 101 does not require restatement of comparative year amounts and there are no changes to the presentation of Company's own financial statements compared to prior year. Objections to the use of the disclosure exemptions may be served by a shareholder or shareholders holding in aggregate 5% or more of the total allotted shares of the Company in writing to Bryce Brooks, Company Secretary, at its registered office Flowtech Fluidpower plc, Pimbo Road, Skelmersdale, Lancashire, WN8 9RB by, not later than 22 April 2016.

Enquiries:
Flowtech Fluidpower plc Sean Fennon, Chief Executive Officer Bryce Brooks, Chief Financial Officer Tel: [phone]		AIM: symbol: FLO email: [e-mail] website: www.flowtechfluidpower.com
Zeus Capital Limited (Nominated Adviser and Broker) Dominic King, Andrew Jones Tel: [phone]
TooleyStreet Communications (IR and media relations) Fiona Tooley Tel: [phone] email: [e-mail]

Editors' note: Flowtech Fluidpower plc, founded as Flowtech in 1983, is the UK's leading specialist supplier of technical fluid power products with modern distribution facilities in the UK and Benelux.  It offers an unrivalled range of Original Equipment Manufacturer (OEM) and Exclusive Brand products to over 3,600 distributors and resellers. Its catalogue is recognised as the definitive source for fluid power products, containing approximately 52,000 individual product line and  is distributed to more than 85,000 industrial Maintenance, Repair and Overhaul end users (MRO).  Over 80% of product is stocked and if ordered by 10pm, can be delivered next day in the UK, providing 'best in industry' service offering.  The Group's headquarters and main distribution centre is in Skelmersdale, Lancashire with further distribution centres in the Netherlands and China. The Power Motion Control Division (PMC) has operations in Merseyside, Northern Ireland and the Republic of Ireland; in total the business employs 299 people.

 

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