WWU Regulatory Accounts to 31st March 2006 - Our Home Page

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NOTES TO THE REGULATORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2006 15 Leasing commitments Land and buildings Others 2006 2005 2006 2005 Transportation business De-minimis business Metering activities Other activities Total Total Transportation business De-minimis business Metering activities Other activities Total Total £m £m £m £m £m £m £m £m £m £m £m £m At 31 March 2006 there were revenue commitments, in the ordinary course of business in the next year to the payment of rentals on non cancellable operating leases expiring: Within one year 0.4 - - - 0.4 0.4 0.1 - - - 0.1 - Between two and five 0.4 - - - 0.4 0.4 0.7 - - - 0.7 - years After five years 0.7 - - - 0.7 0.7 - - - - - - 1.5 - - - 1.5 1.5 0.8 - - - 0.8 - 16 Provisions for liabilities and charges 2006 2005 Transportation De-minimis Metering Other activities business business activities Total Total Note £m £m £m £m £m £m Insurance provision (a) 2.0 - - - 2.0 - Environmental and demolition provisions (b) 18.6 - - - 18.6 - Onerous contracts provision (c) 45.9 - - - 45.9 - Onerous leases provision (d) 0.6 - - - 0.6 - Wayleaves provision (e) 2.7 - - - 2.7 - Other provisions (f) 0.6 - - - 0.6 - Deferred taxation (g) - - - - - - 70.4 - - - 70.4 - Wales & West Utilities Ltd (Formerly Blackwater 2 Ltd) 40
NOTES TO THE REGULATORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2006 16 Provisions for liabilities and charges (continued) (a) Insurance provisions 2006 2005 Transportation business De-minimis business Metering activities Other activities Total £m £m £m £m £m £m On acquisition of business 2.0 - - - 2.0 - At 31 March 2.0 - - - 2.0 - The insurance provision is the estimate of liabilities in respect of past events incurred by the business. On the transfer of the business to the Company, these liabilities were established at a fair value of £2m. In accordance with insurance industry practice, these estimates were based on experience from previous years and there was, therefore, no identifiable payment date. (b) Environmental and demolition provisions 2006 2005 Transportation business De-minimis business Metering activities Other activities Total £m £m £m £m £m £m On acquisition of business 18.6 - - - 18.6 - At 31 March 18.6 - - - 18.6 - The environmental provision represents the estimated environmental restoration and remediation costs relating to a number of sites owned and managed by the Company. The provision has been discounted to its estimated net present value. The anticipated timing of the cashflows for statutory decontamination cannot be predicted with certainty, but it is expected to be incurred over the period 2006 to 2057. (c) Onerous contracts provision 2006 2005 Transportation business De-minimis business Metering activities Other activities Total £m £m £m £m £m £m Transferred from parent company in the period 50.4 - - - 50.4 - Utilised in the period (4.5) - - - (4.5) - At 31 March 45.9 - - - 45.9 - On acquisition of the Gas Distribution business, the MGN Gas Networks (UK) Limited group acquired an interest rate swap contract from the National Grid group. The contract will be amortised on a straight line basis over the contract life, which ends in 2013. Wales & West Utilities Ltd (Formerly Blackwater 2 Ltd) 41
Page 1 and 2: Wales & West Utilities Limited REGU
Page 3 and 4: IMPORTANT INFORMATION Wales & West
Page 5 and 6: OPERATING & FINANCIAL REVIEW IN RES
Page 7 and 8: The Company was allocated a regulat
Page 9 and 10: Financial review Basis of accountin
Page 11 and 12: FINANCIAL RISK MANAGEMENT (continue
Page 13 and 14: DIRECTORS’ INTERESTS There were n
Page 15 and 16: CORPORATE GOVERNANCE STATEMENT STAT
Page 17 and 18: DIRECTORS' RESPONSIBILITIES FOR PRE
Page 19 and 20: Basis of audit opinion We conducted
Page 21 and 22: STATEMENT OF TOTAL RECOGNISED GAINS
Page 23 and 24: CASHFLOW STATEMENT FOR THE ELEVEN M
Page 25 and 26: TURNOVER Turnover represents the sa
Page 27 and 28: DECOMMISSIONING AND ENVIRONMENTAL C
Page 29 and 30: NOTES TO THE REGULATORY ACCOUNTS FO
Page 41: NOTES TO THE REGULATORY ACCOUNTS FO

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