Re: Notice of Adoption of FRS 101

RNS Number : 8539I

HSS Hire Group PLC

02 September 2016

 

HSS Hire Group plc

Re: Notice of Adoption of Financial Reporting Standard 101

On 1 September 2016, HSS Hire Group plc posted a letter to shareholders, the full text of which is set out below.

Notice of Adoption of Financial Reporting Standard 101 ("FRS 101"): Reduced Disclosure Framework

HSS Hire Group plc's ("the Company") parent company financial statements contained in the Company's Annual Report for the year ended 26 December 2015 were prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). This report can be found on the Company's website at www.hsshiregroup.com.

A new UK GAAP accounting framework introduced by the Financial Reporting Council ("FRC") became  mandatorily  effective  for  the  financial  statements  of  UK  companies  with  accounting periods 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  bases permitted by the FRC. The consolidated financial statements of the Company's group will continue to be prepared in accordance with EU-adopted IFRS and are unaffected by this new accounting framework.

The Company proposes to adopt FRS 101, a reduced disclosure regime, for its parent company financial statements for the year ended 31 December 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's election to adopt FRS 101 for its parent company's financial statements does not require shareholder approval. However, as stipulated in FRS 101, the Company is required to notify all shareholders of this election. Any shareholder or shareholders holding in aggregate 5 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 HSS Hire Group plc, 25 Willow Lane, Mitcham, Surrey, CR4 4TS, United Kingdom by no later than 22 September 2016.

In accordance with Listing Rule 9.6.1, a copy of the notification sent to shareholders has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM

This announcement is made pursuant to Listing Rule 9.6.3.

 

END

 

 

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