6 May 2016 07:00
6 May 2016
Dart Group PLC
Adoption of Financial Reporting Standard ("FRS") 101
Reduced Disclosure Framework
A new UK Generally Accepted Accounting Practice ("GAAP") accounting framework introduced by the Financial Reporting Council ("FRC") becomes effective for the financial statements of UK companies with accounting periods commencing on or after 1 January 2015. Under this new framework, Dart Group PLC is required to elect to prepare its parent company financial statements on one of the bases permitted by the FRC.
Parent Company Financial Statements
Accordingly, Dart Group PLC proposes to adopt FRS 101 Reduced Disclosure Framework for the preparation of its parent company financial statements for the year ended 31 March 2016 and on an ongoing basis until such time as shareholders are notified of any change.
Consolidated Financial Statements
The consolidated financial statements of Dart Group PLC will continue to be prepared in accordance with International Financial Reporting Standards as adopted by the European Union and are unaffected by this new accounting framework.
Dart Group PLC's election to adopt FRS 101 for its parent company financial statements does not require shareholder approval. However, as stipulated in FRS 101, it is required to notify all shareholders of this election. Any shareholder or shareholders holding in aggregate 5% or more of the total allotted shares in Dart Group PLC may serve an objection to the use of the disclosure exemptions. Objections must be served in writing and delivered to the Group Company Secretary at Dart Group PLC, Low Fare Finder House, Leeds Bradford Airport, Leeds, LS19 7TU not later than one month from the date of this announcement.
For further information contact:
Dart Group PLC Philip Meeson, Group Chairman and Chief Executive | Tel: 0113 239 7817 |
Gary Brown, Group Chief Financial Officer | |
Smith & Williamson Corporate Finance Limited Nominated Adviser David Jones | Tel: 020 7131 4000 |