Notes to the consolidated financial statements for the year ended 31 December 2016
1 General information The principal activities of Whistl Limited (formerly Whistl NN1 Limited) and its subsidiaries are the distribution of Downstream Access Mail and Doordrop Media in its various forms (being letters of various sizes, UK and International). Whistl Limited (formerly Whistl NN1 Limited) is a private company limited by shares, domiciled and incorporated in the UK. The address of the registered office 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 consistently applied to all the years 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 UK 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 transactions and balances are eliminated on consolidation. The company has taken advantage of the exemption in section 408 of the Companies Act from disclosing its individual profit and loss account. Exemptions for qualifying entities under FRS 102 FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the company’s shareholders. Exemptions under FRS102 paragraph 1.12 have been applied to the company in relation to presentation of a statement of cash flows, related party transactions and certain financial instrument disclosures. Statement of cash flows The directors have taken advantage of the exemption in FRS 102, paragraph 1.12(b) from including a statement of cash flows in the financial statements on the grounds that the company is wholly owned subsidiary of a group headed by Whistl Group Holdings Limited (formerly NNY 71 Limited) and is included in the consolidated financial statements of that company, which can be obtained from the address given in note 27. These financial statements have been prepared under FRS 102 and are presented in Sterling (£).
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Financials | Whistl Annual Report 2016
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