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 16 Provisions for liabilities and charges (continued) (d) Onerous lease provision 2006 2005 Transportation business De-minimis business Metering activities Other activities Total £m £m £m £m £m £m Charge for the period 0.6 - - - 0.6 - At 31 March 0.6 - - - 0.6 - The onerous lease provision represents the expected costs incurred in relation to vacant properties owned by the Company. The provision is expected to be utilised in the two years ended 31 March 2008. (e) Wayleaves provisions 2006 2005 Transportation business De-minimis business Metering activities Other activities Total £m £m £m £m £m £m On acquisition of business 2.7 - - - 2.7 - At 31 March 2.7 - - - 2.7 - The wayleaves provision is provided to cover the costs associated with rectifying gas distribution assets which are the subject of ineffective easements or wayleaves. The provision is expected to be utilised over the period until 2020. (f) Other provisions 2006 2005 Transportation business De-minimis business Metering activities Other activities Total £m £m £m £m £m £m On acquisition of business 0.6 - - - 0.6 - At 31 March 0.6 - - - 0.6 - Other provisions provide for a potential liability in respect of contracts which have repayment clauses in the event that certain future thresholds are achieved. The provision is expected to be utilised over the period until 2016. Wales & West Utilities Ltd (Formerly Blackwater 2 Ltd) 42
NOTES TO THE REGULATORY ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2006 16 Provisions for liabilities and charges (continued) (g) Deferred taxation The movement on deferred tax is as follows: 2006 Metering activities Other activities Total Transportation business De-minimis business £m £m £m £m £m At start of period - - - - - Profit and loss account - - - - - At end of period - - - - - Deferred tax provided is made up as follows: Accelerated capital allowances - - - - - Other timing differences - - - - - Tax losses carried forward - - - - - - - - - - A deferred tax asset has not been recognised in respect of total tax losses with a tax value of £10.5 million as there is insufficient evidence that the asset will be recoverable. 17 Called up share capital 2006 2005 Transportation business De-minimis business Metering activities Other activities Total £ £ £ £ £ £ Authorised: Ordinary shares of £1 each 30,675,000 - - - 30,675,000 30,675,000 Allotted, called up and fully paid: Ordinary shares of £1 each 30,675,000 - - - 30,675,000 1 The initial authorised share capital of the Company on incorporation was 100 ordinary shares of £1 each. The authorised share capital was increased from 100 ordinary shares of £1 each to 30,675,000 ordinary shares of £1 each on 30 August 2004. In total, 30,674,999 £1 ordinary shares, with an aggregate nominal value of £30,674,999 were issued at par on 1 May 2005 for an aggregate consideration of £30,674,999. The shares were issued to Transco plc in exchange for the transfer of the business, operational assets and liabilities of its gas distribution business relating to Wales and the South West of England LDZ’s on 1 May 2005 (note 24). Wales & West Utilities Ltd (Formerly Blackwater 2 Ltd) 43
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 43: NOTES TO THE REGULATORY ACCOUNTS FO

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