Electricity losses are measured as the difference between energy entering the network generation and energy exiting the network demand. The incentives should be greater in the main and should not be a discrete separate pot. Deferred tax liabilities are provided, using the liability method, on all taxable temporary differences at the Statement of Financial Position date. Ofgem averages the DNO business plans with a margin for error. This oversight role allows the Committee to take into account pay policies and employment conditions across the Group.
It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those anticipated at the date of the annual report. Consideration was given to operational performance against budget, financing arrangements, banking facility covenants and the application of appropriate sensitivities and compliance with Licence Condition The Banking and Retail Property Committees meet on an ad hoc basis to review bank mandates and the Company’s residual retail property portfolio as necessary. The Company seeks to ensure that well trained people are able to operate safely within policy driven procedures backed by compliance, alongside a behavioural approach that seeks to ensure that all staff and contractors approach any task with a strong behavioural attitude to safety. Operating profit is stated after charging operating expenses but before investment income, net finance expense and other gains and losses. The Company also engages across the industry with electricity suppliers, employees and contractors and other utilities. These are described as Worst Served Customers.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing UK and Ireland. This is discussed below.
We routinely inspect the network and these inspections inform our maintenance and asset replacement programmes taking load and customer numbers into account. Under the Companies Act we are also required to report if in our opinion certain disclosures of directors’ remuneration have not been made.
The energy system is changing, and needs to change, rapidly and there seems to be a lack of vision amongst some within BEIS, Ofgem and the DNOs with respect to innovation and incentives.
We have nothing to report arising from our review. The Company has continued to work closely with contractors and other network operators to ensure that it remains at the forefront of innovation in health and safety management.
If, after reassessment, the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, then the negative goodwill is recognised, but immediately written-off to the Income Statement.
The Company seeks to ensure that well trained people are able to operate safely within policy driven procedures backed by compliance, alongside a behavioural approach that seeks to ensure that all staff and contractors approach any task with a strong behavioural attitude to safety.
There are some limited wedt of non-compliance, all of which are considered appropriate to the privately owned riil of the Company and are explained on page The Group is therefore subject to volatility in the Income Statement due to electricitg in the fair values of the derivative financial instruments. Electricity North West owns, operates and maintains the electricity distribution network in the northwest region of England.
Investment in the network is a key part of delivering a reliable and sustainable network that gives excellent customer service and we seek to do this at an affordable price. The Company respects all human rights and regards those rights relating to non-discrimination, fair treatment and respect for privacy to be the most relevant and to have the electricjty potential impact on key stakeholder groups of customers, employees and suppliers.
Legal and Safety Strategy.
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To ensure the integrity of financial controls and the risk management framework, the Board has delegated the detailed review, but not approval of, these issues to its Audit Committee.
In other words, a base revenue is the amount of money the DNO is allowed to spend, and recoup from customers, to meet the agreed outputs via a Business Plan. The Chairman is responsible for the leadership fiio governance of the Board and the Chief Executive Officer for the operational management of the Company and implementation of the strategy on the Board’s behalf.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Electricity North West Limited Annual Financial Report – ADVFN
The information supplied in the Strategic Report and Directors’ Report has bysiness drawn up and presented in accordance with English company law. Nnorth is required by the Company’s Regulator, Ofgem, the Company reports on how the principles and provisions of the UK Corporate Governance Code the Code have been applied during the year.
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. The Group applies the definition of fair value on the basis of an ‘exit price’ notion and uses a ‘fair value hierarchy’, which results in a market-based, rather than entity-specific, measurement.
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During members of the Senior Leadership Team will continue to develop their skills as part of an internal coaching cohort. Our strategy for the use of smart meter information within network operations which will incur these costs and achieve the benefits.
Central to good governance is an experienced and skilled Board that is able to provide leadership and appropriate challenge. The Company Secretary attended all Board meetings during the year, as did the Interim Chief Financial Officer, with one meeting missed David Brocksom, until his formal appointment to the Wezt.
The Company also charges separately for new connections to and diversions of the network.
Electricity North West
The financial statements are presented in Sterling which is also the functional currency. Our strategy for asset replacement, refurbishment and repair activities during the ED1 period associated with protection systems installed in SPD and SPM networks as well as other assets which play a major role in the protection of the network.
The Board is responsible for approving the strategy and for ensuring that there are suitable resources to achieve it. Current tax, representing UK corporation tax, is based on the taxable profit for the year and is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
The Banking and Retail Property Committees meet on an ad hoc basis to review bank mandates and the Company’s residual retail property portfolio as necessary. The aim of Electricity North West is to put customers at the heart of everything the Company does. The preparation of financial statements, in conformity with generally accepted accounting principles ‘GAAP’ under IFRS, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year.