Notes to the consolidated financial statements for the year ended 31 December 2017
1 General information The principal activities of Whistl Group Holdings Limited and its subsidiaries are the distribution of Downstream Access Mail and Doordrop Media in its various forms (being letters of various sizes and parcels) Fulfilment, Call Centre and Data Services. Whistl Group Holdings Limited is a private company limited by shares, domiciled and incorporated in England and Wales. The address of the registered oce is Meridian House, Fieldhouse Lane, Marlow, Buckinghamshire, SL7 1TB. 2 Statement of compliance The Group and individual financial statements of the company have been prepared in compliance with United Kingdom accounting standards, including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006. 3 Accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied consistently to the year presented, unless otherwise stated. Basis of preparation These financial statements have been prepared on a going concern basis and under the historical cost convention as modified by the recognition of certain fixed assets and liabilities measured at fair value. The going concern preparation is based on projections and availability of funding. The Group has indicated that it will continue to make available such funds as are needed by the company. After reviewing the Group’s forecasts and projections, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 4 below. Basis of consolidation The Group financial statements include the results of the company and all of its subsidiary undertakings. Uniform accounting policies are applied throughout the Group and intra-group transaction and balances are eliminated on consolidation. The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 December 2017. A subsidiary is an entity that is controlled by the parent. The results of subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. These financial statements have been prepared under FRS 102 and are presented in Sterling (£).
In the parent financial statements, investments in subsidiaries are carried at cost less impairment in accordance with FRS 102.
The company has taken advantage of the exemption in section 408 of the Companies Act from disclosing its individual profit and loss account.
Financials | Whistl Annual Report 2017
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