11 Jul 2016 13:46
11 July 2016
Murgitroyd Group PLC ("the Group")
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 May 2015 of Murgitroyd Group PLC, the parent company of the group, were prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP).
Following the publication of FRS 100 "Application of Financial Reporting Requirements" by the Financial Reporting Council, the Group is required to change its accounting framework for its parent company financial statements for the accounting period beginning on 1 June 2015.
The Board considers that it is in the best interests of the Group for the parent company to adopt FRS 101 "Reduced Disclosure Framework" and to take advantage of the permitted election to the disclosure exemptions allowed under FRS 101. No disclosures in the current UK GAAP financial statements would be omitted on adoption of FRS 101.
Murgitroyd Group PLC's decision to adopt FRS 101 does not require shareholder approval. However, the Group is required to notify all shareholders of this election and any shareholder or shareholders holding in aggregate 5% or more of the total allotted shares in the Gompany may serve objections to the use of the disclosure exemptions on Murgitroyd Group PLC, in writing, to its registered office at Scotland House, 165-169 Scotland Street, Glasgow, G5 8PL no later than 31 July 2016.
This notification will apply on an ongoing basis until such time as the Group 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 Accounting Standards (IFRS) and are unaffected by this new accounting framework.
For further information, please contact:
Keith Young, Murgitroyd Group PLC T: 07802 951913
Sandy Fraser, N+1 Singer (NOMAD and Broker) T: 0207 496 3000