26 Pension costs The Group operates one defined contribution pension scheme. The assets of the scheme are held separately from the company in an independently administered fund. The pension cost charges represent contributions payable by the Group to the fund and amounted to £1,114,000 (2016: £1,123,000).
There were £159,000 accrued pension contributions at 31 December 2017 (2016: £144,000).
28 Related party transactions Purchases in the year and amounts due by Whistl Group Holdings Limited as at 31 December 2017 to group related undertakings are disclosed below From 13 October 2017, we used the guarantee facility to refinance the supplier guarantee previously provided by the former parent company PostNL N.V. The guarantee facility is divided into a credit and working capital facility of £36m and a supplier guarantee of £29m. RBS has a fixed and floating charge over the group’s assets. An additional £3m supplier guarantee has been provided by Whistl Group Holdings Limited. 27 Guarantees The Group is subject to a multilateral guarantee by other Group entities. The ongoing financing needs of the group are provided by a fully committed £65m facility from Royal Bank of Scotland (RBS) for a further 3 years, RBS has a fixed and floating charge over the group’s assets. Royal PostNL B.V., a subsidiary company of PostNL N.V. had provided a supplier guarantee of £32 million (2016: £32 million) until 13 October 2017 and had a secondary fixed and floating charge over the Group’s assets.
Amounts due by Whistl Group 2017
Purchase/ recharges to Whistl Group 2017
Amounts due by Whistl Group 2016
Purchase/ recharges to Whistl Group 2016
£’000
£’000
£’000
£’000
189 579
15 25
PostNL Shore N.V.
17
6
PostNL N.V.
162
104
56 33
5
Prime Vision B.V. PostNL Holdings
- -
- -
33 78
857
Total
179
110
All transactions are carried out at an arms lengths basis.
The Group has a trading relationship with Lifecycle Marketing (Mother and Baby) Limited in which Nick Wells is a Director. The revenue from transactions with the company for the year ended 31 December 2017 amounted to £1,126,000 (2016: £628,000) with an amount of £182,000 (2016: £27,000) due to the Group at the year end. The Group also has a trading relationship with P2G.Com Worldwide Limited in which James Greenbury is a Director. The revenue from transactions with the company for the year ended 31 December 2017 amounted to £174,000 (2016:£nil) with an amount of £29,000 (2016: £nil) due to the Group at the year-end. The expenditure incurred with the company by the Group for the year ended 31 December 2017 amounted to £13,000 (2016:£nil) with an amount of £6,000 (2016: £nil) due to P2G.Com Worldwide Limited by the Group at the year-end.
All transactions were undertaken at arms’ length and on normal commercial terms.
Transactions with Group companies owned at less than 100% are disclosed below;
Recharges /purchases from the company
Amounts due from the company
Amounts due to the company
Recharges /sales to the company
£’000
£’000
£’000
£’000
Whistl Fulfilment (Farnborough) Limited (formerly Prism Just Data Systems Limited) Whistl Fulfilment (Rushden) Limited (formerly Prism-DM Limited)
-
-
316
1,205
-
-
1,205
316
Financials | Whistl Annual Report 2017
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