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"pp-value-3-1": {
"value": "Basis of preparationThe financial statements have been prepared in accordance with UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006. They have been prepared on the historical cost basis, except for the revaluation of financial instruments, accounting for the transfer of assets from customers, and the revaluation of infrastructure assets to fair value on transition to IFRS. The preparation of financial statements, in conformity with IFRS, requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses during the reporting periods presented. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions, actual results, ultimately, may differ from these estimates. The financial statements have been prepared on the going concern basis as the directors have a reasonable expectation that the group has adequate resources for a period of at least 12 months from the date of the approval of the financial statements and that there are no material uncertainties to disclose. In assessing the appropriateness of the going concern basis of accounting, the directors have reviewed the resources available to the group in the form of cash and committed facilities as well as consideration of the group\u2019s capital adequacy, along with a baseline plan that incorporates latest views of the current economic climate. The directors have considered the magnitude of potential impacts resulting from uncertain future events or changes in conditions, and the likely effectiveness of mitigating actions that the directors would consider undertaking. The baseline position has been subjected to a number of severe, but plausible, downside scenarios in order to assess the group\u2019s ability to operate within the amounts and terms (including relevant covenants) of existing facilities. These scenarios consider: the potential impacts of increased totex costs, including a significant one-off totex impact of \u00a3500 million arising in the assessment period; elevated levels of bad debt of \u00a315 million per annum; outcome delivery incentive penalties equivalent to 1.0 per cent of RoRE per annum; and the impact of these factors materialising on a combined basis. Mitigating actions were considered to include deferral of capital expenditure; a reduction in other discretionary totex spend; the close out of derivative asset balances; and the deferral or suspension of dividend payments.Consequently, the directors are satisfied that the group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements, and that the severe, but plausible, downside scenarios indicate that the group will be able to operate within the amounts and terms (including relevant covenants) of existing facilities. The financial statements have therefore been prepared on a going concern basis.",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"pp-value-5-1": {
"value": "Critical accounting judgements and key sources of estimation uncertaintyIn the process of applying its accounting policies set out in note A7, the group is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the carrying amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented. Changes to these estimates, judgements and assumptions could have a material effect on the financial statements. On an ongoing basis, the group evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. As estimates carry with them an inherent level of uncertainty, the group performs sensitivity analysis where this is practicable and where, in management\u2019s opinion, it provides useful and meaningful information. This sensitivity analysis is performed to understand a range of outcomes that could be considered reasonably possible based on experience and the facts and circumstances associated with individual areas of the financial statements that are subject to estimates. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.As part of the evaluation of critical accounting judgements and key sources of estimation uncertainty, the group has considered the implications of climate change on its operations and activities, further details of which are set out below. The following paragraphs detail the critical accounting judgements and key sources of estimation uncertainty. In determining which of these are significant, the group has considered the extent to which the estimation gives rise to a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Considered in this context, the group considers the accounting estimates for retirement benefits to be significant areas of estimation uncertainty in preparing the financial statements.Retirement benefitsAccounting estimate* \u2013 The group operates two defined benefit pension schemes, which are independent of the group\u2019s finances. Actuarial valuations of the schemes are carried out as determined by the trustees at intervals of not more than three years. Profit before tax and net assets are affected by the actuarial assumptions used. The key assumptions include: discount rates, pay growth, mortality, and increases to pensions in payment and deferred pensions. It should be noted that actual rates may differ from the assumptions used due to changing market and economic conditions and longer or shorter lives of participants and, as such, this represents a key source of estimation uncertainty. Sensitivities in respect of the assumptions used during the year are disclosed in note A5.Accounting estimate* \u2013 Included within the group\u2019s defined benefit pension scheme assets are assets with a fair value estimated to be \u00a3216.3 million (2022: \u00a3271.1 million) that are categorised as \u2018level 3\u2019 assets within the IFRS 13 \u2018Fair value measurement\u2019 hierarchy, meaning that the value of the assets is not observable at 31 March 2023. Estimates of the fair value of these assets have been performed by the investment managers\u2019 valuation specialists using the latest available statements of each of the funds that make up the total level 3 asset balance, updated for any subsequent cash movements between the statement date and the year end reporting date.Revenue recognition and allowance for doubtful receivablesnegatively. At 31 March 2023, an allowance for expected credit Accounting estimate** \u2013 The group recognises revenue generally losses relating to household customer debt of \u00a381.5 million at the time of delivery and when collection of the resulting (2022: \u00a378.3 million) was supported by a six-year cash collection receivable has been deemed probable. In estimating the amount projection. Based on a five-year or seven-year cash collection of revenue to recognise, where the group considers that the projection the allowance for doubtful receivables would have criteria for revenue recognition are not met for a transaction, increased by \u00a32.2 million (2022: \u00a31.1 million) or reduced by revenue recognition is delayed until such time as collectability is \u00a30.2 million (2022: \u00a30.5 million), respectively.deemed probable. There are two criteria whereby management In determining the allowance for expected credit losses, we have does not recognise revenue for amounts which have been applied the group\u2019s provisioning percentages, which are derived billed to those customers on the basis that collectability is not from historic experience, to the aged debt bandings to calculate probable. These are as follows: the bad debt charge and the expected credit loss position. The \u2022 The customer has not paid their bills for a period of at least adequacy of the ECL allowance is then evaluated using analysis two years; andagainst the average collection over the last three years, which is considered to give a reasonable forecast of cash collection for \u2022 The customer has paid their bills in the preceding two years, use in the forward-looking ECL assessment. but has previously had bills de-recognised and has more than their current year debt outstanding.We have also considered the higher level of uncertainty around how economic conditions may impact the recoverability of This two-criteria approach resulted in a \u00a329.5 million (2022: household receivables for a significant proportion of the group\u2019s \u00a326.6 million) reduction in revenue compared with what would customer base. A range of scenarios have been used to inform a have been recognised had no adjustment been made for amounts probability-based assessment of the allowance for expected credit where collectability is not probable. Had management made an losses. These take account of cash collection rates in the current alternative judgement that, where customers have paid in the year, as well as in recent years, incorporating the current levels of preceding two years and have more than their current year debt economic uncertainty in order to provide a range of views as to outstanding, the recoverability of the entirety of their debt was how recoverability of household receivables may be impacted by deemed to be probable (i.e. the second criteria were disapplied) different conditions.and the required adjustment to revenue would have been \u00a318.6 million (2022: \u00a312.4 million) lower. This supports a charge equivalent to around 1.8 per cent of household revenue recorded during the period, which is broadly Accounting estimate** \u2013 In accordance with IFRS 15 \u2018Revenue consistent with the position at 31 March 2022. from contracts with customers\u2019, revenue is only recognised where it is deemed probable of recovery. Any gross debt that Had future cash collection been assessed based on the average is not expected to be recovered through future cash collection cash collection rates for the current year only, the allowance must be provided against through either an allowance for for expected credit losses charged to the income statement expected credit losses (non-collection) or credit note provision would have been 1.8 per cent of household revenue resulting (incorrectly billed).in an increase in the charge of \u00a30.1 million, with similar results based on using average cash collection from the last two or For any period, the credit note provision in respect of non-the last four years. At 31 March 2023, a charge of 1.8 per cent household customers is built up across two types of loss, which is considered to be appropriate given prevailing levels of can be incurred against non-household revenue: allowances uncertainty and recognising the level of estimation uncertainty pending payment and future allowances that we could expect associated with the assumptions made in forecasting the year to receive in relation to periods from April 2017 to March 2023. end debt position upon which the allowance for expected credit The allowances relate to data changes following the final bill losses is based. issued for a period (received approximately 16 months after the initial estimate for the period). Accounting estimate** \u2013 United Utilities Water Limited raises bills in accordance with its entitlement to receive revenue in line At 31 March 2023, the credit note provision in respect of with the limits established by the periodic regulatory price review non-household revenue was \u00a324.0 million, compared with processes. For household water and wastewater customers with \u00a323.8 million at 31 March 2022. water meters, the receivable billed is dependent on the volume To forecast future allowances, historic information has been supplied, including the sales value of an estimate of the units used. Determining the ageing analysis of allowances raised since supplied between the dates of the last water meter reading and the opening of the non-household market is not straightforward, the billing date. Meters are read on a cyclical basis and the group and work is ongoing between wholesalers and retailers to recognises revenue for unbilled amounts based on estimated improve the quality of market data. It is therefore reasonable usage from the last billing through to each reporting date. The to expect that the value of allowances relating to final bills for estimated usage is based on historical data, judgement and a period (referred to as \u2018RF\u2019 within the market mechanisms and assumptions; actual results could differ from these estimates, received around 16 months after the initial estimate) to reduce which would result in operating revenues being adjusted in the over time, as data for more recent periods since the opening period that the revision to the estimates is determined. of the water retail market should not be subject to the same Revenue recognised for unbilled amounts for these customers legacy issues as earlier periods. Had it been assumed that future at 31 March 2023 was \u00a3141.0 million (2022: \u00a3145.8 million). average daily allowances continue at the current daily average, Had actual consumption been 5 per cent higher or lower than the credit note provision recorded at 31 March 2023 would have the estimate of units supplied, this would have resulted in been \u00a32.0 million higher than that recorded.revenue recognised for unbilled amounts being \u00a34.7million Accounting estimate** \u2013 At each reporting date, the company (2022: \u00a35.0 million) higher or lower respectively. For customers and each of its subsidiaries evaluate the estimated recoverability who do not have a meter, the receivable billed and revenue of trade receivables and record allowances for expected credit recognised is dependent on the rateable value of the property losses (\u2018ECL\u2019) based on experience. Estimates associated as assessed by an independent rating officer.with these allowances are based on, among other things, a consideration of actual collection history. The actual level of receivables collected may differ from the estimated levels of recovery, which could impact operating results positively or Property, plant and equipmentAsset life reviews are undertaken regularly for facilities impacted Accounting judgement** \u2013 The group recognises property, plant by climate change, environmental legislation or the group\u2019s and equipment (PP&E) on its water and wastewater infrastructure decarbonisation measures. This can result in the acceleration assets where such expenditure enhances or increases the capacity of depreciation or be an indication of potential impairment of the network, whereas any expenditure classed as maintenance of assets that are deemed to be commercially obsolete or for is expensed in the period as incurred. Determining enhancement which no further use is planned, in part as a result of the group\u2019s from maintenance expenditure requires an accounting judgement, decarbonisation strategy. In recent years, this has resulted particularly when projects have both elements within them. in material accelerations in respect of bioresources facilities Enhancement spend was 52 per cent of total spend in relation to impacted by changes in environmental legislative requirements. infrastructure assets during the year. A change of +/- 1 per cent No further material accelerations were required in the current would have resulted in \u00a34.0 million (2022: \u00a33.9 million) less/more financial year, however this is subject to continuous assessment. expenditure being charged to the income statement during the The group is exposed to potential asset write-downs following period. In addition, management capitalises time and resources flooding resulting from extreme weather events, the frequency incurred by the group\u2019s support functions on capital programmes, of which are expected to increase as the effects of climate which requires accounting judgements to be made in relation to change become more apparent. Following large-scale flooding, the appropriate capitalisation rates. Support costs allocated to items are identified that have been damaged beyond repair and PP&E represent 40 per cent of total support costs. A change in require immediate accounting write-downs. No such charges allocation of +/- 5 per cent would have resulted in \u00a32.5 million were required in the current financial year. (2022: \u00a32.3 million) less/more expenditure being charged to the income statement during the period.In addition to the risks posed by an increased likelihood of large-scale flooding events in future years, climate change also Accounting estimate** \u2013 The estimated useful economic lives presents challenges relating to prolonged periods of hot and of PP&E and intangible assets is based on management\u2019s dry weather, the frequency of which is expected to increase. experience. When management identifies that actual useful This could potentially impact the viability of certain types of economic lives differ materially from the estimates used to assets in future years such as those associated with the intake calculate depreciation, that charge is adjusted prospectively. of water from the natural environment, or require a strategic Due to the significance of PP&E and intangibles investment reconfiguration of assets to respond to such challenges. It is to the group, variations between actual and estimated useful expected that if any such impact were to materialise this would economic lives could impact operating results both positively be over a longer period of time rather than within a single and negatively. As such, this is a key source of estimation financial year, and no financial impact has been identified in uncertainty. The depreciation and amortisation expense for the the current year. year was \u00a3423.6 million (2022: \u00a3418.2 million). A 10 per cent increase in average asset lives would have resulted in a In recent years, the group has sought to further enhance the \u00a341.4 million (2022: \u00a338.2 million) reduction in this figure and a accuracy of its useful life assessments through the introduction 10 per cent decrease in average asset lives would have resulted of more forward-looking information in asset life reviews. This in a \u00a339.0 million (2022: \u00a341.6 million) increase in this figure.includes the use of disposal data to identify trends that may inform the group\u2019s view of useful lives into the future. This information Derivative financial instrumentsis used alongside other decommissioning data and data from Accounting estimate** \u2013 The model used to fair value the strategic asset planning systems to inform useful asset lives. group\u2019s derivative financial instruments requires management to estimate future cash flows based on applicable interest rate The group mitigates the exposure that the carrying value of its curves. Projected cash flows are then discounted back using book asset base has to climate-related risks through strategic discount factors that are derived from the applicable interest planning activities that incorporate defined climate scenarios, rate curves adjusted for management\u2019s estimate of counterparty climate change mitigation pledges, and long-term climate and own credit risk, where appropriate. Sensitivities relating projections. The group installs permanent flood defences and to the impact of financial risks on profit before tax and equity, other resilience measures at the most vulnerable facilities to driven in part by derivative financial instruments, are included in protect its assets. The group further mitigates the financial note A4.exposure arising from climate-related risks through the use of insurance policies which insure against costs incurred as a result * Judgements/estimates that could reasonably give rise to a material of major environmental incidents.adjustment to the carrying value of assets or liabilities in the short term.** Other judgements/estimates considered less likely to give rise to a material adjustment to the carrying value of assets or liabilities in the short term.Climate changeThe group is continually developing its assessment of the impact that climate change has on the assets and liabilities recognised and presented in its financial statements.The natural environment within which the group operates is constantly changing, and this influences how its water and wastewater services are to be delivered in the future. In addition, the group has embedded ambitious climate-related targets within its own operations, with this affecting the portfolio of assets required to deliver such services. The impact of climate change has been considered in the preparation of these financial statements and the measurement bases of the assets and liabilities across a number of areas, predominantly in respect of the valuation of the property, plant and equipment held by the group. ",
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"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"pp-value-8-1": {
"value": "1 Segmental reportingThe board of directors of United Utilities Group PLC (the board) is provided with information on a single-segment basis for the purposes of assessing performance and allocating resources. The group\u2019s performance is measured against a range of financial and operational key performance indicators (KPIs), with operational KPIs aligned to the group\u2019s purpose and financial KPIs focused on profitability and financial sustainability. The board reviews revenue, operating profit and gearing, along with operational drivers at a consolidated level. In light of this, the group has a single segment for financial reporting purposes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-9-1": {
"value": "2 RevenueThe group\u2019s revenue arises from the provision of services within the United Kingdom.20232022\u00a3m\u00a3mWholesale water charges 758.1 776.5Wholesale wastewater charges 914.7 946.3Household retail charges 83.0 68.9Other 68.6 71.01,824.4 1,862.7In accordance with IFRS 15, revenue has been disaggregated based on what is recognised in relation to the core services of supplying clean water and the removal and treatment of wastewater. Each of these services is deemed to give rise to a distinct performance obligation under the contract with customers, although following the same pattern of transfer to the customer who simultaneously receives and consumes both of these services over time.Wholesale water and wastewater charges relate to services provided to household customers and non-household retailers. Household retail charges relate solely to the margin applied to the wholesale amounts charged to residential customers. These wholesale charges and the applicable retail margin are combined in arriving at the total revenues relating to water and wastewater services provided to household customers. No margin is applied to wholesale water and wastewater services provided to non-household retailers.Other revenues comprise a number of smaller non-core income streams, including those relating to energy generation and export, property sales, and those associated with activities, typically performed opposite property developers, which impact the group\u2019s capital network assets, including diversion works to relocate water and wastewater assets, and activities that facilitate the creation of an authorised connection through which properties can obtain water and wastewater services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"pp-value-10-1": {
"value": "3 Directors and employeesDirectors\u2019 remuneration20232022\u00a3m\u00a3mFees to non-executive directors 0.8 0.8Salaries 1.6 1.2Benefits 0.4 0.3Bonus 0.6 0.7Share-based payment charge 1.8 1.85.2 4.8Further information about the remuneration of individual directors and details of their pension arrangements are provided in the Directors\u2019 remuneration report on pages 170 to 203.Remuneration of key management personnel20232022\u00a3m\u00a3mSalaries and short-term employee benefits 6.4 6.2Share-based payment charge 3.4 2.69.8 8.8Key management personnel comprises all directors and certain senior managers who are members of the executive team.3 Directors and employees continuedStaff costs (including directors)20232022Group\u00a3m\u00a3m(1)Wages and salaries31 7.4 302.9Employee-related taxes and levies 30.7 28.2Severance (0.2) 0.4Post-employment benefits: Defined benefit pension expense (see note 18) 8.5 9.6 Defined contribution pension expense (see note 18) 29.2 26.1385.6 367.2Charged to other areas including regulatory capital schemes (193.4) (182.9)Staff costs 192.2 184.3Note:(1) Wages and salaries excluding non-permanent staff was \u00a3274.7 million (2022: \u00a3260.3 million).Included within staff costs were \u00a3(0.2) million (2022: \u00a30.4 million) of restructuring costs.The total expense included within staff costs in respect of equity-settled share-based payments was \u00a34.6 million (2022: \u00a34.8 million). The company operates several share option schemes, details of which are given on pages 182 to 192 in the Directors\u2019 remuneration report. 18 Retirement benefitsThe group participates in two major funded defined benefit pension schemes in the United Kingdom \u2013 the United Utilities Pension Scheme (UUPS) and the United Utilities PLC group of the Electricity Supply Pension Scheme (ESPS) \u2013 as well as a defined contribution scheme which is part of the UUPS, and a series of historic unfunded, unregistered retirement benefit schemes operated for the benefit of certain former employees.Both defined benefit schemes are closed to new employees, and since 1 April 2018 the majority of active members in the defined benefit section of the UUPS have been part of a hybrid section comprising both defined benefit and defined contribution elements in order to reduce the overall costs and risk to the group resulting from increases in future service costs, while balancing the interests of employees by maintaining an element of defined benefit pension provision.Information about the pension arrangements for executive directors is contained in the directors\u2019 remuneration report. Defined benefit schemesAs similar financial and demographic assumptions are used in accounting for both of the group\u2019s defined benefit pension schemes, and given they have similar risk profiles, the information below and further detail provided in note A5 is presented on an aggregated basis unless otherwise stated.The net pension income before tax recognised in the income statement in respect of the defined benefit pension schemes is summarised as follows:20232022Group\u00a3m\u00a3mCurrent service cost 6.0 7.5Administrative expenses 2.5 2.1Pension expense charged to operating profit 8.5 9.6Net pension interest income credited to investment income (see note 5) (28.7) (14.3)Net pension income credited to the income statement before tax (20.2) (4.7)Defined benefit pension costs excluding curtailments/settlements included within employee benefit expense were \u00a38.5 million (2022: \u00a39.6 million) comprising current service costs and administrative expenses. Total post-employment benefits expense excluding curtailments/settlements charged to operating profit of \u00a337.7 million (2022: \u00a335.7 million) comprise the defined benefit costs described above of \u00a38.5 million (2022: \u00a39.6 million) and defined contribution costs of \u00a329.2 million (2022: \u00a326.1 million) (see note 3).18 Retirement benefits continuedThe reconciliation of the opening and closing net pension surplus included in the statement of financial position is as follows:20232022Group\u00a3m\u00a3mAt the start of the year 1,016.8 689.0Income recognised in the income statement 20.2 4.7Contributions 9.1 9.5Remeasurement (losses)/gains gross of tax (445.3) 313.6At the end of the year 600.8 1,016.8Included in the contributions paid of \u00a39.1 million (2022: \u00a39.5 million), which are included as cash outflows in arriving at net cash generated from operations in the consolidated statement of cash flows, enhancements to benefits provided on redundancy of nil (2022: \u00a30.5 million), payments in relation to historic unfunded, unregistered retirement benefit schemes of \u00a30.6 million (2022: \u00a32.5 million), and administration expenses of \u00a32.5 million (2022: \u00a32.1 million). Contributions in relation to current service cost remained broadly stable at \u00a36.0 million (2022: \u00a36.1 million).Remeasurement gains and losses are recognised directly in the statement of comprehensive income.20232022Group\u00a3m\u00a3mThe return on plan assets, excluding amounts included in interest (1, 0 8 7. 8 ) 102.2Actuarial gains arising from changes in financial assumptions 950.0 164.0Actuarial (losses)/gains arising from changes in demographic assumptions (60.7) 52.4Actuarial (losses) arising from experience (246.8) (5.0)Remeasurement (losses)/gains on defined benefit pension schemes (445.3) 313.6Deferred tax on the movement in the defined benefit surplus during the year has been recognised at a rate of 35 per cent, being the rate applicable to refunds from a trust, reflecting the most likely method by which the defined benefit surplus would be realised (see note 8).For more information in relation to the group\u2019s defined benefit pension schemes, including changes in financial and demographic assumptions, see note A5.Defined contribution schemesDuring the year, the group made \u00a329.2 million (2022: \u00a326.1 million) of contributions to defined contribution schemes which are included in employee benefits expense in the consolidated income statement (see note 3), and as cash outflows in arriving at net cash generated from operating activities in the consolidated statement of cash flows. CompanyThe company did not participate in any of the group\u2019s pension schemes during the years ended 31 March 2023 and 31 March 2022.A5 Retirement benefitsDefined benefit schemesUnder the group\u2019s defined benefit pension schemes \u2013 the United Utilities Pension Scheme (UUPS) and the United Utilities PLC group of the Electricity Supply Pension Scheme (ESPS) \u2013 members are entitled to annual pensions on retirement. Benefits are payable on death and following other events such as withdrawing from active service. No other post-retirement benefits are provided to these members. The assets of these schemes are held in trust funds independent of the group\u2019s finances. The trustees are composed of representatives of both the employer and employees, who are required by law to act in the interests of all relevant beneficiaries and are responsible for the investment policy with regards to the assets plus the day-to-day administration of the benefits.As at 31 March, the total fair value of the schemes\u2019 assets, and the present value of the defined benefit obligations, and therefore the value of the net retirement benefit surplus included in the consolidated statement of financial position, was as follows:20232022Group\u00a3m\u00a3mTotal fair value of schemes\u2019 assets 2,931.3 4,035.7Present value of defined benefit obligations (2,330.5) (3,018.9)Net retirement benefit surplus 600.8 1,016.8Estimated future benefits payableThe defined benefit obligation includes benefits for current employees, former employees and current pensioners as analysed in the table below:20232022Group\u00a3m\u00a3mTotal value of current employees\u2019 benefits 362.7 504.7Deferred members\u2019 benefits 436.4 602.1Pensioner members\u2019 benefits 1,531.4 1,912.1Total defined benefit obligation 2,330.5 3,018.9Movements in the present value of the defined benefit obligations are as follows:20232022Group\u00a3m\u00a3mAt the start of the year (3,018.9) (3,295.7)Interest cost on schemes\u2019 obligations (82.7) (66.5)Actuarial gains arising from changes in financial assumptions 950.0 164.0Actuarial (losses)/gains arising from changes in demographic assumptions (60.7) 52.4Actuarial (losses) arising from experience (246.8) (5.0)Member contributions (2.3) (2.3)Benefits paid 136.9 141.7Current service cost (6.0) (7.5)At the end of the year (2,330.5) (3,018.9)The duration of the combined schemes is around 14 years. The schemes\u2019 duration is an indicator of the weighted-average time until benefit payments are settled, taking account of the split of the defined benefit obligation between current employees, deferred members and the current pensioners of the schemes.The estimated profile of cash flows out of the schemes as retirement benefits are paid is as follows:UUPS ESPS15030125251002075155010255002023 2039 2055 2071 2087 21032023 2039 2055 2071 2087 2103Pensioners Deferreds Actives Future servicePensioners Deferreds Actives Future serviceA5 Retirement benefits continuedFunding of future benefits payableUnder UK legislation there is a requirement that pension schemes are funded prudently, and that funding plans are agreed by pension scheme trustees. The defined benefit schemes are subject to funding valuations carried out by independent qualified actuaries, in conjunction with the schemes\u2019 trustees, on a triennial basis. These valuations inform the level of future contributions to be made by the group in order to ensure that the schemes are appropriately funded and therefore that benefits can be paid. The latest finalised funding valuation was carried out as at 31 March 2021, and determined that the schemes were fully funded on a low-dependency basis without any funding deficit that requires additional contributions from the company over and above those related to current service and expenses.The schemes\u2019 funding plans are reviewed regularly, including between funding valuations. The group expects to make further contributions of \u00a38.9 million in the year ending 31 March 2024, \u00a37.8 million in respect of current service contributions and \u00a31.1 million in respect of expenses. Annual contributions are expected to be broadly similar to this until at least the point at which the next triennial valuation (due as at 31 March 2024), is finalised, which is expected to be towards the end of the year ending 31 March 2025. At this point a detailed re-evaluation of the level of annual contributions, and the basis on which these are made, will take place.The group and trustees have agreed long-term strategies for reducing investment risk in each scheme. This includes an asset-liability matching policy which aims to reduce the volatility of the funding level of the pension plan by investing in assets, such as corporate bonds and gilts, supplemented by swap and gilt long-term hedges of interest and inflation rates, which perform in line with the liabilities so as to hedge against changes in interest and inflation rates. Both the UUPS and ESPS schemes are fully hedged for inflation exposure through external market swaps and gilts. Further details of the derivatives used in reducing investment risk are disclosed in the \u2018Schemes\u2019 assets\u2019 section of this appendix.In addition to the strategies implemented to date, the group and trustees are actively engaged in exploring further de-risking options that may be implemented in the future, including in relation to longevity risk.The basis on which scheme liabilities are valued for funding purposes differs from the basis required under IAS 19 \u2018Employee Benefits\u2019, with liabilities on a funding basis being subject to assumptions at the valuation date that are not updated between revaluations. Funding deficits vary significantly from company to company, but neither the deficits, the assumptions on which they are based, the associated sensitivities, nor the risk exposures are disclosed by many companies and, therefore, meaningful cross-company comparisons are not possible. Conversely, scheme liabilities are valued on a consistent basis between companies under IAS 19 and are subject to assumptions and sensitivities that are required to be disclosed. Consequently, the relative economic positions of companies are comparable only on an IAS 19 basis, subject to normalisation of assumptions used between companies.A retirement benefit surplus was recognised as an asset in the consolidated statement of financial position at both 31 March 2022 and 31 March 2021 as, under both the UUPS and ESPS scheme rules, the group has an unconditional right to a refund of the surplus assuming the gradual settlement of plan liabilities over time until all members have left the plans.Impact of scheme risk management on IAS 19 disclosuresUnder the prescribed IAS 19 basis, pension scheme liabilities are calculated based on current accrued benefits. Expected cash flows are projected forward allowing for RPI and CPI and the current member mortality assumptions. These projected cash flows are then discounted using a high-quality corporate bond rate, which comprises an underlying interest rate and a credit spread. The group has de-risked its pension schemes through hedging strategies applied to the underlying interest rate and future inflation. Both UUPS and ESPS fully hedge RPI inflation exposure along with underlying interest rates through external market swaps and gilts (including gilt repurchase instruments), the value of which is included in the schemes\u2019 assets (net of associated derivative liabilities). Consequently, the reported statement of financial position under IAS 19 remains volatile due to changes in credit spread and changes in mortality, neither of which have been hedged at the current time. Changes in credit spreads have not been hedged primarily due to difficulties in doing so over long durations. In contrast, the schemes\u2019 specific funding bases are unlikely to suffer from significant volatility due to credit spread, because a prudent, fixed credit spread assumption is applied. Changes in mortality have not been hedged due to this exposure being subject to lower volatility in the short term, though the group and scheme trustees are committed to exploring options to de-risk changes in mortality, or pension longevity, in future periods, as outlined above.Pension benefits under the defined benefit element of the UUPS hybrid section, which represents a relatively small proportion of total defined benefit obligations, are linked to CPI rather than RPI. In the year ended 31 March 2023, the discount rate increased by 1.9 per cent (2022: 0.75 per cent increase), which includes a 2.05 per cent increase in gilt yields over the year and a 0.15 per cent reduction in credit spreads. The IAS 19 remeasurement loss of \u00a3445.3 million (2022: \u00a3313.6 million gain) reported in note 19 has largely resulted from the schemes being more than 100 per cent hedged on an IAS 19 basis, which has resulted in a greater reduction of the schemes\u2019 assets than the defined benefit obligations as a result of yield rises.The fall in value of the schemes\u2019 assets is largely a result of the changes in financial conditions seen over the period. The schemes\u2019 investment strategies have been designed such that the assets are fully hedged against the schemes\u2019 technical provisions funding positions, and are therefore more than 100 per cent hedged on an IAS 19 basis. As a result, increases in net yields are expected to reduce the schemes\u2019 assets by a greater amount than the IAS 19 liabilities.A5 Retirement benefits continuedThe increase in credit spreads during the year is partially offset by an RPI inflation assumption reduction of 0.35 per cent (2022: 0.40 per cent increase). The impact of movements in credit spreads is less pronounced on a scheme funding basis compared with the remeasurement loss recognised on an IAS 19 accounting basis as the discount rate used for valuing obligations utilises a fixed credit spread assumption.While longer term expectations for inflation have started to fall, in the shorter term high inflation has resulted in greater than expected pension increases.Reporting and assumptionsThe results of the latest funding valuation at 31 March 2021 have been used to inform the group\u2019s best estimate assumptions to use in calculating the defined benefit pension position reported on an IAS 19 basis at 31 March 2023. The results of the funding valuation have been adjusted to take account of experience over the period, changes in market conditions, and differences in the financial and demographic assumptions. The present value of the defined benefit obligation, and the related current service costs, were measured using the projected unit credit method.Member data used in arriving at the liability figure included within the overall IAS 19 surplus has been based on the finalised actuarial valuations as at 31 March 2021 for both UUPS and ESPS. As part of each actuarial valuation and, more frequently, as required by the trustees, member data is reassessed for completeness and accuracy and to ensure it reflects any relevant changes to benefits entitled by each member.Financial assumptionsThe main financial and demographic assumptions used by the actuary to calculate the defined benefit surplus of UUPS and ESPS are outlined below:20232022Group% p.a.% p.a.Discount rate 4.70 2.80Pension increases 3.40 3.75Pensionable salary growth (pre-2018 service): ESPS 3.40 3.75 UUPS 3.40 3.75Pensionable salary growth (post-2018 service): ESPS 3.40 3.75 UUPS 2.85 3.20Price inflation \u2013 RPI 3.40 3.75(1)Price inflation \u2013 CPI2.85 3.20Note:(1) The CPI price inflation assumption represents a single weighted average rate derived from an assumption of 2.50 per cent pre-2030 and 3.30 per cent post-2030 (31 March 2022: 2.85 per cent pre-2030 and 3.65 per cent post-2030).The discount rate is consistent with a high-quality corporate bond rate, with 4.70 per cent being equivalent to gilts plus 0.95 basis points (31 March 2022: 2.80 per cent being equivalent to gilts plus 1.10 basis points). The corporate bond population used in deriving this rate comprises corporate bonds rated at least AA by one or more credit rating agencies.In accordance with the scheme rules, pensionable salary growth is linked to RPI for UUPS for service pre-2018 and CPI for service post-2018, for ESPS the growth is linked to RPI.Assumed pension increases are aligned to the RPI price inflation assumption as the vast majority of benefits across the schemes have a direct RPI linkage. In September 2019, the Chancellor of the Exchequer highlighted the UK Statistic Authority\u2019s proposals to change RPI to align with CPIH (Consumer Prices Index, including housing costs). Plans to reform RPI and bring it in line with CPIH from 2030 were confirmed on 25 November 2020, though this is subject to judicial review. Broadly CPIH increases are expected to average around 1 per cent per annum below RPI in the long term (about the same as CPI), so this change could have a significant impact on many pension schemes.Demographic assumptionsThe Continuous Mortality Investigation\u2019s (CMI) 2022 tables are not expected to be released until June 2023 and therefore not available in time for the 31 March 2023 year-end accounting figures. There remains considerable uncertainty around the long-term impact and the choice of appropriate adjustment remains subjective and is limited to the available parameters within the CMI model. As such, in arriving at mortality assumptions for 31 March 2023, the group has retained the same assumptions as used for 31 March 2022. The base tables used for the mortality in retirement assumption are the CMI S3PA (2022: S3PA) year of birth tables, with a scaling factor of 109 per cent (2022: 109 per cent) and 115 per cent (2022: 115 per cent) for male pensioners and non-pensioners respectively and 110 per cent (2022: 110 per cent) and 111 per cent (2022: 111 per cent) for female pensioners and non-pensioners respectively, reflecting the profile of the membership. At 31 March 2023, future improvements in mortality are based on the extended CMI 2021 (2022: CMI 2021) projection model, with a long-term annual rate of improvement of 1.25 per cent (2022: 1.25 per cent).Although the long-term impacts of the COVID-19 pandemic are not yet fully known, mortality over 2022 and the early part of 2023 has remained above pre-pandemic levels. This suggests that the general level of mortality in the population will be higher than had previously been projected pre-pandemic. Accordingly, the group has retained its COVID-19 adjustment of a 2021 parameter of 10 per cent within the CMI 2021 projections. A5 Retirement benefits continuedThe current life expectancies at age 60 underlying the value of the accrued liabilities for the schemes are:2023 2022 Groupyearsyears Retired member \u2013 male 25.9 25.9Non-retired member \u2013 male 26.6 26.5Retired member \u2013 female 28.0 27.9Non-retired member \u2013 female 29.1 29.0Financial and demographic assumptions \u2013 further analysisThe assumptions used in measuring the group\u2019s defined benefit surplus reflect management\u2019s best estimates as at the reporting date. These estimates inherently involve judgement, and the measurement of the defined benefit surplus is sensitive to changes in these key assumptions. These sensitivities, together with further information on the judgements involved and level of estimation uncertainty, are presented below. Sensitivity calculations allow for the specified movement in the relevant key assumption, while all other assumptions are held constant. This approach does not take into account the interrelationship between some of these assumptions or any hedging strategies adopted, however it demonstrates how reasonably possible changes could impact on the measurement of the defined benefit surplus. The schemes\u2019 hedging strategies are designed primarily to reduce the volatility on a technical provisions basis.\u2022 Asset volatility \u2013 If the schemes\u2019 assets underperform relative to the discount rate used to calculate the schemes\u2019 liabilities, this will create a deficit. The schemes hold some growth assets (equities, diversified growth funds and emerging market debt) which, though expected to outperform the discount rate in the long term, create volatility in the short term. The allocation to growth assets is monitored to ensure it remains appropriate given the schemes\u2019 long-term objectives.\u2022 Discount rate \u2013 An increase/decrease in the discount rate of 0.25 per cent would have resulted in a \u00a378.2/\u00a382.7 million (2022: \u00a3119.7/\u00a3127.7 million) decrease/increase in the schemes\u2019 liabilities at 31 March 2023, although as long as credit spreads remain stable this will be largely offset by an increase/decrease in the value of the schemes\u2019 bond holdings and other instruments designed to hedge this exposure. The discount rate is based on high-quality corporate bond yields of a similar duration to the schemes\u2019 liabilities. High quality corporate bonds are considered to be those that have a credit rating of AA or above with at least one rating agency. An alternative approach could be taken whereby only those bonds rated AA or higher by at least two rating agencies are used. While this alternative approach may provide additional comfort around the quality of these corporate bonds, management believes that the wider population of corporate bonds under a \u2018single agency\u2019 approach gives a more representative indication of high quality corporate bonds that are aligned to the schemes\u2019 liabilities, and therefore provides a more robust estimate. \u2022 Price inflation \u2013 An increase/decrease in the inflation assumption of 0.25 per cent would have resulted in a \u00a373.3/69.5 million (2022: \u00a3111.5/105.2 million) increase/decrease in the schemes\u2019 liabilities at 31 March 2023, as a significant proportion of the schemes\u2019 benefit obligations are linked to inflation. However, nearly all of the schemes\u2019 liabilities were hedged for RPI in the external market at 31 March 2023, meaning that this sensitivity is likely to be insignificant as a result. The sensitivity to price inflation allows for the impact of changes to pensionable salary growth and pension increases, which are both assumed to be linked to price inflation. While inflation may be volatile in the near term, as has been the case during the year ended 31 March 2023, the value of the schemes\u2019 liabilities is based on inflation assumptions that reflect the full profile of the liabilities, in particular the long-term nature.\u2022 Consistent with market practice, and reflecting the possibility that inflation may rise or fall more than expected in the future, in arriving at the company\u2019s best estimate for RPI, an inflation risk premium of 0.2 per cent (2022: 0.2 per cent) has been deducted from the breakeven inflation rate for the year ended 31 March 2023. The impact of this is a decrease in the defined benefit obligation of around \u00a361.0 million and therefore an increase in the net defined benefit surplus compared with no inflation risk premium being deducted. There is no allowance for any further change in the inflation risk premium post 2030 as a result of RPI reform. A reduction in expected RPI will result in a reduction to the value of pension scheme liabilities; however, as our pension schemes are hedged for RPI inflation movements, this will result in a comparable reduction to the value of pension scheme assets.\u2022 The assumption for CPI is set by deducting a \u2018wedge\u2019 from the RPI inflation assumption to reflect structural differences. For pre-2030 inflation this wedge has been estimated at 0.9 per cent per annum, reducing to 0.1 per cent per annum post-2030 given that RPI and CPI are expected to converge. The impact of this reduction in the post-2030 wedge as a result of RPI reform is a circa \u00a37.0 million increase to the defined benefit obligation and therefore a decrease in the net defined benefit surplus compared with the wedge remaining at 0.9 per cent per annum after 2030.\u2022 Mortality long-term improvement rate \u2013 An increase in the mortality long-term improvement rate from 1.25 per cent to 1.50 per cent would have resulted in a \u00a316.5 million increase in the schemes\u2019 liabilities at 31 March 2023 (2022: \u00a329.1 million increase in the schemes\u2019 liabilities).\u2022 Life expectancy \u2013 An increase/decrease in life expectancy of one year would have resulted in a \u00a383.9 million (2022: \u00a3135.0 million) increase/decrease in the schemes\u2019 liabilities at 31 March 2023. The majority of the schemes\u2019 obligations are to provide benefits for the life of the member and, as such, the schemes\u2019 liabilities are sensitive to these assumptions.A5 Retirement benefits continuedSchemes\u2019 assetsAt 31 March, the fair values of the schemes\u2019 assets recognised in the statement of financial position were as follows:Underlying Fair value of Schemes\u2019 assetsderivatives Combined assetsGroup \u00a3m\u00a3m\u00a3m%At 31 March 2023Non-equity growth assets 278.2 \u2013 278.2 9.5Gilts 1,822.3 (886.9) 935.4 31.9Bonds 1,211.2 (2.5) 1,208.7 41.2Other 422.8 86.2 509.0 1 7.4Total fair value of schemes\u2019 assets 3,734.5 (803.2) 2,931.3 100.0At 31 March 2022Non-equity growth assets 606.6 \u2013 606.6 15.0Gilts 2,839.1 (1,657.6) 1,181.5 29.3Bonds 1,708.0 (3.7) 1,704.3 42.2Other 423.0 120.3 543.3 13.5Total fair value of schemes\u2019 assets 5,576.7 (1,541.0) 4,035.7 100.0Included within the group\u2019s defined benefit pension scheme assets are assets with a fair value estimated to be \u00a3216.3 million that are categorised as \u2018level 3\u2019 assets within the IFRS 13 \u2018Fair value measurement\u2019 hierarchy, meaning that the value of the assets is not observable at 31 March 2023. Estimates of the fair value of these assets have been performed by the investment managers\u2019 valuation specialists using the latest available statements of each of the funds that make up the total level 3 asset balance, updated for any subsequent cash movements between the statement date and the year-end reporting date.The UUPS has entered into a variety of derivative transactions to change the return characteristics of the assets held to reduce undesirable market and liability risks. As such, the above breakdown separates the assets of the schemes to illustrate the underlying risk characteristics of the assets held.The portfolio contains a proportion of assets set aside for collateral purposes linked to the derivative contracts entered into. The collateral portfolio, comprising cash and eligible securities readily convertible to cash, provides sufficient liquidity to manage exposure relating to the derivative transactions and is expected to achieve a return in excess of SONIA (Sterling Overnight Index Average). During the year ended 31 March 2023 no liquidity support or facilities were required by the company as a result of collateral calls.The derivative values in the table above represent the net market value of derivatives held within each of these asset categories as follows:20232022\u00a3m\u00a3mGilts Repurchase agreements (886.9) (1,657.6)(886.9) (1,657.6)Bonds \u2013 hedging non-sterling exposure back to sterling Currency forwards 13.8 (1.4) Interest rate swaps (16.3) (2.3)(2.5) (3.7)Other \u2013 managing liability risks targeting a high level of interest rate and inflation hedging Asset swaps (32.5) Interest rate swaps (1 7. 2 ) 18.0 RPI inflation swaps (13.2) 134.2 Total return swaps 116.6 0.686.2 120.3Total fair value of derivatives (803.2) (1,541.0)The derivatives shown in the tables only cover those expressly held for the purpose of reducing certain undesirable asset and liability risks as part of the liability driven investment strategies. The schemes invest in a number of other pooled funds that make use of derivatives. No allowance is made in the figures above for any derivatives held within these other pooled funds, as they are not held expressly for the purpose of managing risk. The total fair value of pooled funds held within the schemes\u2019 assets was \u00a3371.2 million (2022: \u00a3681.5 million).A5 Retirement benefits continuedThe intention is that the schemes\u2019 assets provide a full economic hedge of interest rates and RPI inflation of the schemes\u2019 liabilities on a scheme funding basis. As the scheme funding basis is more prudent than the IAS 19 measurement basis for the defined benefit obligation, the schemes are more than 100 per cent hedged on an accounting basis.Movements in the fair value of the schemes\u2019 assets were as follows:20232022Group\u00a3m\u00a3mAt the start of the year 4,035.7 3,984.7Interest income on schemes\u2019 assets 111.4 80.8The return on plan assets, excluding amounts included in interest ( 1 ,0 8 7. 8 ) 102.2Member contributions 2.3 2.3Benefits paid (136.9) (141.7)Administrative expenses (2.5) (2.1)Company contributions 9.1 9.5At the end of the year 2,931.3 4,035.7The group\u2019s actual return on the schemes\u2019 assets was a loss of \u00a3976.4 million (2022: \u00a3183.0 million gain), largely as a result of the schemes\u2019 investment strategies hedging increases in the technical provisions due to change in financial conditions.The trustees of both the ESPS and UUPS schemes publish a statement of investment principles, available via the United Utilities corporate website. The statements set out the ESG principles, in particular climate risk, behind the choice of investments.",
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"value": "Average number of staff employed by the group during the year (full-time equivalent including directors):2023 2022 numbernumberAverage number of staff employed by the group during the year 5,975 5,728CompanyThe company has no staff.",
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"value": "4 Operating profitThe following items have been charged/(credited) to the income statement in arriving at the group\u2019s operating profit:20232022\u00a3m\u00a3mOther operating costsMaterials 132.7 90.8Power 130.8 99.6Hired and contracted services 103.7 95.4Property rates 8 7.1 90.5Regulatory fees 36.7 28.4Insurance 19.7 16.9Accrued innovation costs 6.1 5.9Loss on disposal of property, plant and equipment 4.2 3.9Cost of properties disposed 1.4 3.0Other expenses 34.0 27.3556.4 461.7Allowance for expected credit losses \u2013 trade and other receivablesAllowance for expected credit losses \u2013 trade and other receivables (see note 15) 22.7 23.422.7 23.4Other incomeOther income (4.8) (4.4)(4.8) (4.4)Depreciation and amortisation expenseDepreciation of property, plant and equipment (see note 11) 385.5 3 7 7.0Amortisation of other intangible assets (see note 12) 38.1 41.2423.6 418.2Included within operating costs for the year are \u00a38.4 million relating to operational incidents over the dry summer period in 2022, and \u00a311.1 million relating to the group\u2019s response to periods of extreme cold weather over the winter of 2022/23, including a rapid freeze-thaw in December 2022 leading to burst pipes. The costs associated with this response include the cost of emergency network repairs, customer compensation where short-term supply interruptions were experienced, and the provision of bottled water. Research and development expenditure for the year ended 31 March 2023, was \u00a31.2 million (2022: \u00a31.2 million). In addition, \u00a36.1 million (2022: \u00a35.9 million) of costs have been accrued by United Utilities Water Limited in relation to the Innovation in Water Challenge scheme operated by Ofwat for AMP7. These expenses offset amounts recognised in revenue during each year intended to fund innovation projects across England and Wales as part of an industry-wide scheme to promote innovation in the sector. The amounts accrued will either be spent on innovation projects that the group successfully bids for or will be transferred to other successful water companies in accordance with the scheme rules.",
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"value": "During the year, the group obtained the following services from its auditor:2023 2022 \u00a3\u2019000\u00a3\u2019000Audit servicesStatutory audit \u2013 group and company 215 169Statutory audit \u2013 subsidiaries 642 506857 675Non-audit servicesRegulatory audit services provided by the statutory auditor 75 64Other non-audit services 159 116Total audit and non-audit services 1,091 855",
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"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"pp-value-18-1": {
"value": "5 Investment income2023 2022\u00a3m \u00a3mInterest receivable on short-term bank deposits held at amortised cost 11.5 1.3Interest receivable on loans to joint ventures held at amortised cost (see note A6) 4.7 2.8Net pension interest income (see note 18) 28.7 14.3Other interest receivable 2.1 1.047.0 19.4",
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},
"pp-value-20-1": {
"value": "6 Finance expense20232022\u00a3m\u00a3mInterest payable(1) Interest payable on borrowings held at amortised cost497.7 330.7497.7 330.7Fair value (gains)/losses on debt and derivative instrumentsFair value hedge relationships:(2) Borrowings(213.1) (199.4)(2)(3) Designated swaps224.7 194.011.6 (5.4)Financial instruments at fair value through profit or loss:(4) Borrowings designated at fair value through profit or loss(4.2) ( 7. 9) Associated swaps 0.4 9.7(3.8) 1.8(5)Fixed interest rate swaps(146.0) (139.7)Net receipts on derivatives and debt under fair value option (32.8) (31.5)(5)Inflation swaps(62.2) 29.7Other (1.8) 2.2(242.8) (139.3)(6)Net fair value gains on debt and derivative instruments(235.0) (142.9)262.7 187.8Notes:(1) Includes a \u00a3463.5 million (2022: \u00a3227.9 million) non-cash inflation uplift expense repayable on maturity in relation to the group\u2019s index-linked debt and \u00a31.5 million (2022: \u00a31.6 million) interest expense on lease liabilities, representing the unwinding of the discounting applied to future lease payments.(2) Includes foreign exchange losses of \u00a320.6 million (2022: \u00a34.3 million losses). These gains/losses are largely offset by fair value losses/gains on derivatives.(3) Under the provisions of IFRS 9 \u2018Financial Instruments\u2019, a \u00a36.3 million gain (2022: nil) resulting from changes to the foreign currency basis spread are recognised in other comprehensive income rather than profit or loss as they relate to items designated in an accounting hedge relationship.(4) Under the provisions of IFRS 9 \u2018Financial Instruments\u2019, a \u00a34.8 million gain (2022: \u00a34.1 million loss) due to changes in the group\u2019s own credit risk is recognised in other comprehensive income rather than within profit or loss. (5) These swap contracts are not designated within an IFRS 9 hedge relationship and are classed as \u2018held for trading\u2019 under the accounting standard. These derivatives form economic hedges and, as such, management intends to hold these through to maturity.(6) Includes \u00a331.8 million income (2022: \u00a333.2 million) due to net interest on derivatives and debt under fair value option and \u00a356.2 million expense (2022: \u00a328.3 million expense) due to non-cash inflation uplift on index-linked derivatives. Fair value movements excluding this net income are deducted to reach underlying finance expense, which forms part of the group\u2019s alternative performance measures (APMs) as set out on pages 118 to 119.Interest payable is stated net of \u00a3127.5 million (2022: \u00a352.7 million) borrowing costs capitalised in the cost of qualifying assets within property, plant and equipment and intangible assets during the year. This has been calculated by applying an average capitalisation rate of 7.9 per cent (2022: 4.2 per cent) to expenditure on such assets as prescribed by IAS 23 \u2018Borrowing Costs\u2019.Underlying finance expense, which forms part of the group\u2019s APMs set out on pages 118 to 119, is calculated by adjusting net finance expense and investment income of \u00a3215.7million (2022: \u00a3168.3 million) reported in the income statement to exclude the \u00a3235.0 million of fair value gains in the above table, but include \u00a331.8 million income due to net interest on derivatives and debt under fair value option, and \u00a356.2 million expense due to non-cash inflation uplift on index-linked derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-22-1": {
"value": "7 Profit on disposal of subsidiaryOn 29 September 2022, the group sold the entire issued share capital of its wholly owned subsidiary United Utilities Renewable Energy Limited (UURE) to SEEIT Holdco Limited. Profit on disposal is shown below and included within the group\u2019s consolidated income statement:2023\u00a3mTotal consideration received 98.5Total net assets disposed (63.8)Fees and transaction costs (3.5)Profit on disposal of subsidiary 31.2Management does not consider UURE to meet the definition of a discontinued operation as set out in IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019 as it was not considered a separate major line of business for the group, UURE accounted for around \u00a33.5 million of external revenue included in the group\u2019s consolidated financial statements for the period from 1 April 2022 to 29 September 2022 when the disposal occurred (year ended 31 March 2022: \u00a33.5 million), with the majority of UURE\u2019s revenue relating to a long-term power purchase agreement with UUW that continues in place following the disposal. As such, no separate disclosures relating to discontinued operations have been included in the group\u2019s income statement or the notes to the financial statements.The total consideration received in relation to the disposal of UURE is reconciled to the net cash income on disposal of the subsidiary per the consolidated statement of cash flows as follows: 2023\u00a3mTotal consideration received 98.5Cash and cash equivalents held by UURE disposed of (4.5)Fees and transaction costs (3.5)Net cash income on disposal of subsidiary 90.5A8 Subsidiaries and other group undertakingsDetails of the group\u2019s subsidiary undertakings, joint ventures and associates are set out below. Unless otherwise specified, the registered address for each entity is Haweswater House, Lingley Mere Business Park, Lingley Green Avenue, Great Sankey, Warrington, WA5 3LP, United Kingdom. For further details of joint ventures and associates, see note 13.Proportion of Class of share capital share owned/voting capital heldrights %* Nature of business Subsidiary undertakingsGreat BritainHalkyn District Mines Drainage Company Limited Ordinary 99.9 DormantLingley Mere Management Company Limited Ordinary 90.9 Property managementNorth West Water International Limited Ordinary 100.0 DormantNorth West Water Limited Ordinary 100.0 DormantUnited Utilities (Overseas Holdings) Limited Ordinary 100.0 DormantUnited Utilities Energy Limited Ordinary 100.0 Energy generationUnited Utilities Healthcare Trustee Limited Ordinary 100.0 Corporate trusteeUnited Utilities International Limited Ordinary 100.0 Consulting services and project managementUnited Utilities North West Limited Ordinary 100.0 Holding companyUnited Utilities Pensions Trustees Limited Ordinary 100.0 Corporate trusteeUnited Utilities PLC Ordinary 100.0 Holding companyUnited Utilities Property Services Limited Ordinary 100.0 Property managementUnited Utilities Total Solutions Limited Ordinary 100.0 Non-tradingUnited Utilities Utility Solutions (Industrial) Limited Ordinary 100.0 Holding companyUnited Utilities Water Finance PLC Ordinary 100.0 Financing companyUnited Utilities Water Limited Ordinary 100.0 Water and wastewater servicesUU (ESPS) Pension Trustee Limited Ordinary 100.0 Corporate trusteeUU Group Limited Ordinary 100.0 DormantUU Secretariat Limited Ordinary 100.0 DormantYCL Transport Limited Ordinary 100.0 Non-tradingUnited Utilities Bioresources Limited Ordinary 100.0 Wastewater servicesJoint venturesAll joint ventures are accounted for using the equity method and are strategic to the group\u2019s activities to varying degrees.Great BritainLingley Mere Business Park Development Company Limited Ordinary 50.0 Development companySelectusonline Limited Ordinary 16.7 Dormant(1)Water Plus Group LimitedOrdinary 50.0 Holding company(1)Water Plus LimitedOrdinary 50.0 Water and wastewater retail services(1)Water Plus Select LimitedOrdinary 50.0 Water and wastewater retail services* Shares are held by subsidiary undertakings rather than directly by United Utilities Group PLCNote: (1) Water Plus Limited and Water Plus Select Limited are wholly owned subsidiaries of Water Plus Group Limited. Registered address: South Court Riverside Park, Campbell Road, Stoke-on-Trent, United Kingdom, ST4 4DA.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-24-1": {
"value": "8 Tax20232022\u00a3m\u00a3mCurrent tax UK corporation tax \u2013 6.7 Adjustments in respect of prior years (25.2) (72.5)Total current tax (credit) for the year (25.2) (65.8)Deferred tax Current year 44.1 92.9 Adjustments in respect of prior years 32.5 66.976.6 159.8Change in tax rate \u2013 402.7Total deferred tax charge for the year 76.6 562.5Total tax charge for the year 51.4 496.7The deferred tax charge of \u00a3402.7 million in the prior year reflects the increase in the rate of corporation tax from 19 per cent to 25 per cent from 1 April 2023.The current tax \u2018adjustments in respect of prior years\u2019 of \u00a325.2 million is mainly due to the utilisation of losses, which were previously being carried forward.The table below reconciles the notional tax charge at the UK corporation tax rate to the total tax charge and total effective tax rate for the year:20232023 20222022\u00a3m%\u00a3m%Profit before tax 256.3 439.9Tax at the UK corporation tax rate 48.7 19.0 83.6 19.0Deferred tax rate adjustment 10.6 4.1 22.3 5.1Adjustments in respect of prior years 7. 3 2.8 (5.6) (1.3)Change in tax rate \u2013 \u2013 402.7 91.5Net income not taxable (15.2) (5.9) (6.3) (1.4)Total tax charge and effective tax rate for the year 51.4 20.0 496.7 112.98 Tax continuedThe deferred tax rate adjustment reflects the fact that the current year deferred tax charge is at the future tax rate of 25 per cent, rather than the 19 per cent current year rate.The table below reconciles the notional tax charge at the UK corporation tax rate to the total current tax charge for the year:20232022\u00a3m\u00a3mProfit before tax 256.3 439.9Profit before tax multiplied by the standard rate of UK corporation tax of 19% 48.7 83.6Relief for capital allowances in place of depreciation (107.5) (108.0)Disallowance of depreciation charged in the accounts 69.8 68.8Adjustments to tax charge in respect of prior years (25.2) (72.5)Financial transactions timing differences (48.9) (26.9)Pension timing differences (6.0) (3.9)Relief for capitalised interest (24.2) (10.0)Other timing differences 2.6 2.0Joint ventures net losses \u2013 0.3Profit on disposal of subsidiary (5.9) \u2013Income not taxable (12.0) (9.1)Depreciation charged on non-qualifying assets 2.6 2.5Current year tax losses carry forward 80.8 7.4Current tax (credit) for the year (25.2) (65.8)The group\u2019s current tax charge is typically lower than the UK headline rate of 19 per cent, primarily due to a range of adjustments which are simply timing differences between recognition of the income or expense in the accounts and in the related tax computations submitted to HMRC. These include deductions in relation to capital spend, pension timing differences, unrealised profits or losses in relation to financing and related treasury derivatives and capitalised interest.The current year net timing differences in relation to capital spend, i.e. capital allowances less depreciation, was higher in the current and prior year mainly due to the temporary super-deductions introduced in 2021. The adjustments to tax charge in respect of prior years of \u00a325.2 million mainly relates to the utilisation of tax losses, which were previously being carried forward. The \u00a372.5 million in the prior year mainly relates to optimising the available research and development UK tax allowances on our innovation-related expenditure, for multiple prior years. The year-on-year movement in financial transactions timing differences is sensitive to fair value movements on treasury derivatives and can therefore fluctuate significantly from year to year.The relief for capitalised interest relates to amounts which are immediately deductible under the UK tax rules notwithstanding the amounts being capitalised for accounting purposes. The year-on-year amount will depend on the amount capitalised.Other timing differences includes a range of small value items where there is a timing difference between the accounting and tax recognition.The income not taxable is mainly due to the additional 30 per cent element of the temporary capital allowances super-deductions introduced in 2021.Depreciation charged on non-qualifying assets relates to accounting depreciation where there is no corresponding tax deduction.20232022Tax on items recorded within other comprehensive income\u00a3m\u00a3mDeferred tax On remeasurement (losses)/gains on defined benefit pension schemes (152.8) 111.1 On net fair value (losses)/gains on credit assumptions for debt reported at fair value through profit and loss and cost of hedging (19.1) 26.1 Share-based payments 0.7 (1.0)Total tax charge on items recorded within other comprehensive income (171.2) 136.2The tax adjustments taken to other comprehensive income primarily relate to remeasurement movements on the group\u2019s defined benefit pension schemes. Management considers that the most likely method of realisation would be through a refund, which would be taxed at the rate applicable to refunds from a trust (currently 35 per cent).8 Tax continuedCurrent tax asset/(liability)Total Group\u00a3mAt 1 April 2021 6.9Charged to the income statement (6.7)Adjustments in respect of prior years 72.5Transfer to amounts owed by related parties (6.1)Payments/(receipts) 7.8At 31 March 2022 74.4Charged to the income statement \u2013Adjustments in respect of prior years 25.2Transfer from amounts owed by related parties 6.1Payments/(receipts) (6.8)At 31 March 2023 98.9The amount owed by Water Plus relating to the surrender of consortium relief tax losses was nil (March 2022: \u00a36.1 million).Deferred tax liabilitiesThe following are the major deferred tax liabilities and assets recognised by the group, and the movements thereon, during the current and prior year:Accelerated Retirement tax benefit depreciation obligations Other Total Group\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2021 1,226.6 241.2 (18.3) 1,449.5Charged to the income statement 149.3 3.5 6.9 159.7Change in tax rate 414.7 \u2013 (12.0) 402.7Charged to other comprehensive income \u2013 111.1 25.1 136.2At 31 March 2022 1,790.6 355.8 1.7 2,148.1Charged to the income statement 78.7 7. 3 (9.4) 76.6Credited to other comprehensive income \u2013 (152.8) (18.4) (171.2)Disposal of deferred tax liability (5.4) \u2013 \u2013 (5.4)At 31 March 2023 1,863.9 210.3 (26.1) 2,048.1Certain deferred tax assets and liabilities have been offset in accordance with IAS 12 \u2018Income Taxes\u2019.The accelerated tax depreciation represents the difference between capital allowances and accounting depreciation on the group\u2019s property, plant and equipment. Capital allowances are tax reliefs provided in law and spread the tax relief due over a pre-determined standard number of years. This contrasts with the accounting treatment, where the expenditure is treated as an asset with the cost being depreciated over the useful life of the asset, or impaired if the value of such assets is considered to have reduced materially. Due to the group\u2019s continued significant annual capital expenditure, the deductions for capital allowances are expected to exceed depreciation for the medium term and continue to impact future corporation tax payments.Given the fully funded nature of the group\u2019s defined benefit pension schemes, the retirement benefit obligations primarily relates to deferred taxation on the pension schemes\u2019 surplus position. This amount is significantly impacted by financial market conditions and long-term inflation expectations and therefore it is difficult to forecast future movements. However, these movements have no impact on medium-term future corporation tax payments as they only impact year-on-year deferred tax movement.Deferred tax on retirement benefit obligations can also arise where there are year-on-year differences between the contributions paid and the associated amounts charged to the profit and loss account. However, given the fully funded nature of our pension schemes, any such deferred tax movements, together with the associated impact on future corporation tax payments, is not expected to be significant for the medium term.The other short-term temporary differences of \u00a326.1 million includes \u00a3108.9 million relating to tax losses which have been carried forward, where permitted under HMRC rules, to be utilised in future periods. Also included are other short-term timing differences in relation to the year-on-year movement in financial transactions which are sensitive to fair value movement on treasury derivatives and can therefore fluctuate significantly from year to year. However, these fair value movements have no impact on future corporation tax payments as they only impact the year-on-year deferred tax movement.CompanyThe company had no deferred tax assets or liabilities at 31 March 2023 or 31 March 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-29-1": {
"value": "9 Earnings per share20232022\u00a3m\u00a3mProfit/(loss) after tax attributable to equity holders of the company \u2013 continuing operations 204.9 (56.8)20232022pencepenceEarnings per shareBasic 30.0 (8.3)Diluted 30.0 (8.3)Basic earnings per share is calculated by dividing profit after tax for the financial year attributable to equity holders of the company by 681.9 million being the weighted average number of shares in issue during the year (2022: 681.9 million). Diluted earnings per share is calculated by dividing profit after tax for the financial year attributable to equity holders of the company by 684.1 million, being the weighted average number of shares in issue during the year, including dilutive shares (2022: 683.8 million).The difference between the weighted average number of shares used in the basic and the diluted earnings per share calculations represents those ordinary shares deemed to have been issued for no consideration on the conversion of all potential dilutive ordinary shares in accordance with IAS 33 \u2018Earnings Per Share\u2019. Potential dilutive ordinary shares comprise outstanding share options awarded to directors and certain employees (see note 3).The weighted average number of shares can be reconciled to the weighted average number of shares, including dilutive shares, as follows:2023 2022 millionmillionAverage number of ordinary shares \u2013 basic 681.9 681.9Effect of potential dilutive ordinary share options 2.2 1.9Average number of ordinary shares \u2013 diluted 684.1 683.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-30-1": {
"value": "10 Dividends20232022\u00a3m\u00a3mAmounts recognised as distributions to equity holders of the company in the year comprise:Ordinary sharesFinal dividend for the year ended 31 March 2022 at 29.00 pence per share (2021: 28.83 pence) 19 7.8 196.6Interim dividend for the year ended 31 March 2023 at 15.17 pence per share (2022: 14.50 pence) 103.4 98.9301.2 295.5Proposed final dividend for the year ended 31 March 2023 at 30.34 pence per share (2022: 29.00 pence) 206.9 197.8The proposed final dividends for the years ended 31 March 2023 and 31 March 2022, were subject to approval by equity holders of United Utilities Group PLC as at the reporting dates and, hence, have not been included as liabilities in the consolidated financial statements at 31 March 2023 and 31 March 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-31-1": {
"value": "11 Property, plant and equipmentProperty, plant and equipment comprises owned and leased assets.20232022\u00a3m\u00a3mProperty, plant and equipment \u2013 owned 12,513.8 12,087.7Right-of-use assets \u2013 leased 56.9 59.8Net book value 12,570.7 12,147.5Property, plant and equipment \u2013 ownedFixtures, Infra-fittings, tools Assets in Land and structure Operational and course of buildingsassets assets equipmentconstruction Total Group \u00a3m\u00a3m\u00a3m \u00a3m\u00a3m\u00a3mCostAt 1 April 2021 363.7 5,897.8 8,074.7 515.9 1,488.5 16,340.6Additions 2.5 84.8 181.2 7.6 452.4 728.5Transfers 6.4 48.8 241.9 4.7 (300.9) 0.9Disposals (0.3) (0.1) (136.1) (14.5) (0.1) (151.1)At 31 March 2022 372.3 6,031.3 8,361.7 513.7 1,639.9 16,918.9Additions 1.1 88.7 243.5 2.9 530.7 866.9Transfers 1.3 129.1 99.0 7.1 (222.6) 13.9Disposals ( 7. 2 ) (10.7) (199.7) (19.1) \u2013 (236.7)At 31 March 2023 36 7. 5 6,238.4 8,504.5 504.6 1,948.0 1 7, 5 6 3.0Accumulated depreciationAt 1 April 2021 128.9 47 7.1 3,593.6 401.3 \u2013 4,600.9Charge for the year 8.4 45.0 294.7 26.5 \u2013 374.6Transfers \u2013 0.2 (0.1) \u2013 \u2013 0.1Disposals (0.2) \u2013 (130.1) (14.1) \u2013 (144.4)At 31 March 2022 1 3 7.1 522.3 3,758.1 413.7 \u2013 4,831.2Charge for the year 8.5 4 7. 9 305.5 21.6 \u2013 383.5Transfers \u2013 0.4 2.9 \u2013 \u2013 3.3Disposals (6.8) (10.6) (132.8) (18.6) \u2013 (168.8)At 31 March 2023 138.8 560.0 3,933.7 416.7 \u2013 5,049.2Net book value at 31 March 2022 235.2 5,509.0 4,603.6 100.0 1,639.9 12,087.7Net book value at 31 March 2023 228.7 5,678.4 4,570.8 87.9 1,948.0 12,513.8At 31 March 2023, the group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to \u00a3322.6 million (2022: \u00a3280.8 million). In addition to these commitments, the group has long-term expenditure plans, which include investments to achieve improvements in performance required by regulators and to provide for future growth.Following a review of inventories carried out during the year, the group has opted to reclassify spare parts previously recognised within inventories to property, plant and equipment in order to better reflect the expected consumption pattern of these items. This has resulted in \u00a314.6 million being transferred to property, plant and equipment (cost) and \u00a33.3 million being transferred to accumulated depreciation, giving a net transfer of \u00a311.3 million. Depreciation of these spare parts is expected to commence at the point where they are ready to be installed, with the annual depreciation charge of the assets transferred expected to be around \u00a30.6 million.11 Property, plant and equipment continuedRight-of-use assets \u2013 leasedFixtures, fittings Land and Operational tools and buildings assetsequipmentTotal Group\u00a3m \u00a3m\u00a3m\u00a3mCostAt 1 April 2021 55.1 7. 8 0.2 63.1Additions 2.1 0.7 \u2013 2.8Disposals (0.3) (1.4) \u2013 (1.7)At 31 March 2022 56.9 7.1 0.2 64.2Additions 0.3 0.7 \u2013 1.0Disposals (1.4) (1.1) \u2013 (2.5)At 31 March 2023 55.8 6.7 0.2 62.7Accumulated depreciationAt 1 April 2021 2.1 1.7 \u2013 3.8Charge for the year 1.5 0.9 \u2013 2.4Disposals (0.4) (1.4) \u2013 (1.8)At 31 March 2022 3.2 1.2 \u2013 4.4Charge for the year 1.4 0.6 \u2013 2.0Disposals \u2013 (0.6) \u2013 (0.6)At 31 March 2023 4.6 1.2 \u2013 5.8Net book value at 31 March 2022 53.7 5.9 0.2 59.8Net book value at 31 March 2023 51.2 5.5 0.2 56.9In order to carry out its activities, the group enters into leases of assets from time to time, typically in relation to items such as land, buildings and vehicles. Due to the nature of the group\u2019s operations, many of the group\u2019s leases have extremely long terms, ranging from one year to 999 years. The group does not typically lease assets on a short-term basis or enter into leases for low-value asset and therefore no material costs were incurred during the year, either individually or in aggregate, in relation to lease contracts with a duration of less than 12 months or for low value assets.CompanyThe company had no property, plant and equipment or contractual commitments for the acquisition of property, plant and equipment at 31 March 2023 or 31 March 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-33-1": {
"value": "12 Intangible assetsTotal Group\u00a3mCostAt 1 April 2021 425.1Additions 20.1Transfers 0.9Disposals (13.2)At 31 March 2022 432.9Additions 19.0Transfers 0.6Disposals \u2013At 31 March 2023 452.5Accumulated amortisationAt 1 April 2021 244.0Charge for the year 41.2Transfers \u2013Disposals (13.1)At 31 March 2022 272.1Charge for the year 38.1Transfers \u2013Disposals \u2013At 31 March 2023 310.2Net book value at 31 March 2022 160.8Net book value at 31 March 2023 142.3The group\u2019s intangible assets relate mainly to computer software.At 31 March 2023, the group had entered into contractual commitments for the acquisition of intangible assets amounting to \u00a32.8 million (2022: \u00a31.8 million).CompanyThe company had no intangible assets or contractual commitments for the acquisition of intangible assets at 31 March 2023 or 31 March 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-34-1": {
"value": "13 Joint ventures and other investments20232022\u00a3m\u00a3mJoint ventures at the start of the period 16.5 \u2013Additions \u2013 18.3Share of losses of joint ventures \u2013 (1.8)Joint ventures at the end of the period 16.5 16.5Other investments \u2013 0.1Interests in joint ventures and other investments 16.5 16.6The group\u2019s interests in joint ventures mainly comprises its 50 per cent interest in Water Plus Group Limited (Water Plus), which is jointly owned and controlled by the group and Severn Trent PLC under a joint venture agreement. The group also has a 50 per cent interest in Lingley Mere Business Park Development Company Limited, which is jointly owned and controlled by the group and Muse Developments Limited under a joint venture agreement.The group\u2019s total share of Water Plus losses for the year was nil (2022: \u00a31.8 million share of losses), all of which is recognised in the income statement. The group incurred a share of the losses of Lingley Mere Business Park Development Company Limited for the year of \u00a30.4 million (2022: nil), which have not been recognised as at 31 March 2023. This is unrecognised as the brought forward carrying amount of the group\u2019s interest in the joint venture is nil.Additions in the prior year relate to an equity investment in Water Plus following the conversion of the existing fully drawn facility to equity share capital as executed on 23 April 2021.The group recognised a disposal in the year of \u00a30.1 million (2022: nil) in its other investments.Details of transactions between the group and its joint ventures and other investments are disclosed in note A6.CompanyAt 31 March 2023, the company\u2019s investments related solely to its investments in United Utilities PLC, which was recorded at a cost of \u00a36,326.8 million (2022: \u00a36,326.8 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-35-1": {
"value": "14 Inventories20232022Group\u00a3m\u00a3mProperties held for resale 4.2 1.6Other inventories 10.1 16.614.3 18.2Included within other inventories are \u00a31.2 million (2022: \u00a30.4 million) of assets that are held for sale in the ordinary course of business, but where sales are not expected to occur within 12 months of the reporting date. These items are therefore classified within non-current assets in the statement of financial position.CompanyThe company had no inventories at 31 March 2023 or 31 March 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-36-1": {
"value": "15 Trade and other receivables Group Company2023202220232022\u00a3m\u00a3m\u00a3m\u00a3mTrade receivables 47. 8 61.7 \u2013 \u2013Amounts owed by subsidiary undertakings \u2013 \u2013 105.1 95.2Amounts owed by related parties (see note A6) 102.2 116.4 \u2013 \u2013Other debtors and prepayments 43.1 37.7 \u2013 \u2013Accrued income 73.1 88.6 \u2013 \u2013266.2 304.4 105.1 95.2At 31 March 2023, the group had \u00a375.7 million (2022: \u00a381.7 million) of trade and other receivables classified as non-current, all of which was owed by related parties. The carrying amounts of trade and other receivables approximate to their fair value at 31 March 2023 and 31 March 2022.Trade receivables do not carry interest and are stated net of allowances for bad and doubtful receivables, an analysis of which is as follows: 20232022Group\u00a3m\u00a3mAt the start of the year 84.6 80.4Amounts charged to operating expenses (see note 4) 22.7 23.4Trade receivables written off (21.0) (19.2)Amounts charged to deferred income (0.6) \u2013At the end of the year 85.7 84.6Amounts charged to deferred income relate to amounts invoiced for which revenue has not yet been recognised in the income statement.At each reporting date, the group evaluates the recoverability of trade receivables and records allowances for expected credit losses which are measured in a way that reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes and considers past events, current conditions and forecasts of future conditions.At 31 March 2023 and 31 March 2022, the group had no trade receivables that were past due and not individually impaired.15 Trade and other receivables continuedThe following table provides information regarding the ageing of net trade receivables that were past due and individually impaired:Aged Aged between one Aged less than one year and two greater than Carrying year years two years value At 31 March 2023 \u00a3m \u00a3m \u00a3m \u00a3mGross trade receivables 51.6 31.8 50.1 133.5Allowance for expected credit losses (20.2) (16.7) (48.8) (85.7)Net trade receivables 31.4 15.1 1.3 47. 8Aged Aged between one Aged less than one year and two greater than Carrying year years two years value At 31 March 2022 \u00a3m \u00a3m \u00a3m \u00a3mGross trade receivables 68.7 26.1 51.5 146.3Allowance for expected credit losses (20.3) (13.1) (51.2) (84.6)Net trade receivables 48.4 13.0 0.3 61.7At 31 March 2023, the group had \u00a30.3 million (2022: \u00a30.1 million) of trade receivables that were not past due.The majority of accrued income balances represent contract assets arising from timing differences between the billing cycle and the usage of water by customers. They therefore typically reverse in subsequent months, with all amounts held in relation to these contract assets at the beginning of the reporting period having subsequently reversed into the income statement during the year. At 31 March 2023 and 31 March 2022, the group had no accrued income that was past due. In instances where the collection of consideration is not considered probable at the point services are delivered, no accrued income balance is recognised, as the criteria to recognise revenue in accordance with IFRS 15 has not been met.CompanyAt 31 March 2023 and 31 March 2022, the company had no trade receivables that were past due. Of the \u00a3105.1 million (2022: \u00a395.2 million) owed by subsidiaries, \u00a375.0 million (2022: \u00a375.0 million) was classified as non-current at the reporting date.The carrying amount of trade and other receivables approximates to their fair value at 31 March 2023 and 31 March 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-38-1": {
"value": "16 Cash and cash equivalents Group Company2023202220232022\u00a3m\u00a3m\u00a3m\u00a3mCash at bank and in hand 2.6 9.9 \u2013 \u2013Short-term bank deposits 3 3 7. 8 231.0 \u2013 \u2013Cash and short-term deposits 340.4 240.9 \u2013 \u2013Book overdrafts (included in borrowings \u2013 see note 17) (12.5) (20.8) \u2013 \u2013Cash and cash equivalents in the statement of cash flows 3 2 7. 9 220.1 \u2013 \u2013Cash and short-term deposits include cash at bank and in hand, deposits, and other short-term highly liquid investments which are readily convertible into known amounts of cash and have a maturity of three months or less. The carrying amounts of cash and cash equivalents approximate their fair value.Book overdrafts, which result from normal cash management practices, represent the value of cheques issued and payments initiated that had not cleared as at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-39-1": {
"value": "17 Borrowings20232022Group\u00a3m\u00a3mNon-current liabilitiesBonds 6,378.8 6,168.4Bank and other term borrowings 1,825.0 1,445.0Lease obligations 55.2 5 7.68,259.0 7,671.0Current liabilitiesBank and other term borrowings 160.8 284.7Book overdrafts (see note 16) 12.5 20.8Lease obligations 3.1 3.3176.4 308.88,435.4 7,979.820232022Company\u00a3m\u00a3mNon-current liabilitiesAmounts owed to subsidiary undertakings 1,864.8 1,799.91,864.8 1,799.9Amounts owed to subsidiary undertakings relate to an intercompany loan from United Utilities PLC to the company, which bears interest calculated with reference to the Bank of England base rate plus a credit margin, and is repayable with twelve months\u2019 notice upon written request by a director of either party, with the repayment date not falling less than 366 days after the date of the request. For further details of the principal economic terms and conditions of outstanding borrowings and the maturity profile of lease liabilities recognised at the balance sheet date, see note A3.Borrowings are unsecured and are measured at amortised cost. The carrying amounts of borrowings approximate their fair value. A3 BorrowingsTerms and debt repayment scheduleThe principal economic terms and conditions of outstanding borrowings, along with fair value and carrying value, were as follows:Year of final Fair Carrying FairCarrying Currencyrepaymentvaluevalue valuevalue2023202320222022\u00a3m\u00a3m\u00a3m\u00a3mBorrowings in fair value hedge relationships 2,310.1 2,332.3 2,511.5 2,494.02.0% 450m bond GBP 2025 427.8 427.8 450.1 441.22.867% 320m bond HKD 2026 31.5 32.6 30.8 31.32.92% 739m bond HKD 2026 72.6 75.4 71.0 72.41.129% 52m bond EUR 2027 42.1 41.5 43.4 43.92.37% 830m bond HKD 2027 80.2 82.2 7 7.0 80.45.625% 300m bond GBP 2027 315.5 308.2 356.4 346.91.43% 100m bond GBP 2028 84.6 85.8 95.4 94.15.02% JPY 10bn dual currency loan JPY/USD 2029 74.3 79.0 80.9 83.90.875% 300m bond GBP 2029 234.7 246.5 269.0 274.62.058% 30m bond EUR 2030 23.4 23.2 26.4 25.70.175% 11bn bond JPY 2030 63.5 64.6 64.5 6 7.62.625% 425m bond GBP 2031 365.7 358.4 428.5 407.81.641% 30m bond EUR 2031 23.6 22.0 25.6 24.52.9% 600m bond HKD 2031 5 7.4 55.4 58.4 55.11.474% 35m bond USD 2031 22.5 22.5 22.4 22.81.707% 28m bond EUR 2032 20.3 21.2 23.8 24.01.653% 26m bond EUR 2032 18.6 19.3 21.0 21.91.70% 30m bond EUR 2033 21.4 22.7 25.3 25.72.0% 100m bond GBP 2033 78.1 78.6 94.8 91.75.0% 200m bond GBP 2035 199.8 213.4 246.8 258.51.45% 8.5bn bond JPY 2037 52.5 52.0 \u2013 \u2013Borrowings designated at fair value through profit or loss 361.0 361.0 369.9 369.96.875% 400m bond USD 2028 361.0 361.0 369.9 369.9Borrowings measured at amortised cost 5,400.0 5,742.1 6,283.7 5,115.9Short-term bank borrowings \u2013 fixed GBP 2023 45.8 45.8 49.2 49.20.47%+RPI 100m IL loan GBP 2023 - - 132.3 129.10.49%+RPI 100m IL loan GBP 2025 138.9 140.8 134.3 124.20.013%+RPI 25m IL bond GBP 2025 34.6 35.1 33.2 31.00.1275%+RPI 100m IL loan GBP 2026 135.3 138.9 133.3 122.50.01%+RPI 20m IL bond GBP 2028 26.3 28.5 26.6 25.31.23%+RPI 50m EIB (amortising) IL loan GBP 2029 33.6 33.7 3 7.6 34.70.288%+CPI 100m IL loan GBP 2029 108.0 118.4 11 7.0 107.61.29%+RPI 50m EIB (amortising) IL loan GBP 2029 36.4 36.3 40.2 36.91.12%+RPI 50m EIB (amortising) IL loan GBP 2029 35.9 36.0 39.7 36.61.10%+RPI 50m EIB (amortising) IL loan GBP 2029 35.9 36.0 39.7 36.60.75%+RPI 50m EIB (amortising) IL loan GBP 2029 3 7.4 3 7.9 41.2 38.20.76%+RPI 50m EIB (amortising) IL loan GBP 2030 3 7. 2 3 7. 8 41.1 38.11.15%+RPI 50m EIB (amortising) IL loan GBP 2030 3 7.4 3 7.6 41.5 3 7. 91.11%+RPI 50m EIB (amortising) IL loan GBP 2030 3 7. 5 37.8 41.6 38.00.780%+SONIA 100m loan GBP 2030 97.2 99.8 \u2013 \u20130.178%+RPI 35m IL bond GBP 2030 46.1 49.2 49.7 43.30.970%+SONIA 135m loan GBP 2030 132.1 134.7 \u2013 \u20130.245%+CPI 20m IL bond GBP 2031 21.8 25.0 24.5 22.70.01%+RPI 38m bond GBP 2031 50.5 53.5 50.8 4 7.63.375%+RPI 50m IL bond GBP 2032 120.8 9 7.1 142.2 86.40.9856%+SONIA 100m EIB (amortising) loan GBP 2032 55.3 56.3 61.6 62.50.940%SONIA 150m loan GBP 2032 1 4 7.0 149.7 \u2013 \u20130.9676%SONIA 150m EIB (amortising) loan GBP 2032 87.3 89.1 96.8 98.40.8496%+SONIA 100m EIB (amortising) loan GBP 2033 60.2 62.5 6 7.1 68.80.7876%+SONIA 150m EIB (amortising) loan GBP 2033 97.2 98.4 104.9 107.8A3 Borrowings continuedYear of final Fair Carrying Fair Carrying Currencyrepaymentvaluevaluevaluevalue2023202320222022\u00a3m\u00a3m\u00a3m\u00a3mBorrowings measured at amortised cost (continued)2.0% 250m bond GBP 2033 195.3 245.6 236.9 245.60.01%+RPI 100m EIB (amortising) IL loan GBP 2033 89.7 95.4 9 7.6 91.80.01%+RPI 75m EIB (amortising) IL loan GBP 2034 6 7.1 71.5 73.2 68.80.01%+RPI 75m EIB (amortising) IL loan GBP 2034 69.7 74.3 76.0 71.30.01%+RPI 75m EIB (amortising) IL loan GBP 2034 69.7 74.3 75.9 71.31.9799%+RPI 100m IL bond GBP 2035 202.7 181.0 242.4 161.11.1496%+SONIA 100m EIB (amortising) loan GBP 2035 7 7.4 78.1 83.5 84.41.1166%0+SONIA 75m EIB (amortising) loan GBP 2035 61.0 60.9 66.6 65.60.01%+RPI 26.5m IL bond GBP 2036 31.3 39.1 36.3 35.10.379%+CPI 20m IL bond GBP 2036 20.8 25.0 25.4 22.70.01%+RPI 29m IL bond GBP 2036 33.7 41.1 39.5 36.60.093%+CPI 60m IL bond GBP 2037 59.9 74.4 73.2 67.61.66%+RPI 35m IL bond GBP 2037 62.5 60.7 70.6 53.5(1)1.75% 325m bondGBP 2038 215.4 300.4 215.0 248.22.40%+RPI 70m IL bond GBP 2039 127.3 118.5 152.2 104.41.7829%+RPI 100m IL bond GBP 2040 192.8 179.1 255.2 159.40.01%+CPI 125m IL bond GBP 2040 106.9 163.5 143.9 151.31.3258%+RPI 50m IL bond GBP 2041 8 7.8 89.4 120.1 79.61.5802%+RPI 100m IL bond GBP 2042 184.9 178.6 248.9 158.91.875% 300m bond GBP 2042 187.3 295.6 25 7.1 295.51.5366%+RPI 20m IL bond GBP 2043 36.8 35.6 51.1 31.71.397%+RPI 50m IL bond GBP 2046 8 7. 9 89.3 126.0 79.50.359%+CPI 32m IL bond GBP 2048 26.9 39.2 40.7 35.61.7937%+RPI 50m IL bond GBP 2049 94.1 88.9 143.8 79.1Commission for New Towns (amortising) loan \u2013 fixed GBP 2053 3 7.3 24.7 46.3 25.51.847%+RPI 100m IL bond GBP 2056 18 7.9 183.1 252.7 161.51.815%+RPI 100m IL bond GBP 2056 185.3 182.4 250.8 160.81.662%+RPI 100m IL bond GBP 2056 181.3 182.0 244.6 160.51.5865%+RPI 50m IL bond GBP 2056 88.8 90.9 120.1 80.21.591%+RPI 25m IL bond GBP 2056 44.0 45.4 60.7 40.01.556%+RPI 50m IL bond GBP 2056 88.5 90.5 122.2 79.81.435%+RPI 50m IL bond GBP 2056 86.5 90.2 119.1 79.51.3805%+RPI 35m IL bond GBP 2056 60.0 63.1 81.7 55.71.585%+RPI 100m IL bond GBP 2057 171.0 175.2 241.2 154.50.387%+CPI 33m IL bond GBP 2057 25.4 40.1 42.6 36.41.702%+RPI 50m IL bond GBP 2057 88.6 88.3 122.8 7 7.9Book overdrafts (see note 16) GBP 2023 12.5 12.5 20.8 20.8Lease obligations GBP various 58.3 58.3 60.9 60.98,071.1 8,435.4 9,165.1 7,979.8Note:(1) During the year, the group issued \u00a375 million fixed rate notes as a fungible increase to \u00a3250 million fixed rate notes issued in prior years. These notes were issued under the same terms with the year of final repayment being 2031 and the coupon rate of 1.75 per cent. IL Index-linked debt \u2013 this debt is adjusted for movements in the Consumer or Retail Prices Indices with reference to a base CPI or RPI established at trade date.CPI The UK general index of consumer prices (for all items) as published by the Office for National Statistics (May 2015 = 100).RPI The UK general index of retail prices (for all items) as published by the Office for National Statistics (Jan 1987 = 100).EIB Borrowings that are held with the European Investment Bank.Borrowings in the above table are unsecured. Funding raised in foreign currencies is swapped to sterling to match funding costs to income and assets.After the reporting period, the group raised new borrowings of \u00a3300 million fixed rate notes, due October 2038, and a \u00a3100 million loan facility, due April 2032. A3 Borrowings continuedThe maturity profile of lease liabilities recognised at the balance sheet date is:20232022\u00a3m\u00a3mLess than 1 year 3.2 3.31 to 5 years 9.0 10.45 to 10 years 7.8 8.110 to 25 years 25.0 25.525 to 50 years 41.3 42.050 to 100 years 81.5 81.5100 to 500 years 105.3 106.9Longer than 500 years 3.2 3.2Total undiscounted cash payments 276.3 280.9Effect of discounting (218.0) (220.0)Present value of cash payments 58.3 60.9During the year ended 31 March 2023, \u00a31.5 million (2022: \u00a31.6 million) of interest expense on lease liabilities was recognised, representing the unwinding of the discounting applied to future lease payments (see note 6).The total cash outflow for leases for the year ended 31 March 2023 was \u00a33.3 million (2022: \u00a33.7 million); of this, \u00a31.5 million was payment of interest (2022: \u00a31.6 million) and \u00a31.8 million payment of principal (2022: \u00a32.1 million).Payment of interest forms part of cash flows from operating activities and payment of principal is included within repayment of borrowings, which forms part of cash flows from financing activities in the group\u2019s statement of cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-42-1": {
"value": "19 ProvisionsSeveranceOther Total Group \u00a3m\u00a3m\u00a3mAt 1 April 2021 1.6 9.5 11.1Charged to the income statement 0.3 4.7 5.0Utilised in the year (0.7) (1.9) (2.6)At 31 March 2022 1.2 12.3 13.5Charged to the income statement (0.3) 0.8 0.5Utilised in the year (0.5) (0.4) (0.9)At 31 March 2023 0.4 12.7 13.1The group had no provisions classed as non-current at 31 March 2023 or 31 March 2022.The severance provision as at 31 March 2023 and 31 March 2022 relates to severance costs as a result of group reorganisation.Other provisions principally relate to contractual, legal and environmental claims against the group and represent management\u2019s best estimate of the value of settlement, the timing of which is dependent on the resolution of the relevant claims.CompanyThe company had no provisions at 31 March 2023 or 31 March 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-43-1": {
"value": "20 Trade and other payablesGroup Company2023202220232022Non-current\u00a3m\u00a3m\u00a3m\u00a3mDeferred grants and contributions 873.3 818.2 \u2013 \u2013Other creditors 19.1 1 7.0 \u2013 \u2013892.4 835.2 \u2013 \u2013 Group Company2023202220232022Current\u00a3m\u00a3m\u00a3m\u00a3mTrade payables 26.4 28.3 \u2013 \u2013Amounts owed to subsidiary undertakings \u2013 \u2013 2.0 9.5Other tax and social security 6.9 6.6 \u2013 \u2013Deferred grants and contributions 16.6 16.0 \u2013 \u2013Accruals and other creditors 272.8 266.8 3.6 3.6Deferred income 54.0 48.1 \u2013 \u2013376.7 365.8 5.6 13.1The average credit period taken for trade purchases is 11 days (2022: 13 days). The carrying amounts of trade and other payables approximates to their fair value at 31 March 2023 and 31 March 2022.The majority of deferred income balances represent contract liabilities arising from timing differences between customer payments, the billing cycle, and the usage of water by customers. They therefore typically reverse in subsequent months, with all amounts held in relation to these contract liabilities at the beginning of the reporting period having subsequently reversed into the income statement during the year.Deferred grants and contributions20232022Group\u00a3m\u00a3mAt the start of the year 834.2 795.8Amounts capitalised during the year 5.4 1.8Transfers of assets from customers 66.2 52.4Credited to the income statement \u2013 revenue (16.2) (15.4)Credited to the income statement \u2013 other operating expenses (0.3) (0.4)Credited to allowance for bad and doubtful receivables 0.6 \u2013At the end of the year 889.9 834.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-44-1": {
"value": "21 Other reservesCapital Cost of Cash flow redemption Merger hedging hedging reservereservereservereserveTotal Group\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 April 2021 1,033.3 (703.6) 0.4 6.2 336.3Changes in fair value recognised in other comprehensive income \u2013 \u2013 \u2013 1 07.6 1 07.6Amounts reclassified from other comprehensive income to profit or loss \u2013 \u2013 \u2013 (0.9) (0.9)Tax on hedge effectiveness taken directly to equity \u2013 \u2013 \u2013 (27.0) (27.0)Tax on reclassification to consolidated income statement \u2013 \u2013 \u2013 0.2 0.2At 31 March 2022 1,033.3 (703.6) 0.4 86.1 416.2At 1 April 2022 1,033.3 (703.6) 0.4 86.1 416.2Changes in fair value recognised in other comprehensive income \u2013 \u2013 6.3 (50.6) (44.3)Amounts reclassified from other comprehensive income to profit or loss \u2013 \u2013 \u2013 (36.6) (36.6)Tax on hedge effectiveness taken directly to equity \u2013 \u2013 (1.6) 12.7 11.1Tax on reclassification to consolidated income statement \u2013 \u2013 \u2013 7.0 7.0At 31 March 2023 1,033.3 (703.6) 5.1 18.6 353.421 Other reserves continuedThe capital redemption reserve arose as a result of a return of capital to shareholders following the reverse acquisition of United Utilities PLC by United Utilities Group PLC in the year ended 31 March 2009. The merger reserve arose in the same year on consolidation and represents the capital adjustment to reserves required to effect the reverse acquisition.The group recognises the cost of hedging reserve as a component of equity. This reserve reflects accumulated fair value movements on cross-currency swaps resulting from changes in the foreign currency basis spread, which represents a liquidity charge inherent in foreign exchange contracts for exchanging currencies and is excluded from the designation of cross-currency swaps as hedging instruments.The group designates a number of swaps hedging non-financial risks in cash flow hedge relationships to give a more representative view of operating costs. Fair value movements relating to the effective part of these swaps are recognised in other comprehensive income and accumulated in the cash flow hedging reserve.CompanyThe company\u2019s other reserves at 31 March 2023, 31 March 2022 and 1 April 2021, were comprised entirely of a \u00a31,033.3 million capital redemption reserve that arose as a result of a return of capital to shareholders following the acquisition of United Utilities PLC by the company in the year ended 31 March 2009.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"pp-value-46-1": {
"value": "22 Share capital2023 20232022 2022Group and companymillion\u00a3mmillion\u00a3mIssued, called up and fully paidOrdinary shares of 5.0 pence each 681.9 34.1 681.9 34.1Deferred shares of 170.0 pence each 274.0 465.7 274.0 465.7955.9 499.8 955.9 499.8Details of the voting rights of each category of shares can be found within the directors\u2019 report on pages 210 to 211.The 170.0 pence deferred shares were created to facilitate a return of capital to shareholders following the reverse acquisition of United Utilities PLC by United Utilities Group PLC in the year ended 31 March 2009 (see company statement of changes in equity on page 236), and represent the amount of a special dividend paid on B shares at that time. The deferred shares convey no right to income, no right to vote and no appreciable right to participate in any surplus capital in the event of a winding up.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-47-1": {
"value": "23 Contingent liabilitiesAt 31 March 2023, there were commitments for future capital expenditure and infrastructure renewals expenditure contracted, but not provided for, of \u00a3339.0 million (2022: \u00a3293.3 million).Since 2016, the group has received indications from a number of property search companies (PSCs) that they intend to claim compensation for amounts paid in respect of CON29DW water and drainage search reports, which they allege should have been provided to them either free of charge or for a nominal fee in accordance with the Environmental Information Regulations. In April 2020, a group of over 100 PSCs, comprising companies within the groups that had previously issued notice of intended claims, served proceedings on all of the water and sewerage undertakers in England and Wales, including United Utilities Water Limited, for an unspecified amount of compensation. This is an industry-wide issue and, while the litigation has progressed during the year, it remains in its early stages. The litigation\u2019s likely direction and the quantum of any compensation being claimed is uncertain at this stage; however, based on the information currently available, the likelihood of the claim\u2019s success is considered to be low, and any potential outflow is not expected to be material.The group has credit support guarantees as well as general performance commitments and potential liabilities under contract that may give rise to financial outflow. The group has determined that the possibility of any outflow arising in respect of these potential liabilities is remote and, as such, there are no contingent liabilities to be disclosed in this regard (2022: none).The company has not entered into performance guarantees as at 31 March 2023 and 31 March 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-48-1": {
"value": "24 Events after the reporting periodWith the exception of the new borrowings and entering into of a new undrawn committed borrowing facility, as described in note A3, there were no significant events after the reporting period requiring disclosure or any adjustments to the financial position, financial performance, or cash flows reported as at 31 March 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-49-1": {
"value": "A1 Consolidated statement of cash flows \u2013 further analysisCash generated from operationsGroup Company2023202220232022\u00a3m\u00a3m\u00a3m\u00a3mProfit before tax 256.3 439.9 245.4 274.5Adjustment for investment income and finance expense (see notes 5, 6 and A6) 215.7 168.3 55.9 21.0Adjustment for share of losses of joint ventures (see note 13) \u2013 1.8 \u2013 \u2013Profit on disposal of subsidiary (31.2) \u2013 \u2013 \u2013Operating profit 440.8 610.0 301.3 295.5Adjustments for: Depreciation of property, plant and equipment (see note 11) 385.5 37 7.0 \u2013 \u2013 Amortisation of intangible assets (see note 12) 38.1 41.2 \u2013 \u2013 Loss on disposal of property, plant and equipment (see note 4) 4.2 3.9 \u2013 \u2013 Amortisation of deferred grants and contributions (see note 20) (16.2) (15.8) \u2013 \u2013 Equity-settled share-based payments charge (see note 3) 5.1 4.8 \u2013 \u2013Changes in working capital: Decrease in inventories (see note 14) 3.9 0.1 \u2013 \u2013 Decrease in trade and other receivables 27.2 13.2 5.0 5.5 Increase/(decrease) in trade and other payables (5.5) 24.7 0.2 0.2 Increase/(decrease) in provisions (see note 21) (0.4) 2.4 \u2013 \u2013 Pension contributions paid less pension expense charged to operating profit 0.4 0.1 \u2013 \u2013Cash generated from operations 883.1 1,061.6 306.5 301.2The group has received property, plant and equipment of \u00a366.2 million (2022: \u00a352.4 million) in exchange for the provision of future goods and services (see notes 20 and A7).Reconciliation of fixed asset purchases to fixed asset additions20232022(1)Owned property, plant and equipment\u00a3m\u00a3mPurchase of property, plant and equipment in statement of cash flows 675.9 609.0Non-cash additions: Transfers of assets from customers (see note 20) 66.2 52.4 IAS 23 capitalised borrowing costs (see note 6) 126.0 52.1Transfer of spare parts from inventories (see note 11) (11.3) \u2013Net book value transfers to intangible assets 0.6 \u2013(2)Timing differences on cash paid9.5 15.0Property, plant and equipment additions 866.9 728.5Notes:(1) This reconciliation relates to property, plant and equipment owned by the group and therefore excludes right-of-use assets recognised in accordance with IFRS 16 \u2018Leases\u2019, for which cash flows relating to the associated lease liabilities are included within repayment of borrowings and interest paid in the statement of cash flows.(2) Timing differences arise and reverse when additions are recognised in the statement of financial position in a different period to when cash payments for capital expenditure are made. Capital accruals recognised in relation to these timing differences are included in \u2018Accruals and other creditors\u2019 within trade and other payables (see note 20).20232022Intangible assets\u00a3m\u00a3mPurchase of intangible assets in statement of cash flows 18.1 19.5IAS 23 capitalised borrowing costs \u2013 non-cash additions (see note 6) 1.5 0.6Net book value transfers from property, plant and equipment (0.6) \u2013Intangible asset additions 19.0 20.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-57-1": {
"value": "A4 Financial risk management Risk management The board is responsible for treasury strategy and governance, which is reviewed on an annual basis.The treasury committee, a subcommittee of the board, has responsibility for setting and monitoring the group\u2019s adherence to treasury policies, along with oversight in relation to the activities of the treasury function.Treasury policies cover the key financial risks: liquidity risk, credit risk, market risk (inflation, interest rate, electricity price and currency) and capital risk. As well as managing our exposure to these risks, these policies help the group maintain compliance with relevant financial covenants, which are in place primarily in relation to borrowings from the European Investment Bank (EIB) and include interest cover and gearing metrics. These policies are reviewed by the treasury committee for approval on at least an annual basis, or following any major changes in treasury operations and/or financial market conditions.Day-to-day responsibility for operational compliance with the treasury policies rests with the treasurer. An operational compliance report is provided monthly to the treasury committee, which details the status of the group\u2019s compliance with the treasury policies and highlights the level of risk against the appropriate risk limits in place.The group\u2019s treasury function does not act as a profit centre and does not undertake any speculative trading activity.Liquidity risk The group looks to manage its liquidity risk by maintaining liquidity within a board-approved duration range. Liquidity is actively monitored by the group\u2019s treasury function and is reported monthly to the treasury committee through the operational compliance report.At 31 March 2023, the group had \u00a31,190.4 million (2022: \u00a31,040.9 million) of available liquidity, which comprised \u00a3340.4 million (2022: \u00a3240.9 million) of cash and short-term deposits and \u00a3850.0 million (2022: \u00a3800.0 million) of undrawn committed borrowing facilities.The group had available committed borrowing facilities as follows:20232022Group\u00a3m\u00a3mExpiring within one year 150.0 100.0Expiring after one year but in less than two years 50.0 150.0Expiring after more than two years 650.0 550.0Total borrowing facilities 850.0 800.0Facilities drawn \u2013 \u2013Total borrowing facilities 850.0 800.0These facilities are arranged on a bilateral rather than a syndicated basis, which spreads the maturities more evenly over a longer time period, thereby reducing the refinancing risk by providing several renewal points rather than a large single refinancing point.CompanyThe company did not have any committed facilities available at 31 March 2023 or 31 March 2022.Maturity analysisConcentrations of risk may arise if large cash flows are concentrated within particular time periods. The maturity profile in the following table represents the forecast future contractual principal and interest cash flows in relation to the group\u2019s financial liabilities on an undiscounted basis. Derivative cash flows have been shown net where there is a contractual agreement to settle on a net basis; otherwise the cash flows are shown gross. This table does not include the impact of lease liabilities for which the maturity profile has been disclosed in note 18.Adjust-1 year or More than (1)(2) GroupTotalmentless1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years At 31 March 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mBonds 12,650.3 166.7 617.9 306.7 155.8 591.3 10,811.9Bank and other term borrowings 1,923.1 208.0 298.1 297.7 144.8 144.3 830.2(2)Adjustment to carrying value(6,196.4) (6,196.4)Borrowings 8, 3 7 7. 0 (6,196.4) 374.7 916.0 604.4 300.6 735.6 11,642.1Derivatives:Payable 2,404.4 111.2 112.9 205.0 92.1 198.3 1,684.9Receivable (2,120.5) (182.4) (170.0) (249.2) (126.3) (249.5) (1,143.1)(2)Adjustment to carrying value(508.2) (508.2)(3)Derivatives \u2013 net assets(224.3) (508.2) (71.2) ( 5 7.1 ) (44.2) (34.2) (51.2) 541.8A4 Financial risk management continuedAdjust-1 yearMore than (1)(2) GroupTotalment or less1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years At 31 March 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mBonds 11,289.3 13 7.6 138.6 589.7 267.2 130.0 10,026.2Bank and other term borrowings 2,041.2 332.3 133.4 268.9 269.5 131.4 905.7(2)Adjustment to carrying value(5,411.6) (5,411.6)Borrowings 7,918.9 (5,411.6) 469.9 272.0 858.6 536.7 261.4 10,931.9Derivatives:Payable* 1,209.5 42.5 59.5 58.9 146.3 41.1 861.2Receivable* (1,756.0) (123.0) (141.7) (122.2) (193.5) (86.5) (1,089.1)(2)Adjustment to carrying value*226.3 226.3(3)Derivatives \u2013 net assets(320.2) 226.3 (80.5) (82.2) (63.3) (47.2) (45.4) (227.9)* Re-presented (see footnote 3).Notes:(1) Forecast future cash flows are calculated, where applicable, using forward interest rates based on the interest environment at year end and are therefore susceptible to changes in market conditions. For index-linked debt it has been assumed that RPI will be 3 per cent and CPI will be 2 per cent over the life of each instrument.(2) The carrying value of debt is calculated following various methods in accordance with IFRS 9 \u2018Financial Instruments\u2019 and therefore this adjustment reconciles the undiscounted forecast future cash flows to the carrying value of debt in the statement of financial position, excluding \u00a358.3 million (2022: \u00a360.9 million) of lease liabilities.(3) The derivative balance includes swaps with a carrying value of \u00a34.3 million (2022: \u00a332.5 million) subject to optional break clauses that could be exercised within one year of the reporting date, and \u00a339.6 million (2022: \u00a3107.6 million) subject to optional break clauses that could be exercised in later periods. At the reporting date, it was considered highly unlikely that these break clauses would be exercised and so cash flows that could arise from the exercise of these optional break clauses are not included in this table. CompanyThe company has total borrowings of nil (2022: nil), which are payable within one year, and \u00a31,864.8 million (2022: \u00a31,799.9 million), which are payable within one to two years.Credit risk Credit risk arises principally from trading (the supply of services to customers) and treasury activities (the depositing of cash and holding of derivative instruments). While the opening of the non-household retail market to competition from 1 April 2017 has impacted on the profile of the group\u2019s concentration of credit risk, as discussed further below, the group does not believe it is exposed to any material concentrations that could have an impact on its ability to continue as a going concern or its longer-term viability.The group manages its risk from trading through the effective management of customer relationships. Concentrations of credit risk with respect to trade receivables from household customers are limited due to the customer base being comprised of a large number of unrelated households. However, collection can be challenging as the Water Industry Act 1991 (as amended by the Water Industry Act 1999) prohibits the disconnection of a water supply and the limiting of supply with the intention of enforcing payment for certain premises, including domestic dwellings.Following the non-household retail market opening to competition, credit risk in this area is now concentrated in a small number of retailers to whom the group provides wholesale water and wastewater services. Retailers are licensed and monitored by Ofwat and as part of the regulations they must demonstrate that they have adequate resources available to supply services. The credit terms for the group\u2019s retail customers are set out in market codes.In reaction to the impact of the COVID-19 pandemic, changes were made to the payment terms set out within the market codes. These changes provided the option for extended credit terms for retailers. However, this has now ended and all outstanding payments have been made. As at 31 March 2023, Water Plus was the group\u2019s single largest debtor, with amounts outstanding in relation to wholesale services of \u00a326.7 million (2022: \u00a328.6 million). During the year, sales to Water Plus in relation to wholesale services were \u00a3335.1 million (2022: \u00a3363.1 million). Details of transactions with Water Plus can be found in note A6.Under the group\u2019s revenue recognition policy, revenue is only recognised when collection of the resulting receivable is reasonably assured. Considering the above, the directors believe there is no further credit risk provision required in excess of the allowance for doubtful receivables (see note 15). The group manages its credit risk from treasury activities by establishing a total credit limit by counterparty, which comprises a counterparty credit limit and an additional settlement limit to cover intra-day gross settlement of cash flows. In addition, potential derivative exposure limits are established to take account of potential future exposure which may arise under derivative transactions. These limits are calculated by reference to a measure of capital and credit ratings of the individual counterparties and are subject to a maximum single counterparty limit.Credit limits are refreshed annually and reviewed in the event of any credit rating action. Additionally, a control mechanism to trigger a review of specific counterparty limits, irrespective of credit rating action, is in place. This entails daily monitoring of counterparty credit default swap levels and/or share price volatility. Credit exposure is monitored daily by the group\u2019s treasury function and is reported monthly to the treasury committee through the operational compliance report.A4 Financial risk management continuedAt 31 March 2023 and 31 March 2022, the maximum exposure to credit risk for the group and company is represented by the carrying amount of each financial asset in the statement of financial position: Group Company2023202220232022\u00a3m\u00a3m\u00a3m\u00a3mCash and short-term deposits (see note 16) 340.4 240.9 \u2013 \u2013Trade and other receivables (see note 15) 266.2 304.4 105.1 95.2Investments (see note 13)* \u2013 0.1 \u2013 \u2013Derivative financial instruments 4 7 7.1 457.4 \u2013 \u20131,083.8 1,002.8 105.1 95.2* Group investments relate to preference share holdings, which are financial instruments under IFRS 7 and should be included. Company investments relate to ordinary shares held in subsidiaries, which are not financial instruments under IFRS 7 and should not be included.The credit exposure on derivatives is disclosed gross of any collateral held. At 31 March 2023, the group held \u00a345.8 million (2022: \u00a349.2 million) as collateral in relation to derivative financial instruments. Market risk The group\u2019s exposure to market risk primarily results from its financing arrangements and the economic return which it is allowed on the regulatory capital value (RCV). The group uses a variety of financial instruments, including derivatives, to manage the exposure to these risks. Inflation riskThe group earns an economic return on its RCV, comprising a real return through revenues and an inflation return as an uplift to its RCV.For the 2020\u20132025 regulatory period, from 1 April 2020 the group\u2019s RCV is 50 per cent linked to RPI inflation and 50 per cent linked to CPIH inflation, with any new additions being added to the CPIH portion of the RCV.The group\u2019s inflation hedging policy aims to have around half of the group\u2019s net debt in index-linked form (where it is economic to do so), by issuing index-linked debt and/or swapping a portion of nominal debt. This is currently weighted towards RPI-linked form, with circa 75 per cent of the hedge linked to RPI and circa 25 per cent linked to CPI and/or CPIH. These weightings are consistent with the prior financial year.The group believes this is an appropriate inflation hedging policy, taking into account a balanced assessment of the following factors: economic hedge of United Utilities Water Limited\u2019s (UUW) RCV and revenues; cash flow timing mismatch between allowed cost of debt and the group\u2019s incurred cost of debt; the inflation risk premium that is generally incorporated into nominal debt costs; income statement volatility; hedging costs; debt maturity profile mismatch risk; and index-linked hedging positioning relative to the water sector.As a result of the evaluation of the above factors, the group continues to identify opportunities to maintain around 50 per cent of the group\u2019s net debt being hedged for inflation, which can be evidenced by the increase in the CPI/CPIH-linked hedge proportion over the past few years. Inflation risk is reported monthly to the treasury committee in the operational compliance report.The carrying value of index-linked debt held by the group, including the carrying value of the nominal debt swapped to CPI, was \u00a34,407.1 million at 31 March 2023 (2022: \u00a34,220.4 million).Sensitivity analysisThe following table details the sensitivity of profit before tax to changes in the RPI and CPI on the group\u2019s index-linked borrowings. The sensitivity analysis has been based on the amount of index-linked debt held at the reporting date and, as such, is not indicative of the years then ended. In addition, it excludes the impact of inflation on revenues and other income statement costs as well as the hedging aspect of the group\u2019s regulatory assets and post-retirement obligations.Group20232022Impact on profit before taxation and equity\u00a3m\u00a3m1% increase in RPI/CPI (40.1) (37.0)1% decrease in RPI/CPI 40.1 3 7.0The sensitivity analysis assumes a 1 per cent change in RPI and CPI having a corresponding 1 per cent impact on this position over a 12-month period. It should be noted, however, that there is a time lag by which current RPI and CPI changes impact on the income statement, and the analysis does not incorporate this factor. The portfolio of index-linked debt is calculated on either a three- or eight-month lag basis. Therefore, at the reporting date, the index-linked interest and principal adjustments impacting the income statement are fixed and based on the annual RPI or CPI change either three or eight months earlier.CompanyThe company had no material exposure to inflation risk at 31 March 2023 or 31 March 2022.Interest rate riskThe group\u2019s policy is to structure debt in a way that best matches its underlying assets and cash flows. The group currently earns an economic return on its RCV, comprising a real return through revenues, determined by the real cost of capital fixed by the regulator for each five-year regulatory pricing period, and an inflation return as an uplift to its RCV (see inflation risk section for changes being introduced by Ofwat to inflation indexation from 2020). A4 Financial risk management continuedFrom 1 April 2020, for the regulatory period to 2025, Ofwat has continued to set a fixed real cost of debt in relation to embedded debt (80 per cent of net debt), but has introduced a debt indexation mechanism in relation to new debt (20 per cent of net debt), where the allowed rate on new debt will vary in line with specific debt indices. The debt indexation mechanism will be settled as an end of regulatory period adjustment.Therefore, sterling index-linked debt is left unswapped at inception, in accordance with our inflation hedging policy goal to maintain around half of the group\u2019s net debt in index-linked form. Conventional nominal debt is hedged as set out below. Where conventional long-term debt is raised in a fixed-rate form, to manage exposure to long-term interest rates, the debt is generally swapped at inception to create a floating rate liability for the term of the liability through the use of interest rate swaps. These instruments are typically designated within a fair value accounting hedge.To manage the exposure to medium-term interest rates, the group fixes underlying interest rates on nominal debt out to 10 years in advance on a reducing balance basis. As such, at the start of each regulatory period, a proportion of the projected nominal net debt representing new debt for that regulatory period, will remain floating until it is fixed via the above 10-year reducing balance basis, which should approximate Ofwat\u2019s new debt indexation mechanism.This interest rate hedging policy dovetails with our inflation hedging policy should we need to swap a portion of nominal debt to real rate form to maintain our desired mix of nominal and index-linked debt.The group seeks to manage its risk by maintaining its interest rate exposure within a board-approved range. Interest rate risk is reported to the treasury committee through the operational compliance report.Sensitivity analysisThe following table details the sensitivity of the group\u2019s profit before tax and equity to changes in interest rates. The sensitivity analysis has been based on the amount of net debt and the interest rate hedge positions in place at the reporting date and, as such, is not indicative of the years then ended. Group Company2023202220232022Increase/(decrease) in profit before tax and equity\u00a3m\u00a3m\u00a3m\u00a3m1% increase in interest rate 91.0 89.5 (18.6) (18.0)1% decrease in interest rate (120.1) (94.3) 18.6 18.0The sensitivity analysis assumes that both fair value hedges and borrowings designated at fair value through profit or loss are effectively hedged and it excludes the impact on post-retirement obligations. The exposure largely relates to fair value movements on the group\u2019s fixed interest rate swaps, which manage the exposure to medium-term interest rates. Those swaps are not included in hedge relationships.Hedge accountingDetails regarding the interest rate swaps designated as hedging instruments to manage interest rate risk are summarised below:1 year or less 1 to 2 years 2 to 5 years Over 5 yearsNotional principal amount \u00a3m \u2013 450.0 300.0 1,125.0Average contracted fixed interest rate % \u2013 1.0 4.7 1.5This table represents the derivatives that are held in fair value hedging relationships, with the weighted average net fixed rate receivable across both legs to the swap disclosed. The SONIA/LIBOR credit adjustment spread has been assumed to form part of the fixed rate element of the payable leg, which is to be netted off against the fixed rate receivable leg for the purposes of the rates shown here. Further detail on the fair value hedging relationships is provided below:Fair value (gains)/losses*Nominal used for calculating hedgeHedge amount of Accumulated ineffectiveness for the year ineffective-hedging (1)Nominal Carrying fair value ended 31 March 2023ness instruments amount of amount of (gains)/losses recognised directly the hedging the hedging on hedged Hedged Hedging in the income impacted by instrumentsinstrumentsitemsitems instruments statementIBOR reformRisk exposure \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mInterest rate risk on borrowings 1,875.0 (164.2) (156.2) (197.1) 198.6 1.5 1,300.0Note:(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness exclude interest accruals and credit spread adjustments. The full impact of fair value movements on the income statement is disclosed in note 6.Currency risk Currency exposure principally arises in respect of funding raised in foreign currencies. To manage exposure to currency rates, foreign currency debt is hedged into sterling through the use of cross-currency swaps and these are often designated within a fair value accounting hedge. The group seeks to manage its risk by maintaining currency exposure within board-approved limits. Currency risk in relation to foreign currency denominated financial instruments is reported monthly to the treasury committee through the operational compliance report. The group and company have no material net exposure to movements in currency rates.A4 Financial risk management continuedHedge accountingDetails regarding the cross-currency interest rate swaps designated as hedging instruments to manage currency and interest rate risk are summarised below:1 year or less 1 to 2 years 2 to 5 years Over 5 yearsNotional principal amount \u00a3m \u2013 \u2013 216.2 3 7 7.7Average contracted fixed interest rate % \u2013 \u2013 1.4 1.0This table represents the derivatives that are held in fair value hedging relationships, with only the weighted average net receivable for the fixed interest rate elements of the swap disclosed. The SONIA/LIBOR credit adjustment spread has been assumed to form part of the fixed rate payable, which is to be netted off against the fixed rate receivable for the purposes of the rates shown here.Further detail on the fair value hedging relationships is provided below:Fair value (gains)/losses* Nominal used for calculating hedge Hedge amount of Accumulated ineffectiveness for the year ineffective-hedging (1)Nominal Carrying fair value ended 31 March 2023ness instrumentsamount of amount of (gains)/losses recognised directly the hedging the hedging on hedged Hedged Hedging in the income impacted by instrumentsinstrumentsitems itemsinstruments statementIBOR reformRisk exposure \u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mForeign currency and interest rate risk on borrowings 593.9 3.3 15.7 (16.0) 16.0 \u2013 442.8Note:(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes interest accruals and credit spread adjustments. The full impact of fair value movements on the income statement is disclosed in note 6.Interest rate benchmark reformGlobally, financial regulators are requiring that market participants cease using certain financial market benchmark reference rates (i.e. interbank offered rates, IBORs), and transition to the use of alternative nearly risk-free rates (RFRs).The only benchmark reference rate that the group was exposed to was GBP LIBOR, which ceased on 31 December 2021. In the run up to 31 December 2021, the group fully transitioned all of its financial instruments away from GBP LIBOR. Floating rate loans payable were re-documented to replace references to GBP LIBOR with appropriate sterling risk free rates or, where the maturity date was sufficiently short, repaid early to avoid re-documentation. Derivatives were transitioned away from GBP LIBOR by the group and all of its counterparties adhering to the ISDA 2020 IBOR fall-backs protocol, which has automatically replaced references in derivatives to GBP LIBOR with risk-free rates, and systems were upgraded to enable accurate recording and valuation of transitioned financial instruments. Inter-company loans and loans receivable with the group\u2019s principal joint venture have also been restructured to reference the Bank of England Base Rate.The group is not exposed to any other benchmark reference rate and so its activities in relation to interest rate benchmark reform are now complete.In August 2020, the IASB issued Interest Rate Benchmark Reform Phase II, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (the Phase II Amendments), and the group has applied all relevant amendments when accounting for the impact of the IBOR transition in the year. Applying the ISDA fall-back provisions in transitioning the group\u2019s derivative portfolio has maintained economic equivalence across the financial instruments held in fair value hedges and, as a result, immaterial hedge ineffectiveness was recorded in the group\u2019s income statement in the year. The amount of financial instruments that transitioned to alternative benchmarks is set out below. Non-derivative financial instruments are presented at their carrying value, with the derivatives at their nominal value, in order to give the fairest representation of the magnitude of instruments that transitioned to RFRs. In addition to the below, the group held \u00a3800 million of undrawn committed facilities as at 31 December 2021 that transitioned away from referencing LIBOR to reference sterling risk-free rates.Amountstransitionedto RFRType of financial instrument\u00a3mNon-derivative financial liabilities (pay GBP LIBOR) 501.6Derivative instruments (pay GBP LIBOR) 2,343.9Derivative instruments (receive GBP LIBOR) (2,822.1)Net position 23.4Notes to the financial statements \u2013 appendicesA4 Financial risk management continuedRepricing analysisThe following tables categorise the group\u2019s borrowings, derivatives and cash deposits on the basis of when they reprice or, if earlier, mature. The repricing analysis demonstrates the group\u2019s exposure to floating interest rate risk.Our largest concentration of floating interest rate risk is with index-linked instruments. This has been classified as repricing in one year or less due to the refixing of the interest charge with changes in RPI and CPI.1 yearMore than Group Total or less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years At 31 March 2023\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m Borrowings in fair value hedge relationshipsFixed rate instruments 2,332.3 \u2013 427.8 108.0 \u2013 431.9 1,364.6Effect of swaps \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u20132,332.3 \u2013 427.8 108.0 \u2013 431.9 1,364.6Borrowings designated at fair value through profit or lossFixed rate instruments 361.0 \u2013 \u2013 \u2013 \u2013 \u2013 361.0Effect of swaps \u2013 361.0 \u2013 \u2013 \u2013 \u2013 (361.0)361.0 361.0 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings measured at amortised costFixed rate instruments 970.4 46.8 1.2 1.5 2.7 1.7 916.5Floating rate instruments 842.0 842.0 \u2013 \u2013 \u2013 \u2013 \u2013Index-linked instruments 3,929.7 3,929.7 \u2013 \u2013 \u2013 \u2013 \u20135,742.1 4,818.5 1.2 1.5 2.7 1.7 916.5Effect of fixed hedge for the term of the regulatory period \u2013 (2,027.8) 200.0 200.0 389.8 99.5 1,138.5Total borrowings 8,435.4 3,151.7 629.0 309.5 392.5 533.1 3,419.6Cash and short-term deposits (340.4) (340.4) \u2013 \u2013 \u2013 \u2013 \u2013Net borrowings 8,095.0 2,811.3 629.0 309.5 392.5 533.1 3,419.61 yearMore than Group Total or less 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years At 31 March 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m Borrowings in fair value hedge relationshipsFixed rate instruments 2,494.0 \u2013 \u2013 441.2 103.7 \u2013 1,949.1Effect of swaps \u2013 2,494.0 \u2013 (441.2) (103.7) \u2013 (1,949.1)2,494.0 2,494.0 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings designated at fair value through profit or lossFixed rate instruments 369.9 \u2013 \u2013 \u2013 \u2013 \u2013 369.9Effect of swaps \u2013 369.9 \u2013 \u2013 \u2013 \u2013 (369.9)369.9 369.9 \u2013 \u2013 \u2013 \u2013 \u2013Borrowings measured at amortised costFixed rate instruments 924.9 50.1 1.1 1.9 3.2 1.4 86 7.2Floating rate instruments 508.3 508.3 \u2013 \u2013 \u2013 \u2013 \u2013Index-linked instruments 3,682.7 3,682.7 \u2013 \u2013 \u2013 \u2013 \u20135,115.9 4,241.1 1.1 1.9 3.2 1.4 8 6 7.2Effect of fixed hedge for the term of the regulatory period \u2013 (2,267.8) 575.0 350.0 200.0 \u2013 1,142.8Total borrowings 7,979.8 4,837.2 576.1 351.9 203.2 1.4 2,010.0Cash and short-term deposits (240.9) (240.9) \u2013 \u2013 \u2013 \u2013 \u2013Net borrowings 7,738.9 4,596.3 576.1 351.9 203.2 1.4 2,010.0A4 Financial risk management continued2023 2022 Total 1 year or less Total 1 year or less Company\u00a3m\u00a3m\u00a3m\u00a3mBorrowings measured at amortised costFloating rate instruments 1,864.8 1,864.8 1,799.9 1,799.9Total borrowings 1,864.8 1,864.8 1,799.9 1,799.9Electricity price riskThe group is allowed a fixed amount of revenue by the regulator, in real terms, to cover electricity costs for each five-year regulatory pricing period. To the extent that electricity prices remain floating over this period, this exposes the group to volatility in its operating cash flows. The group\u2019s policy, therefore, is to manage this risk by fixing a proportion of electricity commodity prices in a cost-effective manner. The group has fixed the price on a proportion of its anticipated net electricity usage out on a rolling four-year basis, partially through entering into electricity swap contracts.Hedge accountingDetails of electricity swaps designated as hedging instruments to manage electricity price risk are summarised below: 1 year or less 1 to 2 years 2 to 5 years Over 5 yearsNotional amount MWh 373,320 394,080 65,760 \u2013Average contracted fixed price \u00a3/MWh 83.19 80.80 359.50 \u2013Electricity swaps have been designated in cash flow hedge relationships. This means that only the impact of any hedging ineffectiveness is recognised through fair value in the income statement, with movements in the effective portion of the hedge being recognised in other comprehensive income.Fair value (gains)/losses used for Amount calculating reclassified hedge Hedge from the cash Carrying ineffectiveness ineffectiveness Cash flow flow hedge Nominal amount amount of for the year recognised hedge reserve reserve to of the hedging the hedging ended 31 March in the income excluding the income (1)instrumentinstrument2023statementeffects of tax statementRisk exposure \u00a3m\u00a3m\u00a3m \u00a3m\u00a3m\u00a3mElectricity price risk 105.0 25.5 87.3 \u2013 1 7.5 (36.6)Note:(1) The change in fair value of the hedging instruments used to measure hedge ineffectiveness excludes credit spread adjustments. The full impact of fair value movements on the income statement is disclosed in note 6.Capital risk management The group\u2019s objective when managing capital is to maintain efficient access to debt capital markets throughout the economic cycle. The board therefore believes that it is appropriate to maintain RCV gearing, measured as group consolidated net debt (including certain derivatives) to regulatory capital value (RCV) of UUW, within a target range of 55 per cent to 65 per cent. As at 31 March 2023, RCV gearing was within the range at 58 per cent (2022: 59 per cent). Assuming no significant changes to existing rating agencies\u2019 methodologies or sector risk assessments, the group aims to maintain long-term issuer credit ratings for UUW of at least A3 with Moody\u2019s Investors Service (Moody\u2019s) and BBB+ with S&P Global Ratings (S&P) and a senior unsecured debt rating for UUW of at least A- with Fitch Ratings (Fitch). Debt issued by UUW\u2019s financing subsidiary, United Utilities Water Finance PLC, is guaranteed by UUW and is therefore rated in line with UUW.To maintain its targeted credit ratings, the group needs to manage its capital structure with reference to the ratings methodology and measures used by Moody\u2019s, S&P and Fitch. The ratings methodology is normally based on a number of key ratios (such as RCV gearing, adjusted interest cover, post maintenance interest cover (PMICR), Funds from Operations (FFO) to debt, and debt to EBITDA) and threshold levels as updated and published from time to time by Moody\u2019s, S&P and Fitch. The group looks to manage its risk by maintaining the relevant key financial ratios used by the credit ratings agencies to determine a corporate\u2019s credit rating, within the thresholds approved by the board. Capital risk is reported monthly to the treasury committee through the operational compliance report.Further detail on the precise measures and methodologies used to assess water companies\u2019 credit ratings can be found in the methodology papers published by the rating agencies.A4 Financial risk management continuedFair valuesThe table below sets out the valuation basis of financial instruments held at fair value and financial instruments where fair value has been separately disclosed in the notes as the carrying value is not a reasonable approximation of fair value.Group Level 1 Level 2 Level 3 Total 2023\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or lossDerivative financial assets \u2013 fair value hedge \u2013 65.4 \u2013 65.4(1)Derivative financial assets \u2013 held for trading\u2013 352.0 \u2013 352.0Derivative financial assets \u2013 cash flow hedge \u2013 59.7 \u2013 59.7Financial liabilities at fair value through profit or lossDerivative financial liabilities \u2013 fair value hedge \u2013 (215.3) \u2013 (215.3)(1)Derivative financial liabilities \u2013held for trading\u2013 (3.4) \u2013 (3.4)Derivative financial assets \u2013 cash flow hedge \u2013 (34.1) \u2013 (34.1)Financial liabilities designated as fair value through profit or loss \u2013 (361.0) \u2013 (361.0)Financial instruments for which fair value has been disclosedFinancial liabilities in fair value hedge relationships (1,936.1) (374.0) \u2013 (2,310.1)Other financial liabilities (2,541.3) (2,858.7) \u2013 (5,400.0)(4,477.4) (3,369.2) \u2013 (7,846.6)Group Level 1 Level 2 Level 3 Total 2022\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets at fair value through profit or lossDerivative financial assets \u2013 fair value hedge \u2013 156.3 \u2013 156.3(1)Derivative financial assets \u2013 held for trading\u2013 190.1 \u2013 190.1Derivative financial assets \u2013 cash flow hedge \u2013 111.0 \u2013 111.0Investments \u2013 0.1 \u2013 0.1Financial liabilities at fair value through profit or lossDerivative financial liabilities \u2013 fair value hedge \u2013 (87.4) \u2013 (87.4)(1)Derivative financial liabilities \u2013held for trading\u2013 (49.8) \u2013 (49.8)Derivative financial liabilities \u2013 cash flow hedge \u2013 \u2013 \u2013 \u2013Financial liabilities designated as fair value through profit or loss \u2013 (369.9) \u2013 (369.9)Financial instruments for which fair value has been disclosedFinancial liabilities in fair value hedge relationships (2,206.6) (304.9) \u2013 (2,511.5)Other financial liabilities at amortised cost (2,383.8) (3,899.9) \u2013 (6,283.7)(4,590.4) (4,254.4) \u2013 (8,844.8)Note:(1) These derivatives form economic hedges and, as such, management intends to hold these through to maturity. Derivatives forming an economic hedge of the currency exposure on borrowings included in these balances were \u00a3133.9 million (2022: \u00a3130.1 million).\u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;\u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and\u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable).The group has calculated fair values using quoted prices where an active market exists, which has resulted in \u00a34,477.4 million (2022: \u00a34,590.4 million) of \u2018level 1\u2019 fair value measurements. In the absence of an appropriate quoted price, the group has applied discounted cash flow valuation models utilising market available data in line with prior years. The \u00a3113.0 million decrease (2022: \u00a3497.2 million decrease) in level 1 fair value measurements primarily reflects the rise in interest rates during the year.During the year, changes in the fair value of financial liabilities designated at fair value through profit or loss resulted in a \u00a320.6 million loss (2022: \u00a30.4 million loss). Included within this was a \u00a34.7 million gain (2022: \u00a34.2 million gain) attributable to changes in own credit risk, recognised in other comprehensive income. The cumulative amount due to changes in credit spread was \u00a335.2 million profit (2022: \u00a339.9 million profit). The carrying amount is \u00a3134.9 million (2022: \u00a3143.8 million) higher than the amount contracted to settle on maturity.CompanyThe company does not hold any financial instruments that are measured subsequent to initial recognition at fair value or where fair value has been separately disclosed in the notes as the carrying value is not a reasonable approximation of fair value.",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"pp-value-78-1": {
"value": "A6 Related party transactionsGroup Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.The related party transactions with the group\u2019s joint ventures and other related parties during the period, and amounts outstanding at the period end date, were as follows:20232022\u00a3m\u00a3mSales of services 335.1 363.1Charitable contributions advanced to related parties 0.2 0.1Purchases of goods and services (1.3) \u2013Costs recharged at nil margin under transitional service agreements \u2013 \u2013Interest income and fees recognised on loans to related parties 4.7 2.8Amounts owed by related parties 102.2 116.4Amounts owed to related parties \u2013 \u2013Sales of services to related parties mainly represent non-household wholesale charges to Water Plus that were billed and accrued during the period. These transactions were on market credit terms in respect of non-household wholesale charges, which are governed by the wholesale charging rules issued by Ofwat.Charitable contributions advanced to related parties during the year relate to amounts paid to Rivington Heritage Trust, a charitable company limited by guarantee for which United Utilities Water Limited is one of three guarantors. At 31 March 2023, amounts owed by joint ventures, as recorded within trade and other receivables in the statement of financial position, were \u00a3102.2 million (March 2022: \u00a3116.4 million), comprising \u00a326.7 million (March 2022: \u00a328.5 million) of trade balances, which are unsecured and will be settled in accordance with normal credit terms, and \u00a375.5 million (March 2022: \u00a380.4 million) relating to loans.Included within these loans receivable were the following amounts owed by Water Plus:\u2022 \u00a374.4 million (2022: \u00a379.4 million) outstanding on a \u00a395.0 million revolving credit facility provided by United Utilities PLC, with a maturity date of December 2026, bearing a floating rate interest rate of the Bank of England base rate plus a credit margin. This balance comprises \u00a375.5 million outstanding, net of a \u00a31.1 million allowance for expected credit losses (2022: \u00a380.5 million net of a \u00a31.1 million allowance for expected credit losses); and\u2022 \u00a31.4 million (2022: \u00a31.0 million) receivable being the \u00a311.0 million (2022: \u00a310.6 million) fair value of amounts owed in relation to a \u00a312.5 million unsecured loan note held by United Utilities PLC, with a maturity date of 28 March 2027, net of a \u00a30.1 million (2022: \u00a30.1 million) allowance for expected credit losses and \u00a39.5 million of the group\u2019s share of joint venture losses relating to historic periods as the loan note is deemed to be part of the group\u2019s long-term interest in Water Plus. This is a zero coupon shareholder loan with a total amount outstanding at 31 March 2023 and 31 March 2022 of \u00a312.5 million, comprising a \u00a311.0 million (2022: \u00a310.6 million) receivable representing the present value of the \u00a312.5 million payable at maturity discounted using an appropriate market rate of interest at the inception of the loan, and \u00a31.5 million (2022: \u00a31.9 million) recorded as an equity contribution to Water Plus recognised within interests in joint ventures.A6 Related party transactions continuedA further \u00a30.1 million (2022: \u00a31.4 million) of non-current receivables was owed by other related parties at 31 March 2023.During the year, United Utilities PLC provided guarantees in support of Water Plus in respect of certain amounts owed to wholesalers. The aggregate limit of these guarantees was \u00a348.9 million, of which \u00a326.0 million related to guarantees to United Utilities Water Limited. At 31 March 2023, amounts owed to related parties were nil (March 2022: nil). CompanyThe parent company receives dividend income and pays and receives interest to and from subsidiary undertakings in the normal course of business. Total dividend income received during the year amounted to \u00a3301.2 million (2022: \u00a3295.5 million) and total net interest payable during the year was \u00a355.8 million (2022: \u00a321.0 million). Amounts outstanding at 31 March 2023 and 31 March 2022 between the parent company and subsidiary undertakings are disclosed in notes 15, 17 and 21.At 31 March 2023 and 31 March 2022, no related party receivables and payables were secured and no guarantees were issued in respect thereof. Balances will be settled in accordance with normal credit terms. No allowance for doubtful receivables has been made for amounts owed by subsidiary undertakings as at 31 March 2023 and 31 March 2022.",
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"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"pp-value-80-1": {
"value": "Basis of consolidationThe group financial statements consolidate the financial statements of the company and entities controlled by the company (its subsidiaries), and incorporate the results of its share of joint ventures using the equity method of accounting. The results of subsidiaries and joint ventures acquired or disposed of during the year are included in the consolidated income statement from the date control is obtained or until the date that control ceases, as appropriate.Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used under the relevant local GAAP into line with those used by the group. Amounts attributable to non-controlling interests are presented separately in equity and total comprehensive income where material.SubsidiariesSubsidiaries are entities controlled by the group. Control is achieved where the group is exposed to, or has the rights to, variable returns from its involvement in an entity and has the ability to affect those returns through its power over the entity. In the parent company accounts, investments are held at cost less provision for impairment. All intra-group transactions, balances, income and expenses are eliminated on consolidation.Joint venturesJoint ventures are entities in which the group holds an interest on a long-term basis and which are jointly controlled with one or more parties under a contractual arrangement. The group\u2019s share of joint venture results and assets and liabilities is incorporated using the equity method of accounting. Under the equity method, an investment in a joint venture is initially recognised at cost and adjusted thereafter to recognise the group\u2019s share of the profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"pp-value-81-1": {
"value": "Revenue recognitionRevenue from the sale of water, wastewater and other services represents the fair value of the consideration receivable in the ordinary course of business for the goods and services provided, exclusive of value added tax and foreign sales tax. Where relevant, this includes an estimate of the sales value of units supplied to customers between the date of the last meter reading and the period end.There are two main areas of the group\u2019s activities considered to result in revenue being recognised:\u2022 the provision of core water and wastewater services, accounting for more than 96 per cent of the group\u2019s revenue; and \u2022 capital income streams relating to diversions work, and activities, typically performed opposite property developers, that facilitate the creation of an authorised connection through which properties can obtain water and wastewater services.The core water and wastewater services, which are deemed to be distinct performance obligations under the contracts with customers, follow the same pattern of transfer to the customer who simultaneously receives and consumes both of these services over time.Revenue is generally recognised at the time of delivery, with consideration given as to whether collection of the full amount under the contract is considered probable. Should the group consider that the criteria for revenue recognition has not been met for a transaction, revenue recognition would be delayed until such time as collectability is reasonably assured.Payments received in advance of revenue recognition are recorded as deferred income. This includes the revenue in respect of connection activities, itself a distinct performance obligation. The revenue in respect of these activities is released to the income statement over a period of 60 years, which is deemed to be the time over which the performance obligation for providing the connection is satisfied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-83-1": {
"value": "Operating profitOperating profit is stated after charging operational expenses but before investment income and finance expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-84-1": {
"value": "Borrowing costs and finance incomeExcept as noted below, all borrowing costs and finance income are recognised in the income statement on an accruals basis. Transaction costs that are directly attributable to the acquisition or issue of a financial asset or financial liability are included in the initial fair value of that instrument. Where borrowing costs are attributable to the acquisition, construction or production of a qualifying asset, such costs are capitalised as part of the specific asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"pp-value-85-1": {
"value": "TaxTax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Assessing the outcome of uncertain tax positions requires judgements to be made regarding the application of tax law and the result of negotiations with, and enquiries from, tax authorities. A current tax provision is only recognised when the group has a present obligation as a result of a past event and it is probable that the group will be required to settle that obligation to a taxing authority.Current taxCurrent tax is based on the taxable profit for the period and is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at each reporting date, and also includes any adjustment to tax payable in respect of previous years.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. Current tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the tax is dealt with in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"pp-value-86-1": {
"value": "Deferred taxDeferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are provided, using the liability method, on all taxable temporary differences at each reporting date. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted at each reporting date. The carrying amount of deferred tax assets is reviewed at each reporting date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.The carrying amount of deferred tax assets is reviewed at each reporting date and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited to equity, in which case the deferred tax is dealt with in equity.Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets because it is probable that these assets will be recovered. These deferred tax assets will be recovered against the deferred tax liabilities in relation to fixed assets which will reverse in the same periods.Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to income taxes levied by the same taxation authority and the group intends to settle its current assets and liabilities on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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"pp-value-88-1": {
"value": "Property, plant and equipmentProperty, plant and equipment comprises water and wastewaterinfrastructure assets and overground assets.The useful economic lives of these assets are primarily as follows:\u2022 Water and wastewater infrastructure assets: \u2212 Impounding reservoirs 200 years; \u2212 Mains and raw water aqueducts 30 to 300 years; \u2212 Sewers and sludge pipelines 60 to 300 years; \u2212 Sea outfalls 75 years;\u2022 Buildings 10 to 60 years;\u2022 Operational assets 5 to 80 years; and\u2022 Fixtures, fittings, tools and equipment 3 to 40 years.Employee and other related costs incurred in implementing the capital schemes of the group are capitalised. The group is required to evaluate the carrying values of propertyplant and equipment for impairment whenever circumstances indicate, in management\u2019s view, that the carrying value of such assets may not be recoverable. An impairment review requires management to make uncertain estimates concerning the cash flows, growth rates and discount rates of the cash generating units under review. Costs associated with a major inspection or overhaul of an asset or group of assets are capitalised within property, plant and equipment and depreciated over the period of time expected to elapse between major inspections or overhauls.Water and wastewater infrastructure assetsInfrastructure assets comprise a network of water and wastewatepipes and systems. Expenditure on the infrastructure assets, including borrowing costs where applicable, relating to increases in capacity or enhancements of the network, is treated as additions. Amounts incurred in maintaining the operating capability of the network in accordance with defined standards of service are expensed in the year in which the expenditure is incurred. Infrastructure assets are depreciated by writing off theircost (or deemed cost for infrastructure assets held on transition to IFRS), less the estimated residual value, evenly over their usefuleconomic lives.Other assetsAll other property, plant and equipment is stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items, including relevant borrowing costs, where applicable, for qualifying assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred. Freehold land and assets in the course of construction are not depreciated. Other assets are depreciated by writing off their cost, less their estimated residual value, evenly over their estimated useful economic lives, based on management\u2019s judgement and experience. Depreciation methods, residual values and useful economic lives are reassessed annually and, if necessary, changes are accounted for prospectively. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in other operating costs.Transfer of assets from customers and developersWhere the group receives from a customer or developer an item of property, plant and equipment (or cash to construct or acquire an item of property, plant and equipment) that the group must then use, either to connect the customer to the network, or to provide the customer with ongoing access to a supply of goods or services, or to do both, such items are capitalised at their fair value and included within property, plant and equipment, with a credit of the same amount to deferred grants and contributions. The assets are depreciated over their useful economic lives and the deferred contributions released to revenue over the 60 years, which is the estimated period over which an average connection through which the group provides water and wastewater services is expected to be in place (or where the receipt of property, plant and equipment is solely to connect the customer to the network, the deferred contribution is released immediately to revenue). This accounting treatment has been applied to transfers of assets from customers received on or after 1 July 2009. Assets transferred from customers or developers are accounted for at fair value. If no market exists for the assets then incremental cash flows are used to arrive at fair value.Intangible assetsIntangible assets are measured initially at cost and are amortised on a straight-line basis over their estimated useful economic lives. The carrying amount is reduced by any provision for impairment where necessary. On a business combination, as well as recording separable intangible assets already recognised in the statement of financial position of the acquired entity at their fair value, identifiable intangible assets that arise from contractual or other legal rights are also included in the acquisition statement of financial position at fair value. Internal expenditure is capitalised as internally generated intangibles only if it meets the criteria of IAS 38 \u2018Intangible Assets\u2019. Intangible assets, which relate primarily to computer software, are generally amortised over a period of three to 10 years.The group expenses costs incurred in the implementation and ongoing operation of computing systems built and delivered on a \u2018software as a service\u2019 (SaaS) basis and hosted in an external cloud environment. These do not generally give rise to an identifiable intangible asset that the group controls. In limited circumstances, costs incurred in association with the implementation and customisation of a SaaS system may enhance the group\u2019s existing digital infrastructure and would be expected to generate broader future economic benefit. Where this results in an identifiable intangible asset that the group controls, the costs are capitalised in accordance with IAS 38 and are subsequently amortised over a period of generally three to 10 years.Capitalisation of costs associated with regulatory price review programmesAs a regulated business the group\u2019s principal subsidiary, United Utilities Water Limited, is required to submit business plans to its regulator, Ofwat, on a cyclical basis. The costs to develop these business plans, which can be significant, largely relate to the development of material capital programmes to be delivered over the next five-year price control period. As such, the majorityof these costs are considered to be directly attributable to bringing capital solutions into working condition, giving rise to future economic benefit in the form of reduced project costs as the capital programme is delivered, and supporting the enhancement of the company\u2019s infrastructure network as a whole. Such costs are therefore capitalised within property, plant and equipment where appropriate, and depreciated over a period of five years as the economic benefit is realised through the delivery of the capital programme. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-92-1": {
"value": "Impairment of assets Where appropriate, assets are reviewed for impairment at each reporting date to determine whether there is any indication that those assets may have suffered an impairment loss. Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash generating unit to which the asset belongs.The recoverable amount is the higher of fair value less costs to sell, and value in use. Value in use represents the net present value of expected future cash flows, discounted on a pre-tax basis, using a rate that reflects current market assessments of the time value of money and the risks specific to the asset, for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amountof the asset (or cash generating unit) is reduced to its recoverable amount. Impairment losses in respect of non-current assets are recognised in the income statement within operating costs. Where an impairment loss subsequently reverses, the reversal is recognised in the income statement and the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not so as to exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-94-1": {
"value": "Non-current assets held for saleNon-current assets classified as held for sale are measured at the lower of carrying value and fair value less costs to sell. Non-current assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as having been met only when the sale is highly probable and the asset is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-95-1": {
"value": "Financial instrumentsFinancial assets and financial liabilities are recognised and derecognised in the group\u2019s statement of financial position on the trade date when the group becomes/ceases to be a party to the contractual provisions of the instrument.Cash and short-term depositsCash and short-term deposits include cash at bank and in hand, deposits and other short-term highly liquid investments which are readily convertible into known amounts of cash, have a maturity of three months or less from the date of acquisition and which are subject to an insignificant risk of change in value. In the consolidated statement of cash flows and related notes, cash and cash equivalents include cash and short-term deposits, net of book overdrafts.Financial investmentsInvestments (other than interests in subsidiaries, joint ventures and fixed deposits) are initially measured at fair value, including transaction costs. Investments classified as financial assets measured at fair value through profit or loss (FVPL) in accordance with IFRS 9 \u2018Financial Instruments\u2019 are measured at subsequent reporting dates at fair value. Gains and losses arising from changes in fair value are recognised in the net profit or loss for the period. The business model employed in respect of financial assets is that of a hold-to-collect model.Trade and other receivablesTrade and other receivables are initially measured at fair value on initial recognition. Trade and other receivables are held within a business model to collect contractual cash flows which comprise solely payments of principal and interest on the principal amount outstanding. After initial recognition, trade and other receivables are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. At each reporting date, the group evaluates the estimated recoverability of trade and other receivables and records allowances for expected credit losses. An allowance is recognised where there is objective evidence the group will be unable to collect all of the amount due. The receivable is recognised at the recoverable amount and the difference between the amortised cost and the recoverable amount is recorded as an expense within the profit and loss account. The group estimates the expected credit loss on trade and other receivables applying the simplified approach as permitted under IFRS 9. For trade and other receivables that are assessed as not impaired individually, the expected credit loss is estimated based on the group\u2019s historical experience of cash collection and the incorporation of forward-looking information.Trade payablesTrade payables are initially measured at fair value and are subsequently measured at amortised cost.Financial liabilities and equityFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.Equity instrumentsEquity instruments issued by the group are recorded at the proceeds received, net of direct issue costs.BorrowingsThe group\u2019s default treatment is that bonds and loans are initially measured at fair value, being the cash proceeds received net of any direct issue costs. They are subsequently measured at amortised cost applying the effective interest method. The difference between the net cash proceeds received at inception and the principal cash flows due at maturity is accrued over the term of the borrowing. The default treatment of measuring at amortised cost, while associated hedging derivatives are recognised at fair value, presents an accounting measurement mismatch that has the potential to introduce considerable volatility to both the income statement and the statement of financial position. Therefore, where feasible, the group takes advantage of the provisions under IFRS 9 \u2018Financial Instruments\u2019 to make fair value adjustments to its borrowing instruments to reduce this volatility and better represent the economic hedges that exist between the group\u2019s borrowings and associated derivative contracts. Where feasible, the group designates its financial instruments within fair value hedge relationships. To apply fair value hedge accounting, it must be demonstrated that there is an economic relationship between the borrowing instrument and the hedging derivative and that the designated hedge ratio is consistent with the group\u2019s risk management strategy.Borrowings designated within a fair value hedge relationshipWhere designated, bonds and loans are initially measured at fair value, being the cash proceeds received net of any direct issue costs. They are subsequently adjusted for any change in fair value attributable to the risk being hedged at each reporting date, with the change being charged or credited to finance expense in the income statement. Hedge accounting is discontinued prospectively when the hedging instrument is sold, terminated or exercised, or where the hedge relationship no longer qualifies for hedge accounting.Borrowings designated at fair value through profit or lossDesignation is made where the requirements to designate within a fair value hedge cannot be met at inception despite there being significant fair value offset between the borrowing and the hedging derivative. Where designated, bonds and loans are initially measured at fair value being the cash proceeds received, and are subsequently measured at fair value at each reporting date, with changes in fair value being charged or credited to finance expense in the income statement.Under the provisions of IFRS 9 \u2018Financial Instruments\u2019, changes in the group\u2019s own credit risk are recognised in other comprehensive income.Derivative financial instrumentsThe group\u2019s default treatment is that derivative financial instruments are measured at fair value at each reporting date, with changes in fair value being charged or credited to finance expense in the income statement. The group enters into financial derivatives contracts to manage its financial exposure to changes in market rates (see note A4).Derivative financial instruments designated within a cash flow hedge relationship Gains or losses resulting from the effective portion of the hedging instrument are recognised in other comprehensive income and in the cash flow hedge reserve with any remaining gains or losses recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and cumulative change in fair value of the hedged item. At the maturity date, amounts paid/ received are recognised against operating expenses in the income statement. Upon discontinuation of a cash flow hedge, the amount accumulated in other comprehensive income remains in the cash flow hedge reserve if the hedged future cash flows are still expected to occur. Otherwise the amount is immediately reclassified to the income statement.Derivatives and borrowings \u2013 valuationWhere an active market exists, designated borrowings and derivatives recorded at fair value are valued using quoted market prices. Otherwise, they are valued using a net present value valuation model. The model uses applicable interest rate curve data at each reporting date to determine any floating cash flows. Projected future cash flows associated with each financial instrument are discounted to the reporting date using discount factors derived from the applicable interest curves adjusted for counterparty credit risk where appropriate. Discounted foreign currency cash flows are converted into sterling at the spot exchange rate at each reporting date. Assumptions are made with regard to credit spreads based on indicative pricing data. The valuation of debt designated in a fair value hedge relationship is calculated based on the risk being hedged as prescribed by IFRS 9 \u2018Financial Instruments\u2019. The group\u2019s policy is to hedge its exposure to changes in the applicable underlying interest rate and it is this portion of the cash flows that is included in the valuation model (excluding any applicable company credit risk spread). The valuation of debt designated at fair value through the profit or loss incorporates an assumed credit risk spread in the applicable discount factor. Credit spreads are determined based on indicative pricing data.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-107-1": {
"value": "InventoriesInventories are stated at the lower of cost and net realisable value. For properties held for resale, cost includes the cost of acquiring and developing the sites, including borrowing costs where applicable. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-108-1": {
"value": "Employee benefitsRetirement benefit obligationsThe group operates two defined benefit pension schemes, which are independent of the group\u2019s finances, for its employees. Actuarial valuations to determine the funding of the schemes, along with future contribution rates, are carried out by the pension scheme actuary as directed by the trustees at intervals of not more than three years. In any intervening years, the trustees review the continuing appropriateness of the funding and contribution rates.From a financial reporting perspective and in accordance with IAS 19 \u2018Employee Benefits\u2019, defined benefit assets are measured at fair value while liabilities are measured at present value, using the projected unit credit method. The difference between the two amounts is recognised as a surplus or obligation in the statement of financial position. Where this difference results in a defined benefit surplus, this is recognised in accordance with IFRIC 14 \u2018IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019, on the basis that the group has an unconditional right to a refund of any surplus that may exist following the full settlement of plan liabilities in a single event. The pension cost under IAS 19 is assessed in accordance with the advice of a firm of actuaries based on the latest actuarial valuation and assumptions determined by the actuary, which are used to estimate the present value of defined benefit obligations. The assumptions are based on information supplied to the actuary by the company, supplemented by discussions between the actuary and management. The assumptions are disclosed in note A5.The cost of providing pension benefits to employees relating to the current year\u2019s service (including curtailment gains and losses) is included within employee benefits expense, while the interest on the schemes\u2019 assets and liabilities is included within investment income and finance expense respectively. Remeasurement gains/losses on scheme assets and liabilities are presented in other comprehensive income. In addition, the group operates a defined contribution pension section within the United Utilities Pension Scheme. Payments are charged as employee costs as they fall due. The group has no further payment obligations once the contributions have been paid.Share-based compensation arrangementsThe group operates equity-settled, share-based compensation plans, issued to certain employees. The equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on estimates of the number of options that are expected to vest. Fair value is based on simulation models, according to the relevant measures of performance. The group has the option to settle some of these equity-settled share-based payments in cash. At each reporting date, the group revises its estimate of the number of options that are expected to become exercisable with the impact of any revision being recognised in the income statement, and a corresponding adjustment to equity over the remaining vesting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-111-1": {
"value": "ProvisionsProvisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Expenditure that relates to an existing condition caused by past operations that does not contribute to current or future earnings is expensed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-112-1": {
"value": "Foreign currency translationTransactions and balancesTransactions in foreign currencies are recorded at the exchange rates applicable on the dates of the transactions. At each reporting date, monetary assets and liabilities denominated in foreign currencies are translated into sterling at the relevant rates of exchange applicable on that date. Gains and losses arising on retranslation are included in net profit or loss for the period. Exchange differences arising on investments in equity instruments classified as fair value through other comprehensive income are included in the gains or losses arising from changes in fair value which are recognised directly in equity. To hedge its exposure to certain foreign exchange risks, the group enters into contracts for derivative instruments (see note A4).Group companiesOn consolidation, the statements of financial position of overseas subsidiaries and joint ventures (none of which has the currency of a hyperinflationary economy) are translated into sterling at exchange rates applicable at each reporting date. The income statements are translated into sterling using the average rate unless exchange rates fluctuate significantly, in which case the exchange rate at the date the transaction occurred is used. Exchange differences resulting from the translation of such statements of financial position at rates prevailing at the beginning and end of the period, together with the differences between income statements translated at average rates and rates ruling at the period end, are dealt with as movements on the group\u2019s cumulative exchange reserve, a separate component of equity. Such translation differences are recognised as income or expense in the period in which the operation is disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-113-1": {
"value": "Grants and contributionsGrants and contributions receivable in respect of property, plant and equipment are treated as deferred income, which is credited to the income statement over the estimated useful economic lives of the related assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-114-1": {
"value": "LeasesAt inception of a contract the group assesses whether a contract is, or contains, a lease. Where a lease is present, a right-of-use asset and lease liability is recognised at the commencement date. The lease liability is measured at the present value of future lease payments due over the term of the lease, with the right-of use asset recognised as property, plant and equipment at cost. This is generally equivalent to the initial measurement of the lease liability. The group has elected to apply a practical expedient permitted by IFRS 16 whereby for the fixtures, fittings, tools and equipment asset class of leases the lease and non-lease components of the contracts are not separated, and instead are both accounted for as if they were a single lease component. Where non-lease components exist they are embedded within the lease payments, and the group deems that separation of such contracts into their constituent parts for this asset class would generally not be practicable nor have a material effect on the financial statements. IFRS 16 requires that where this practical expedient is applied, it is applied to the entire class of similar assets. The group has not applied this expedient to the remaining lease asset classes. Non-lease components include service charges, maintenance charges, and monitoring charges. For lease asset classes where the expedient has not been applied, non-lease components are excluded from the projection of future lease payments and are recorded separately within operating costs on a straight-line basis. Lease payments are discounted using the group\u2019s incremental rate of borrowing if the interest rate implicit in the lease cannot be readily determined. For materially all of the group\u2019s leases, the group\u2019s incremental rate of borrowing is used. This rate is calculated using a number of inputs, being observable risk-free gilt rates, specific data based on bonds already in circulation for the relevant group company, as well as data from the wider utility sector. Further adjustments for payment profile and the term of the lease are made. After the commencement date, the lease liability is increased for the accretion of interest (being the unwinding of the discounting applied to future lease payments) and reduced by lease payments made. In addition to this the carrying amount is updated to reflect any remeasurement or lease modifications. Remeasurements are typically required as a result of rent reviews or changes to the lease term. In these cases a corresponding adjustment to the right-of-use asset is made. Depreciation of right-of-use assets is charged on a straight-line basis over the term of the lease. Where leases have a term of less than 12 months from the commencement date and do not have a purchase option, the group applies the short-term lease recognition exemption available under IFRS 16. The group applies the low value recognition exemption permitted by the standard to leases of assets with a value of less than \u00a32,500. Payments for short-term and low value leases are instead charged to operating costs on a straight-line basis over the period of the lease.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-115-1": {
"value": "Statement of cash flowsGrants and contributions receivedGrants and contributions received arise from transactions with customers, typically property developers that result in the expansion of the group\u2019s water and wastewater network and therefore its fixed asset base. Given that these grants and contributions are used to fund expenditure that results in the enhancement of the group\u2019s network assets, the cash inflows are classified within investing activities in the period.Interest payments and receiptsIIFRS allows interest payments and interest receipts to be classified within operating activities or financing activities/ investing activities. The group classifies interest payments and interest receipts within operating activities, with management viewing these in conjunction with other operating cash flows in assessing the ability of the group to maintain its operating capability.Support costsCosts of time and resources incurred by the group\u2019s support functions that is capitalised in the period (see page 237) is included in purchase of property, plant and equipment within investing activities. These cash flows represent expenditures that have been made for resources intended to generate future income and cash flows, and the group deem these to therefore meet the definition of an investing activity.Cash flows on derivativesThe cash flows on derivatives as a result of the group\u2019s hedging activities are presented together with the cash flows relating to the underlying hedged item to provide a more faithful representation of the substance of the transaction.Taxes paidTaxes paid by the group are presented as cash flows from operating activities. The group deem it impracticable to identify the tax cash flows with respect to individual transactions, which may themselves be presented in investing activities or financing activities, and instead present total tax cash flows as operating activities. Dividend receiptsDividends received from joint ventures have been presented in investing activities, with these cash receipts deemed to represent a return on investments previously made by the group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f78527": {
"value": "North West of England",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"pp-value-119-1": {
"value": "United Utilities Group PLC Haweswater House Lingley Mere Business Park Lingley Green Avenue Great Sankey Warrington WA5 3LP",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138002IEYQAOC88ZJ59",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}