Notes to the Consolidated Financial Statements for the year ended 31 December 2022 1 General information The principal activities of Whistl Consolidated Limited and its subsidiaries are mid-market multi-user warehouse fulfilment, business parcel brokerage, doordrop and e-commerce sampling and Downstream Access Mail. Whistl Consolidated Limited is a private company limited by shares, domiciled and incorporated in England and Wales. The address of the registered office is Network House, Third Avenue, Marlow, Buckinghamshire, SL7 1EY. 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 applied consistently to the year presented, unless otherwise stated. B asis 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 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.
These financial statements have been prepared under FRS 102 and are presented in Sterling (£).
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 and profitability. 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. 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 transaction and balances are eliminated on consolidation. The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 December 2022. A subsidiary is an entity that is controlled by the parent. The results of subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable.
In the parent financial statements, investments in subsidiaries are carried at cost less impairment in accordance with FRS 102.
The company has taken advantage of the exemption in section 408 of the Companies Act from disclosing its individual profit and loss account.
Whistl Annual Report 2022
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