Long-term debt ratings have also remained stable. It is also responsible for the review of the remuneration of other members of the Executive Leadership Team to ensure the structure and levels of remuneration appropriately incentivise these individuals to achieve the Company’s strategic objectives. The Board is satisfied that the committee chair Chris Dowling, as a Chartered Accountant, has relevant financial experience. This aims to meet the future needs of customers and stakeholders in an increasingly uncertain energy future by maximising the opportunities provided by:. We are required to comply with the Financial Reporting Council’s Ethical Standards for Auditors and we confirm that we are independent of the group and we have fulfilled our other ethical responsibilities in accordance with those standards. Taxable profit differs from the net profit as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
We plan our activities with regard to the changing demands of our customers. The Company continued during the year to implement energy efficiency measures through the refurbishment of its buildings and the replacement of fleet vehicles and company cars with more efficient vehicles. The aim of Electricity North West is to put customers at the heart of everything the Company does. The Directors’ statement on a fair, balanced and understandable Annual Report and Consolidated Financial Statements is set out on page The financial statements of Electricity North West Limited registered number were authorised for issue and approved by the Board of Directors on 27 May and signed on its behalf by:. The role of the Sufficiently Independent Director was introduced from 1 April as part of a range of enhancements made to the ring-fence conditions in the Company’s licence to protect consumers should a distribution operator experience financial distress.
It was announced during the year that Steve Johnson, who has been Chief Executive Officer for seven years, would be stepping down from the Board. One of our key values is innovation, which includes how we approach problems to find new solutions. The change was also prompted by Ofgem’s decision to enhance Stakeholder Engagement Reporting to include a new section on Vulnerable Customers. We need to deliver efficient asset investment plans to ensure we get the best value from our assets, which in turn keeps our costs lower for customers.
GBPm of cash and short-term deposits provide substantial short-term liquidity for the Group.
Electricity North West Limited Annual Financial Report – ADVFN
The Committee reviews and approves the overall remuneration levels of employees below senior management level, but does not set remuneration for these individuals. Ofgem has changed this definition of a Worst Served Customer, and 1, of our customers now fall within the new definition.
This review is consistent with the Code and covers all material areas of the Group, including risk management and compliance with controls. A resulting action from the process has been the introduction of programmed “deep dive” sessions through the year to explore key issues in depth with the Executive Leadership Team.
Intangible assets are measured initially at cost and are amortised on a straight-line basis over their estimated useful lives. The total original cost of the Group’s property, plant and equipment at 31 March was GBP4,m Interested institutional debt investors can also gain access to additional financial information by either electricityy the Head of Strategic Planning and Investor Relations, or by registering for the Investor Relations Secure Area on the Investor Relations page of the website.
Electricity North West
A qualifying asset is any major project with a projected timescale of greater than 12 months. This resulted in the creation of bussiness revaluation reserve of GBP The Board has appropriate processes in place to assess and manage any potential conflicts of interest. The level of efficiency then determines the overall result.
Electricity North West We need to deliver efficient asset investment plans to ensure we get the best value from our assets, which in turn keeps our costs lower for customers.
The Board is responsible for approving the strategy and for ensuring that there are suitable resources to wesh it. Deferred tax is charged or credited to the Income Statement, except when it relates to items charged or credited to equity, in which case the deferred tax is also dealt with in other comprehensive income. We have also commenced the development of an improved website which will continue into the year to March This ambitious norgh, which is supported by the Department for Energy and Climate Change ‘DECC’ and Ofgem, will be delivered in the summer of and Electricity North West is fully playing its part in supporting the development, jorth and operation of this new customer service.
Customers are increasingly worried by rising energy prices and we work hard to improve our efficiency and innovation to minimise our costs and therefore reduce customer bills. Whilst it is impossible to eliminate these losses, we do take steps to minimise them.
Amortisation of contributions received post 1 July is shown as revenue, rather than within operating costs, following the adoption of IFRIC The Board does not subject its Directors to annual elections as the shareholder representation on the Board allows the opportunity to challenge a Director’s performance directly rather than having to make their voice heard via an Annual General Meeting.
Consideration wwest given to operational performance against budget, financing arrangements, banking facility covenants and the application of appropriate sensitivities and compliance with Licence Condition There are two types of hedge accounting strategies that the Group considers; a fair value hedge and a cash flow hedge. Where a Director was unable to attend a Board meeting, their views were canvassed by the Chairman prior to the meeting.
We have nothing to report arising from our review. As one of six Distribution Network Operators DNOs in the UK, it owns and operates electrifity of wires, 86, items of switchgear, and 34, transformers.
The financial statements horth Electricity North West Limited registered number were authorised for issue and approved bsuiness the Board of Directors on 27 May and signed on its behalf by:.
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment. He has extensive infrastructure experience gained in senior industry roles across a variety of sectors, including utility companies, rail and electricihy. Since its separation from United Utilities, Steve has successfully ensured that Electricity North West is recognised and valued by customers and other stakeholders for the benefits it provides to the region.
We have reviewed the directors’ statement regarding the appropriateness of the going concern basis of accounting contained businfss note 1 to the financial statements and the directors’ statement on the longer-term viability of the group on pages Financial assets and financial liabilities are recognised in the Group’s Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument.
The Group does not undertake any obligation to update or revise these forward-looking statements, except as may be required by law or regulation. electrictiy