Financials
22 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 £745,000 (2015: £950,000).
There were £144,000 accrued pension contributions at 31 December 2016 (2015: £157,000).
23 Related party transactions The directors are considered to be the key management personnel of the company. Details of their remuneration are given in note 8. The company has taken advantage of the exemption given by FRS 102, Section No.33 ‘Related Party Disclosure’ not to disclose transactions with other Group companies, since they are with other companies that are wholly owned within the Group. 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 2016 amounted to £628,000 (2015: £566,000) with an amount of £27,000 (2015: £67,000) due to the Group at the year-end. All transactions were undertaken at arms’ length and on normal commercial terms. 24 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 4 years, RBS has a fixed and floating charge over the Group’s assets. Royal PostNL B.V., a subsidiary company of PostNL N.V. has provided a supplier guarantee of £32 million (2015: £32 million) and has a secondary fixed and floating charge over the Group’s assets.
25 Financial instruments The Group has the following financial instruments:
2016
2016
2015
2015
£’000
£’000
£’000
£’000
-
Financial assets at fair value through profit or loss
-
Financial assets that are debt instruments measured at amortised cost: - Trade debtors (note 16)
63,526
66,375
63,526
66,375
Financial assets that are equity instruments measured at cost less impairment.
-
-
Financial liabilities measured at amortised cost: - Trade creditors (note 17) - Amounts owed to Group undertakings (note 17)
(40,716)
(44,277)
(945)
-
(41,661)
(44,277)
The company has the following financial instruments: The company had no financial assets that are debt instruments measured at amortised cost. 2016 2016
2015
2015
£’000
£’000
£’000
£’000
Financial assets that are equity instruments measured at cost less impairment.
-
-
Financial liabilities measured at amortised cost: - Amounts owed to Group undertakings (note 17)
(27,622)
(27,387)
(27,622)
(27,387)
Financials | Whistl Annual Report 2016
47
Made with FlippingBook - Online catalogs