Notice of Adoption of FRS 101

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 Janet Thornton (Managing Director) Paul Connor (Finance Director) David Foreman (Corporate Development Director)	www.inspiredenergy.co.uk [phone] [phone]
Shore Capital (Nominated Adviser and Joint Broker) Bidhi Bhoma Edward Mansfield	[phone]
Panmure Gordon (Joint Broker) Ben Thorne Erik Anderson	[phone]
Gable Communications Justine James John Bick	[phone] [phone] [e-mail]

 

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