Business
Notification to Shareholders
Notification to Shareholders.
About this update from Sutton Harbour Group Plc
[{"type":"text","content":"\n \nRNS Number : 9361T Sutton Harbour Holdings PLC 04 April 2016 \n\n4 April 2016\nSUTTON HARBOUR HOLDINGS PLC\n(\"Sutton Harbour Holdings\" or \"the Company\")\nNotification to Shareholders in accordance with FRS 101\nOn 1 April 2016, the Company posted a letter to shareholders, the full text of which is set out below:\nNotice of Adoption of Financial Reporting Standard 101 (\"FRS 101\"): Reduced Disclosure Framework\nSutton Harbour Holdings plc's (\"the Company\") parent company financial statements contained in the Sutton Harbour Group Annual Report for the year ended 31 March 2015 (\"the 2015 Report\") were prepared in accordance with UK Generally Accepted Accounting Practice (\"UK GAAP\"). The 2015 Report can be found on the Company's website at www.suttonharbourholdings.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 Company's group will continue to be prepared in accordance with EU-adopted IFRS and are unaffected by this new accounting framework. The Company proposes to adopt FRS 101, a reduced disclosure regime, for its parent company financial statements for the year ended 31 March 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 Company's election to adopt FRS 101 for its parent company's financial statements does not require shareholder approval. However, as stipulated in FRS 101, the Company is required to notify all shareholders of this election. 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 Sutton Harbour Holdings plc...