Whistl Annual Report 2016

Financials

Exceptional items The Group classifies certain one-off charges or credits that have a material impact on the Group’s financial results as ‘exceptional items’. These are disclosed separately to provide further understanding of the financial performance of the Group. Related party disclosures The Group discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the Group financial statements.

Share capital Ordinary shares are classified as equity.

4 Critical accounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Provisions Provision is made for asset retirement obligations, dilapidations and contingencies. These provisions require management’s best estimate of the costs that will be incurred based on legislative and contractual requirements. In addition, the timing of the cash flows and the discount rates used to establish net present value of the obligations require management’s judgement. The adequacy of the provision is reviewed monthly. Impairment of trade debtors The Group makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 16 for the net carrying amount of the debtors and associated impairment provision. 5 Turnover The Group’s turnover and profit / (loss) before taxation are derived from the provision of delivery services within the UK. The turnover and profit / (loss) before tax are attributable to the principal activity of the company. An analysis of turnover is given below:

2016 £000

2015

£000

528,449 63,264 591,713

Downstream Access Mail and Parcels (letters of various sizes and parcels)

552,650

Doordrop Media

52,946

605,596

Financials | Whistl Annual Report 2016

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