To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Expenditure with and payables to related parties The Company always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss. Newcastle upon Tyne, England, United Kingdom. The company operates a defined contribution pension scheme. Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. At 31 December 2018, the Company had 1,148 employees (2017: 1,191). - It is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; Expenditure recognised in the carrying amount of property, plant and equipment in the course of construction: Contact us. Strategic focus: To help facilitate the United Kingdom's transition to a low-carbon economy in the Company's capacity as a major participant in the United Kingdom energy industry and in terms of its own carbon footprint. A portion of overheads are capitalised to the extent that they are considered to relate to capital additions that have taken place during the year. The figures above represent the share of the costs borne by the Company. The installation of flood defences is one such key activity that is already underway and the delivery of the committed programme in the ED1 period remains on track. The volume and total capacity of decentralised energy generation has also been growing steadily and, given the greater range of load and generation technologies now connected to the network, the Company is taking action to develop innovative solutions that will reduce the need for traditional and potentially expensive reinforcement of the network. Company law requires the directors to prepare financial statements for each financial year. We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: In determining impairment of financial assets, judgement is required in the estimation of the amount and timing of future cash flows as well as an assessment of whether the credit risk on the financial asset has increased significantly since initial recognition and incorporation of forward-looking information in the measurement of ECL. Notes to the Financial Statements for the Year Ended 31 December 2018 (continued) ... and the Inland Revenue or where it is necessary as provided in the paragraph above which relates to how we use your data. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. This income is released to the statement of profit or loss over 45 years or 15 years on a straight line basis, in line with the useful economic life of the distribution system assets. Depreciation is recognised on a straight line basis as follows: The directors present the annual reports and financial statements for the year ended 31 December 2018 of Northern Powergrid (Yorkshire) plc (the "Company"), which have been drawn up and presented in accordance with the Companies Act 2006. The principal activity of the Company is as an authorised distributor under the Electricity Act 1989 and holds an electricity distribution licence granted by the Secretary of State.
Approved by the Board on 15 April 2019 and signed on its behalf by: None of the other standards, interpretations and amendments that are listed below, which are effective for periods beginning after 1 January 2019 and which have not been adopted early, are expected to have a material effect on the financial statements: The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to GBP3.2m (2017 - GBP2.7m). The BMCS rank achieved of 13 declined marginally in comparison to the prior year (2017: 12). Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. We have therefore concluded management's overhead capitalisation judgement is reasonable, with policies applied being appropriate and consistent with prior year and IFRS requirements. During the year, the President and Chief Executive Officer of the Northern Powergrid Group continued to provide employees with updates on the Northern Powergrid Group's financial, organisational, safety and customer service performance through regular electronic briefings. As a distribution network operator ("DNO"), the Company distributes electricity to approximately 2.3 million customers connected to its electricity distribution network throughout the areas of West Yorkshire, East Yorkshire, almost all of South Yorkshire, together with parts of North Yorkshire, Derbyshire, Nottinghamshire, Lincolnshire and Lancashire. The Northern Powergrid Group does not have a specific human rights policy. (c) The amount that best represents the entity's maximum exposure to loss from its continuing involvement in the derecognised financial assets, and how the maximum exposure to loss is determined - The disappearance of an active market for the security because of financial difficulties; or Deferred revenue represents contributions from customers made in advance towards distribution system assets. Decisions taken resulting in negative impacts to our business model. The Northern Powergrid Group is committed to maintaining the highest ethical standards in the conduct of its business and, implements Berkshire Hathaway Energy's code of business conduct, details of which can be found on page 7. In addition, it excludes interest payable, any fair value adjustments and unamortised issue costs.