Last checked at 25 Feb 2016 11:30
Computacenter plc
Notification to Shareholders in accordance with FRS 101
Computacenter plc announces that it has sent a notice to its shareholders, the full text of which is set out below.
Notification to shareholders on parent company financial statements: Adoption of Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework
The financial statements for the year ended 31 December 2014 of Computacenter plc (the "Company"), the parent company of the Computacenter Group, as set out on pages 118 to 122 of the Company's 2014 Annual Report and Accounts, were prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP). The 2014 Annual Report and Accounts can be found on the Company's website at www.computacenter.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 for its financial year commencing 1 January 2015 on one of the new bases permitted by the FRC.
The Company proposes to adopt FRS 101 "Reduced Disclosure Framework" (FRS 101) for its parent company financial statements for the year ending 31 December 2015 and to take advantage of the permitted disclosure exemptions allowed under FRS 101. Following adoption of FRS 101, the financial position of the parent company, and the related disclosures after taking the possible exemptions permitted under FRS 101, are expected to be the same as, or follow closely, those reported under previous UK GAAP.
The Company's decision to adopt FRS 101 for its parent company's financial statements does not require shareholder approval, and no resolution will be tabled at the Annual General Meeting. However, due to the election to take the possible disclosure exemptions permitted under FRS 101, the Company is required to notify all shareholders of this election and 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 the Company's registered office (Hatfield Avenue, Hatfield, Hertfordshire, AL10 9TW) not later than 4 March 2016.
This notification will apply on an ongoing basis until such time as the Company notifies its shareholders of any change to its chosen accounting framework for the parent company financial statements.
The consolidated financial statements of the Group will continue to be prepared in accordance with EU-adopted International Financial Reporting Standards (IFRS) and are unaffected by this new accounting framework.
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 at www.hemscott.com/nsm.do
This announcement is made pursuant to Listing Rule 9.6.3.
Name: Simon Pereira
Company Secretary
Address: Computacenter plc
Hatfield Avenue
Hatfield
Hertfordshire
AL10 9TW
Telephone: 01707 631 000