Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the company and of the profit or loss of the Group and the company for that period. In preparing these financial statements the Directors are required to: • select suitable accounting policies in accordance with Section 10 of FRS 102 and then apply them consistently; • make judgements and accounting estimates that are reasonable and prudent; • present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; • provide additional disclosures when compliance with the specific requirements in FRS 102 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Group and company financial position and financial performance; • in respect of the Group financial statements, state whether applicable UK accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; • in respect of the parent company financial statements, state whether applicable UK Accounting Standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company and/or Group will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the company financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and parent company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Independent auditor Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and Ernst & Young LLP will therefore continue in office.
Culture and Values The Board recognises the importance of having the right corporate culture. Our long-term success depends on achieving our strategic goals in the right way, so we look after the best interests of our clients, people and other stakeholders. Through the use of employee forums and management workshops, we identify values that govern how we act as a business, see pages 14 to 17. Communication with stakeholders Throughout the period, the Group has maintained regular monthly contact with its shareholders and investors to ensure that the interests of shareholders are aligned with the company’s. Good governance is an essential tool in ensuring that stakeholders remain committed partners as we invest in our business for the longer term. It is important to us that shareholders understand our strategy and objectives, so these must be explained clearly, feedback heard and any issues or questions raised properly considered, see page 37. Going concern The Directors have prepared cash flow forecasts for the Group from the date of approval of the 2022 financial statements through to 31 May 2024 (“the going concern period”). These forecasts reflect an assessment of current and future market conditions and their impact on the Group’s future cash flow performance. The forecasts have been reverse stress tested by considering the impact of a sudden and significant reduction in revenue. In both the forecasts and the reverse stress tested scenarios the Group and the company will have sufficient cash and existing borrowing facilities to continue in operation. In assessing whether the going concern basis is appropriate the Directors have taken account of all available information about the future up to and including 31 May 2024, which is at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements. Statement of disclosure of information to auditor In the case of each Director in office at the date the Directors’ report is approved under section 418, the following applies: • so far as the Director is aware, there is no relevant audit information of which the company’s auditor is unaware; and • they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the company’s auditor is aware of that information. Statement of Directors’ responsibilities The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable United Kingdom law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the Group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”).
Signed on behalf of the Board of Management.
Manoj Parmar Director 25 May 2023
Whistl Annual Report 2022
39
Made with FlippingBook interactive PDF creator