Highways Agency Annual Report and Accounts 2011-2012

More documents

Recommendations

Info

Financial Statements: SECTION 10 7 (b) Property, plant and equipment 2010-11 Infrastructure Assets under Plant & Information Assets construction Land Buildings Dwellings Machinery Technology Total Cost or valuation £000 £000 £000 £000 £000 £000 £000 £000 At 1 April 2010 100,811,794 710,963 137,369 99,817 38,494 114,477 54,694 101,967,608 Detrunking (91,324) - - - - - - (91,324) Prior period adjustment - 177,009 - - - - - 177,009 Restated Sub-total 100,720,470 887,972 137,369 99,817 38,494 114,477 54,694 102,053,293 Adjustments to opening position 968,758 48,645 796 77 2,404 - - 1,020,680 Capital additions 335,813 1,254,767 8 820 613 16,327 - 1,608,348 Valuation adjustments (335,813) (724,717) - - - - - (1,060,530) Disposals - - - (47) - - - (47) Revaluation 12,573,556 - 1,204 (4,099) 4,342 7,407 (2,538) 12,579,872 Impairments (118,253) - (86) (19,405) (284) (7) (7) (138,042) Transfers 313,838 (346,089) 1,915 7,372 17,363 5,508 93 - Reclassifications to Assets held for sale - - (11,900) 4,933 (5,872) (20,102) - (32,941) At 31 March 2011 114,458,369 1,120,578 129,306 89,468 57,060 123,610 52,242 116,030,633 Depreciation At 1 April 2010 13,895,319 - - 24,772 - 65,256 51,582 14,036,929 Detrunking (11,868) - - - - - - (11,868) Restated Sub-total 13,883,451 - - 24,772 - 65,256 51,582 14,025,061 Adjustment to opening position 90,169 - - - - - - 90,169 Valuation adjustments (335,813) - - - - - - (335,813) Impairment (64,536) - - (37) - - - (64,573) Charged in year 411,703 - - 2,458 - 9,883 2,520 426,564 Disposals - - - (47) - - - (47) Revaluation 1,799,218 - - (3,817) - 3,761 (2,441) 1,796,721 Transfers - - - - - - - - Reclassifications of Assets held for sale - - - (98) - (18,973) - (19,071) At 31 March 2011 15,784,192 - - 23,231 - 59,927 51,661 15,919,011 Carrying value at 31 March 2011 98,674,177 1,120,578 129,306 66,237 57,060 63,683 581 100,111,622 Carrying value at 31 March 2010 86,837,019 887,972 137,369 75,045 38,494 49,221 3,112 88,028,232 Asset financing Owned 96,342,243 938,582 129,306 63,437 57,060 63,121 81 97,593,830 Finance leased - - - - - 562 500 1,062 On-balance sheet PFI contracts 2,331,934 - - 2,800 - - - 2,334,734 M6 reversionary interest - 181,996 - - - - - 181,996 Carrying value 31 March 2011 98,674,177 1,120,578 129,306 66,237 57,060 63,683 581 100,111,622 Highways Agency Annual Report and Accounts 2011-12
SECTION 10: Financial Statements Network Assets Adjustment to opening position The Infrastructure asset valuation as at 1 April 2011 was restated to include the following adjustments: • Change in structure classification – in 2011-12 a prior year adjustment of £34,040,000 (2010-11 £177,009,000) was made in Assets Under Construction for a change in the valuation classification of the A3 Hindhead tunnel. The new Hindhead tunnel was part of the wider project to upgrade and deliver a new A3 by-pass at Hindhead. The project was designated an improvement project and this determined the valuation classification of the project at the start of construction and resulting level of write-downs. However, the Hindhead tunnel is one of the longest land tunnels in the UK and due to its innovative construction techniques the Agency decided this was best classified as a special structure and valued as per the valuation methodology for such unique structures (ie at actual cost). This results in a prior year write back of write-downs. • There was an adjustment of £190,534,000 for dimensional variance. This variance results from improved information on dimensions for road pavements, individual structures etc. • There was an increase of £55,646,000 in the infrastructure valuation due to re-referencing. This is the outcome from improvement in data re-measurement, changes in individual road sections etc. • During the year the Agency revised the methodology for structures valuation to provide an improved methodology that places less reliance on detailed engineering data. In addition, a full review was undertaken of the valuation of special structures which are those structures that, due to a combination of their size, construction and character, valuation is based on unit rates and actual cost data of modern equivalent structures. The changed estimation technique resulted in an overall increase in the book value of structures by £5,336,047,000. Valuation Adjustments This consists of the following: • Capital renewal - the Agency spent £345,103,000 on capital renewal expenditure during 2011-12. This reflects the ongoing programme to update and improve on a wide variety of renewals schemes that will yield benefits in future years. The above amount represents the gross value of materials replaced by the capital renewal programme and is therefore removed from the gross value of the infrastructure assets. • Write-down – the Agency valuation of the infrastructure network is based on standard cost and indexation. There is always a difference between the actual cost of construction and the standard cost valuation methodology. This difference is defined as write-down. In 2011-12 the write-down was £506,593,000. This amount is impacted by the type of scheme under construction or opened to traffic during the year. Revaluation The network infrastructure valuation increased by £2,710,465,000 as a result of indexation: • Each financial year the Agency applies an indexation factor to the gross valuation of the network infrastructure assets to reflect the impact of current price. The indexation applied is based on an agreed construction industry index. • Indexation was also applied to the revised valuation methodology for all structures including specials. Depreciation The network is depreciated on a yearly basis to reflect the current condition of the network. The charge for 2011-12 was £727,557,000 (2010-11 £411,703,000). This charge included £35,505,000 for deterioration in the road condition (2010-11 - there was an improvement in the road condition which resulted in a credit of £44,220,000). The 2011-12 road condition charge is low indicating the road surface is in relatively good condition. Highways Agency Annual Report and Accounts 2011-12
Page 1 and 2:
Safe roads, reliable journeys, info
Page 3 and 4:
© Crown Copyright 2012 You may re-
Page 5 and 6:
SECTION 1: Highlights Highlights
Page 7 and 8:
M6 Managed Motorway Highways Agency
Page 9 and 10:
Hindhead Tunnels Highways Agency An
Page 11 and 12:
SECTION 1: About us Highways Agency
Page 13 and 14:
SECTION 1: About us Our plans for 2
Page 15 and 16:
SECTION 2: Summary of our Performan
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
SECTION 3: Operating the network Se
Page 23 and 24:
SECTION 3: Operating the network Ca
Page 25 and 26:
SECTION 3: Operating the network In
Page 27 and 28:
SECTION 3: Operating the network Ke
Page 29 and 30:
SECTION 4: Maintaining the network
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
SECTION 5: Sustainability Report Se
Page 37 and 38: SECTION 5: Sustainability Report Ca
Page 39 and 40: SECTION 5: Sustainability Report Wo
Page 41 and 42: SECTION 5: Sustainability Report Gr
Page 43 and 44: SECTION 6: Governance statement Fin
Page 45 and 46: SECTION 6: Governance statement The
Page 47 and 48: SECTION 6: Governance statement Fra
Page 49 and 50: SECTION 6: Governance statement who
Page 51 and 52: SECTION 6: Governance statement inv
Page 53 and 54: SECTION 6: Governance statement for
Page 55 and 56: SECTION 6: Governance statement Hig
Page 57 and 58: SECTION 7: Remuneration report for
Page 59 and 60: SECTION 7: Remuneration report for
Page 61 and 62: SECTION 8: Statement of the Account
Page 63 and 64: SECTION 9: The Certificate and Repo
Page 65 and 66: SECTION 10: Financial Statements St
Page 67 and 68: SECTION 10: Financial Statements St
Page 69 and 70: SECTION 10: Financial Statements As
Page 71 and 72: SECTION 10: Financial Statements en
Page 73 and 74: SECTION 10: Financial Statements Ro
Page 75 and 76: SECTION 10: Financial Statements 1.
Page 77 and 78: SECTION 10: Financial Statements In
Page 79 and 80: SECTION 10: Financial Statements 2
Page 81 and 82: SECTION 10: Financial Statements Pe
Page 87: SECTION 10: Financial Statements 7
Page 95 and 96: SECTION 10: Financial Statements Ac
Page 97 and 98: SECTION 10: Financial Statements Tu
Page 105: Published by TSO (The Stationery Of
show all

Highways Agency Annual Report and Accounts 2011-2012

Create successful ePaper yourself

Delete template?

Save as template?