27 Sep 2016 10:07
Patisserie Holdings plc ('the Company')
Notice of Adoption of Financial Reporting Standard 101 ("FRS 101"): Reduced Disclosure Framework
27 September 2016
The Patisserie Holdings plc parent company financial statements contained in the annual report and accounts for the financial year ended 30 September 2015 (the "2014/15 Annual Report") were prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). The 2014/15 Annual Report can be found on the Group's website at www.patisserie-valerie.co.uk.
A new UK GAAP accounting framework introduced by the Financial Reporting Council ("FRC") becomes 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 group will continue to be prepared in accordance with EU-adopted IFRS and are unaffected by this new accounting framework. Further information on FRS 101 is available on the website of the FRC, www.frc.org.uk.
The Company has elected to adopt FRS 101, Reduced Disclosure Framework, for its parent company financial statements for the year ending on 30 September 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 election to adopt the disclosure exemptions within FRS 101 for the parent company financial statements does not require shareholder approval. However, as stipulated in FRS 101, the Company is required to notify all shareholders of this proposed adoption of the FRS 101 disclosure exemptions. 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 146-156 Sarehole Road Hall Green Birmingham B28 8DT, no later than 25 October 2016.
Enquiries
Patisserie Holdings PLC +44 (0)121 777 7000
Luke Johnson, Executive Chairman
Paul May, Chief Executive Officer
Chris Marsh, Finance Director
Nomad and Broker
Canaccord Genuity Limited +44 (0)20 7523 8000
Bruce Garrow
Chris Connors
Nilesh Patel
Financial Public Relations
Maitland +44 (0) 20 7379 5151
James Devas