Last checked at 8 Feb 2016 07:00
8 February 2016
21st Century Technology plc
Adoption of Financial Reporting Standard (FRS) 101- Reduced Disclosure Framework
21st Century Technology plc (AIM; C21), one of the UK's leading specialist technology service providers to the transport industry, announces that following the publication of a suite of new financial reporting standards by the Financial Reporting Council (FRC), 21st Century Technology plc is required to make certain changes to the accounting framework (currently UK GAAP) for its entity financial statements, for periods commencing on or after 1 January 2015.
Accordingly, the Board has elected to present the non-consolidated financial statements of the parent company (21st Century Technology plc or "Parent") under FRS 101 Reduced Disclosure Framework (FRS 101) - the Financial Reporting Standard applicable in the UK and Republic of Ireland with Reduced Disclosures for the year ending 31 December 2015 and thereafter until further notice.
It should be stressed that the reduced disclosures apply only to the non-consolidated accounts of the Parent. The consolidated accounts for the Group (comprising 21st Century Plc and its subsidiary undertakings) will continue to be prepared under full IFRS.
Once the reduced disclosures are applied, this will reduce the burden and cost of the Parent's statutory reporting obligations without adversely impacting the presentation of the Group financial statements. The Board considers this to be in the best interests of the Parent and the Group.
The Directors have considered the criteria required to apply the reduced disclosure framework and have satisfied themselves that 21st Century's parent company is eligible to adopt the reduced disclosure framework, providing shareholders with 5% or more of the shares in issue do not object.
A shareholder in 21st Century may serve objections to the use of the disclosure exemptions on 21st Century's parent company non-consolidated accounts, in writing, to Glenn Robinson, the Company's Finance Director at its registered office (Units 3-4 ZK Park, 23 Commerce Way, Croydon CR0 4ZS) not later than 9 March 2015
Enquiries:
21st Century Technology plc | Russ Singleton/Glenn Robinson | Tel: 0844 871 7990 |
finnCap Limited | ||
Nominated Adviser | Julian Blunt/Scott Mathieson | Tel: 0207 220 0500 |
Corporate Broking | Malar Velaigam | |
Media enquiries | ||
Communications Portfolio | Ariane Comstive / Helen Carpanini | Tel: 07785 922 354/ 0207 536 2007 |
Notes to editors:
'Connected Systems for Connected Journeys'
21st Century Technology is the specialist provider of tailored solutions to the transport community, solving complex operational requirements both on and off the vehicle.
Fleet solutions include video surveillance to improve passenger & driver safety, vehicle & driver performance monitoring and automatic passenger counting.
Passenger information solutions include the necessary hardware and software for electronic passenger information systems, off-vehicle smart ticketing and way-finding.
With over 20 years' experience in the transport industry, 21st Century Technology specialises in providing innovative technology solutions to improve the passenger experience and provide operational benefits to fleet and network operators. Comprised of an on-vehicle systems division and a passenger information division, 21st Century Technology provides integrated solutions both on and off the vehicle and is now combining the two in order to deliver 'connected systems for connected journeys'.
Further information on the company is available on www.21stplc.com or search for 21st Century Technology on Linkedin and @21stCenturyLtd on Twitter.