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"value": "1 Accounting Policies Basis of preparation The Group\u2019s accounting policies as applied for the year ended 30 September 2024 are based on all International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) which have been adopted by the EU, including International Accounting Standards (IAS) and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC). The principal accounting policies which have been applied consistently are: Basis of accounting The consolidated financial statements have been prepared under the historic cost convention as modified by the revaluation of investment properties and derivative financial instruments. Basis of consolidation The Group\u2019s consolidated financial information for the year ended 30 September 2024 comprises the Company and its subsidiaries. The Company\u2019s subsidiaries are the entities over which the Company has control. Control is determined by the Company\u2019s power over the investee, its exposure, or rights, to variable returns and its ability to use its power over the investee to affect the amount of the returns to the Company. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling interest\u2019s share of changes in equity since the date of the combination. The consolidated financial information includes the Group\u2019s share of the post-tax results and net assets under IFRS of the jointly controlled entities using the equity method of accounting. Equity accounting is a method of accounting by which an equity investment is initially recorded at cost and subsequently adjusted to reflect the investor\u2019s share of the net profit or loss of the investee. Jointly controlled entities are those entities over which the Group has joint control with one or more other parties and over which there must be unanimous consent by all parties to the strategic, financial, and operating decisions. Under Article 105 (11) of the Companies (Jersey) Law 1991 (\u201cthe Law\u201d), the Directors of a holding company need not prepare separate financial statements if consolidated accounts for the Company are prepared, unless required to do so by the members of the Company by ordinary resolution. The members of the Company had not passed a resolution requiring separate financial statements and, in the opinion of the Directors, the Company meets the definition of a holding company as set out in the Law. As permitted by the Law, the Directors have elected not to prepare separate financial statements. Going Concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman\u2019s Statement (see page 9). The financial position of the Group, its cash flow and its liquidity position are described in the Financial Review (see page 50). In addition, note 21 to the financial statements includes the Group\u2019s objectives, policies, and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to risks. The Group has sufficient financial resources together with many customers both corporate and individual. Therefore, the Directors believe that the Group is well placed to manage its business risks successfully. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements and in making the viability statement on page 55. Foreign currencies The functional and presentational currency of the Company is Pounds sterling. Transactions in currencies other than sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising on translation are included in net profit or loss for the year. Revenue The Group recognises revenue from the following services: i) Energy sales Energy sales revenue is recognised on the basis of energy sold to customers during the period as well as fixed daily charges. Revenue from energy sales is therefore accounted \u201cover time\u201d according to data received from the live smart-meters. Where meters have a temporary break in communication, it may include an estimated assessment of energy supplied to customers during the period of broken communications, using historical consumption patterns. Service connections revenue is derived from the provision of a connection to an existing mains cable, laying required infrastructure to the boundary of a customer\u2019s property and connecting to their domestic supply. Management considers that the combination of these activities comprises a distinct performance obligation to the customer. Service connection income is recognised at the point in time that the service is complete. Capital contributions arise where a property developer is charged for the provision of a first-time supply to the property/properties. These charges cover the immediate infrastructure requirements as well as future investment needed to meet the additional demands placed on existing network infrastructure from new connections. Management considers that the obligation to invest in the network is highly interrelated with the ongoing and future obligation to provide electricity supply services, particularly to maintain continuous supplies into the future. The investment in the network from the infrastructure charges enables the Group to continue providing value to the customer through the supply of electricity. The associated asset arises from the investment in the network and therefore the Group recognises infrastructure income through revenue on a straight-line basis over the life of the associated asset. Capital contributions are initially recorded within deferred income and recognised over the life of the investment to which they relate. ii) Retail Revenue resulting from the sales of goods within our retail business is recognised on sale to the customer at that point in time, as this is the point at which the Company recognises the transfer of risks and rewards. Retail additionally sells service contracts to customers where the obligations to the customer are recognised as revenue on a monthly basis for the duration of the service contract. iii) Building Services Revenue within JEBS, our contracting and building services business, is recognised as the service is provided. JEBS recognises the revenue over time driven by the stage of completion for each contract, which is usually assessed by reference to costs incurred over the same period. iv) Property Rental income is accrued monthly on a straight line basis over the term of the rental agreement. v) Other IRU Indefeasible rights of use (IRU) sales are recognised as the service is provided over the term of the contract. Through Jersey Electricity\u2019s interest in submarine cables, the Group has the ability to sell dark fibre to telecom network operators seeking to extend their own networks through IRU agreements. Income from IRUs where an IRU agreement does not transfer substantially all the risks and benefits of ownership to the buyer or is deemed not to extend for substantially all of the assets\u2019 expected useful lives, is recognised on a straight-line basis over the life of the agreement. Where agreements extend for substantially all the assets\u2019 expected useful lives and transfer substantially all the risks and benefits of ownership to the buyer, the resulting profit/ (loss) is recognised in the consolidated income statement as a gain/(loss) on disposal of fixed assets. Jendev Revenue from Jendev arises from ongoing support contracts and implementation and development contracts. Revenue from ongoing support contracts are recognised on a straight-line basis over the term of the contract. Revenue from implementation and development contracts is recognised based on the stage of completion for each contract driven by the cost of work performed. Jersey Deep Freeze Jersey Deep Freeze is a 51% (2023: 51%) controlled subsidiary. Revenues are derived from the provision of goods and service contracts. Revenue from the provision of goods is recognised at point of delivery to the customer. Revenue from service contracts is recognised on a straight-line basis over the term of the contract. vi) Interest free financing Both retail customers and those wishing to fuel switch to electric heating can qualify for interest free credit terms. Where financing is provided, repayment terms are typically up to five years. As such a deemed interest charge is calculated on an annual basis and offset against revenue. Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from 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 not taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable profits. Deferred tax is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is calculated at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, on a non- discounted basis, and is recorded in the income statement, except where it relates to items recorded to equity via other comprehensive income, in which case the deferred tax is also dealt with in that statement. Intangible assets The costs of acquired computer software are capitalised based on the costs incurred to acquire and bring to use the specific software and are amortised over their useful lives. Costs directly associated with the development of computer software programmes that will generate economic benefits over a period in excess of one year are capitalised and amortised over their estimated useful lives. Costs include employee costs relating to software development and an appropriate proportion of directly attributable overheads. Amortisation is charged on a straight-line basis over its expected useful life which is estimated to be up to four years. Property, plant and equipment Property, plant and equipment (\u201cPPE\u201d) excludes investment property and is stated at cost less accumulated depreciation and impairment losses. For assets under construction, all costs incurred which are directly attributable to bringing the asset into use, including direct materials and labour costs are capitalised as incurred. Assets are depreciated on the straight-line method to their expected residual values over their estimated useful lives. Property, plant and equipment under the course of construction is not depreciated until it is commissioned. Owner-occupied property is classified within PPE. Depreciation is charged as follows: Buildings Up to 50 years Plant, mains cables and services Up to 60 years Interlinks Up to 30 years Other, which includes: Fixtures and fittings Vehicles Computer equipment Up to 15 years Up to 10 years Up to 4 years 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 the consolidated income statement. Customer contributions in respect of additions to plant are treated as deferred income within trade and other payables which is classified between current and non-current liabilities and released to the income statement over the estimated operational lives of the related assets. Right of use assets Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received and an estimate of costs expected to be incurred to dismantle and remove the underlying asset, and restoring the site or asset to its original condition under the terms of the lease. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. Impairment of property, plant, equipment and intangible assets At the end of each reporting period, the Group reviews the carrying amounts of its PPE and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount 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 amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the consolidated income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is stated as a revaluation increase. Investment properties Investment properties are stated at fair value at the balance sheet date. Gains or losses arising from changes in the fair value of investment properties are included in the consolidated income statement for the period in which they arise. The Group\u2019s policy on freehold properties is to classify it as an investment property both when the property is held for capital appreciation or rental purposes and when it is fully occupied by external tenants. Investment in a joint arrangement The results, assets and liabilities of the joint arrangement are incorporated using the equity method. Investment in the joint arrangement is therefore carried in the consolidated balance sheet at cost as adjusted by changes in the Group\u2019s share of net assets, less any impairment. Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour and overheads that have been incurred in bringing the inventories to their location and condition at year end. Cost is calculated using the weighted average method. The net realisable value represents the estimated selling price. Financial instruments Cash and cash equivalents Cash and cash equivalents comprise cash and short-term deposits with an original maturity of three months or less. Short-term investments Short-term investments comprise cash deposits which are readily convertible to a known amount of cash, subject to an insignificant risk of change in value. Trade and other receivables Trade receivables are initially recognised at invoice value which is deemed to be fair value and do not carry any interest and are reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group\u2019s assessment for calculating expected credit losses is made by reference to its historical collection experience, including comparisons of the relative age of the individual balance and the consideration of the actual write-off history. The provisioning rates applied in the calculation are reviewed on an annual basis to reflect the latest historical collection performance data and management\u2019s expectation of future performance and industry trends. Furthermore, where the Group has assessed a known risk of recoverability relating to known customers these balances are provided for in full. Trade and other payables Trade and other payables are initially recognised at invoice value which is deemed to be fair value and are not interest bearing and are subsequently stated at their amortised cost. Amortised cost is considered by the Directors to be equivalent to invoiced value. Borrowings Borrowings are measured at amortised cost using the effective interest method. Interest expense is recognised by applying the effective interest rate. Derivative financial instruments Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. Changes in the fair value of derivative financial instruments which are designated as highly effective hedges of future cash flows are recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the consolidated income statement. When hedges mature that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are recognised in the consolidated income statement in the same period in which the hedged item affects net profit or loss. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the consolidated income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Until that time, any cumulative gain or loss on the hedging instrument recognised in other comprehensive income is kept in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss that has been recognised in other comprehensive income is transferred to the consolidated income statement. Following the adoption of IFRS 9 and as permitted by this standard, the Group has elected to continue to apply the hedge accounting requirements of IAS 39. This policy choice will be periodically reviewed to consider any changes in our risk management activities. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated income statement in the period in which they occurred. Dividends Dividends are recorded in the Group\u2019s financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are paid. Share capital Ordinary shares are classified as equity. Mandatorily redeemable preference shares are classified as liabilities. Incremental costs directly attributable to the issue of new shares or options are shown as a deduction, net of tax, from the proceeds. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate. Provisions are included within Trade and other payables. Retirement benefits The Company provides pensions through both a defined contributions scheme and a defined benefit scheme. In the latter the cost of providing benefits is determined using the projected unit credit method, with full actuarial valuations being carried out at a minimum every three years. Actuarial gains and losses are recognised in full, directly in retained earnings in the period in which they occur and are shown in the statement of comprehensive income. The net figure derived from the current service cost element of the pension charge, the expected return on pension scheme assets and interest on pension scheme liabilities, including past service cost, is deducted in arriving at operating profit. Retirement benefits recorded in the balance sheet represent the net financial position of the Group\u2019s defined benefit pension scheme. Under the Scheme regulations, following settlement of the final obligation by the Trust, any remaining surplus held by the fund would be passed back to the Company. Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are not separately disclosed due to their immaterial value. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest because of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reservesAccounting developments In preparing these Consolidated Financial Statements, the Group has applied all relevant IFRS, IAS and Interpretations issued by the IFRIC which have been adopted by the EU as of the date of approval of these Consolidated Financial Statements. The following new accounting standards, amendments to existing accounting standards and/or interpretations of existing accounting standards are mandatory for the current period and have been adopted by the Group. All other new standards, amendments to existing standards and new interpretations that are mandatory for the current year have no bearing on the operating activities and disclosures of the Group and consequently have not been listed. The Group has not adopted any new standards or interpretations that are not mandatory. New standards, amendments and interpretations effective or adopted by the Group. IFRS 17 \u2018Insurance contracts\u2019 became effective from 1 January 2023 (1 October 2023 for the Group). The results of an impact assessment of the Standard indicated that the Group does not enter into contracts that currently meet the definitions and scope of IFRS 17. Therefore, there has been no past or present impact on the presentation of these financial statements. Amendments to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019 became effective from 1 January 2023 (1 October 2023 for the Group). Adoption of the amendment has not resulted in a difference in net deferred tax balances within the consolidated financial statements of the Group. New standards, amendments and interpretations issued, but not yet adopted by the Group A number of standards, amendments and interpretations have been issued but not yet adopted by the Group within these financial statements, because application is not yet mandatory or because UK adoption remains outstanding at the date the financial statements were authorised for issue, including: Amendment to IAS 1 - Non-current liabilities with covenants is effective from 1 January 2024 (1 October 2024 for the Group) looks to clarify how conditions which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these. The covenant terms relating to the Group\u2019s loan of \u00a330m are already disclosed in note 15. The amendment to the Standard will be reviewed to ensure continued compliance with disclosures related to this loan. Amendment to IAS 7 and IFRS 7 - Supplier finance is effective from 1 January 2024 (1 October 2024 for the Group) and requires disclosures to enhance the transparency of supplier finance arrangements and their effects on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB\u2019s response to investors\u2019 concerns that some companies\u2019 supplier finance arrangements are not sufficiently visible, hindering investors\u2019 analysis. The amendment to the Standards will be reviewed to ensure continued compliance with disclosure requirements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-270": {
"value": "1 Accounting Policies Basis of preparation The Group\u2019s accounting policies as applied for the year ended 30 September 2024 are based on all International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) which have been adopted by the EU, including International Accounting Standards (IAS) and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC). The principal accounting policies which have been applied consistently are: Basis of accounting The consolidated financial statements have been prepared under the historic cost convention as modified by the revaluation of investment properties and derivative financial instruments. Basis of consolidation The Group\u2019s consolidated financial information for the year ended 30 September 2024 comprises the Company and its subsidiaries. The Company\u2019s subsidiaries are the entities over which the Company has control. Control is determined by the Company\u2019s power over the investee, its exposure, or rights, to variable returns and its ability to use its power over the investee to affect the amount of the returns to the Company. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling interest\u2019s share of changes in equity since the date of the combination. The consolidated financial information includes the Group\u2019s share of the post-tax results and net assets under IFRS of the jointly controlled entities using the equity method of accounting. Equity accounting is a method of accounting by which an equity investment is initially recorded at cost and subsequently adjusted to reflect the investor\u2019s share of the net profit or loss of the investee. Jointly controlled entities are those entities over which the Group has joint control with one or more other parties and over which there must be unanimous consent by all parties to the strategic, financial, and operating decisions. Under Article 105 (11) of the Companies (Jersey) Law 1991 (\u201cthe Law\u201d), the Directors of a holding company need not prepare separate financial statements if consolidated accounts for the Company are prepared, unless required to do so by the members of the Company by ordinary resolution. The members of the Company had not passed a resolution requiring separate financial statements and, in the opinion of the Directors, the Company meets the definition of a holding company as set out in the Law. As permitted by the Law, the Directors have elected not to prepare separate financial statements. Going Concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman\u2019s Statement (see page 9). The financial position of the Group, its cash flow and its liquidity position are described in the Financial Review (see page 50). In addition, note 21 to the financial statements includes the Group\u2019s objectives, policies, and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to risks. The Group has sufficient financial resources together with many customers both corporate and individual. Therefore, the Directors believe that the Group is well placed to manage its business risks successfully. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements and in making the viability statement on page 55. Foreign currencies The functional and presentational currency of the Company is Pounds sterling. Transactions in currencies other than sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising on translation are included in net profit or loss for the year. Revenue The Group recognises revenue from the following services: i) Energy sales Energy sales revenue is recognised on the basis of energy sold to customers during the period as well as fixed daily charges. Revenue from energy sales is therefore accounted \u201cover time\u201d according to data received from the live smart-meters. Where meters have a temporary break in communication, it may include an estimated assessment of energy supplied to customers during the period of broken communications, using historical consumption patterns. Service connections revenue is derived from the provision of a connection to an existing mains cable, laying required infrastructure to the boundary of a customer\u2019s property and connecting to their domestic supply. Management considers that the combination of these activities comprises a distinct performance obligation to the customer. Service connection income is recognised at the point in time that the service is complete. Capital contributions arise where a property developer is charged for the provision of a first-time supply to the property/properties. These charges cover the immediate infrastructure requirements as well as future investment needed to meet the additional demands placed on existing network infrastructure from new connections. Management considers that the obligation to invest in the network is highly interrelated with the ongoing and future obligation to provide electricity supply services, particularly to maintain continuous supplies into the future. The investment in the network from the infrastructure charges enables the Group to continue providing value to the customer through the supply of electricity. The associated asset arises from the investment in the network and therefore the Group recognises infrastructure income through revenue on a straight-line basis over the life of the associated asset. Capital contributions are initially recorded within deferred income and recognised over the life of the investment to which they relate. ii) Retail Revenue resulting from the sales of goods within our retail business is recognised on sale to the customer at that point in time, as this is the point at which the Company recognises the transfer of risks and rewards. Retail additionally sells service contracts to customers where the obligations to the customer are recognised as revenue on a monthly basis for the duration of the service contract. iii) Building Services Revenue within JEBS, our contracting and building services business, is recognised as the service is provided. JEBS recognises the revenue over time driven by the stage of completion for each contract, which is usually assessed by reference to costs incurred over the same period. iv) Property Rental income is accrued monthly on a straight line basis over the term of the rental agreement. v) Other IRU Indefeasible rights of use (IRU) sales are recognised as the service is provided over the term of the contract. Through Jersey Electricity\u2019s interest in submarine cables, the Group has the ability to sell dark fibre to telecom network operators seeking to extend their own networks through IRU agreements. Income from IRUs where an IRU agreement does not transfer substantially all the risks and benefits of ownership to the buyer or is deemed not to extend for substantially all of the assets\u2019 expected useful lives, is recognised on a straight-line basis over the life of the agreement. Where agreements extend for substantially all the assets\u2019 expected useful lives and transfer substantially all the risks and benefits of ownership to the buyer, the resulting profit/ (loss) is recognised in the consolidated income statement as a gain/(loss) on disposal of fixed assets. Jendev Revenue from Jendev arises from ongoing support contracts and implementation and development contracts. Revenue from ongoing support contracts are recognised on a straight-line basis over the term of the contract. Revenue from implementation and development contracts is recognised based on the stage of completion for each contract driven by the cost of work performed. Jersey Deep Freeze Jersey Deep Freeze is a 51% (2023: 51%) controlled subsidiary. Revenues are derived from the provision of goods and service contracts. Revenue from the provision of goods is recognised at point of delivery to the customer. Revenue from service contracts is recognised on a straight-line basis over the term of the contract. vi) Interest free financing Both retail customers and those wishing to fuel switch to electric heating can qualify for interest free credit terms. Where financing is provided, repayment terms are typically up to five years. As such a deemed interest charge is calculated on an annual basis and offset against revenue. Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from 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 not taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable profits. Deferred tax is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is calculated at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, on a non- discounted basis, and is recorded in the income statement, except where it relates to items recorded to equity via other comprehensive income, in which case the deferred tax is also dealt with in that statement. Intangible assets The costs of acquired computer software are capitalised based on the costs incurred to acquire and bring to use the specific software and are amortised over their useful lives. Costs directly associated with the development of computer software programmes that will generate economic benefits over a period in excess of one year are capitalised and amortised over their estimated useful lives. Costs include employee costs relating to software development and an appropriate proportion of directly attributable overheads. Amortisation is charged on a straight-line basis over its expected useful life which is estimated to be up to four years. Property, plant and equipment Property, plant and equipment (\u201cPPE\u201d) excludes investment property and is stated at cost less accumulated depreciation and impairment losses. For assets under construction, all costs incurred which are directly attributable to bringing the asset into use, including direct materials and labour costs are capitalised as incurred. Assets are depreciated on the straight-line method to their expected residual values over their estimated useful lives. Property, plant and equipment under the course of construction is not depreciated until it is commissioned. Owner-occupied property is classified within PPE. Depreciation is charged as follows: Buildings Up to 50 years Plant, mains cables and services Up to 60 years Interlinks Up to 30 years Other, which includes: Fixtures and fittings Vehicles Computer equipment Up to 15 years Up to 10 years Up to 4 years 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 the consolidated income statement. Customer contributions in respect of additions to plant are treated as deferred income within trade and other payables which is classified between current and non-current liabilities and released to the income statement over the estimated operational lives of the related assets. Right of use assets Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received and an estimate of costs expected to be incurred to dismantle and remove the underlying asset, and restoring the site or asset to its original condition under the terms of the lease. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. Impairment of property, plant, equipment and intangible assets At the end of each reporting period, the Group reviews the carrying amounts of its PPE and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount 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 amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the consolidated income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is stated as a revaluation increase. Investment properties Investment properties are stated at fair value at the balance sheet date. Gains or losses arising from changes in the fair value of investment properties are included in the consolidated income statement for the period in which they arise. The Group\u2019s policy on freehold properties is to classify it as an investment property both when the property is held for capital appreciation or rental purposes and when it is fully occupied by external tenants. Investment in a joint arrangement The results, assets and liabilities of the joint arrangement are incorporated using the equity method. Investment in the joint arrangement is therefore carried in the consolidated balance sheet at cost as adjusted by changes in the Group\u2019s share of net assets, less any impairment. Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour and overheads that have been incurred in bringing the inventories to their location and condition at year end. Cost is calculated using the weighted average method. The net realisable value represents the estimated selling price. Financial instruments Cash and cash equivalents Cash and cash equivalents comprise cash and short-term deposits with an original maturity of three months or less. Short-term investments Short-term investments comprise cash deposits which are readily convertible to a known amount of cash, subject to an insignificant risk of change in value. Trade and other receivables Trade receivables are initially recognised at invoice value which is deemed to be fair value and do not carry any interest and are reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group\u2019s assessment for calculating expected credit losses is made by reference to its historical collection experience, including comparisons of the relative age of the individual balance and the consideration of the actual write-off history. The provisioning rates applied in the calculation are reviewed on an annual basis to reflect the latest historical collection performance data and management\u2019s expectation of future performance and industry trends. Furthermore, where the Group has assessed a known risk of recoverability relating to known customers these balances are provided for in full. Trade and other payables Trade and other payables are initially recognised at invoice value which is deemed to be fair value and are not interest bearing and are subsequently stated at their amortised cost. Amortised cost is considered by the Directors to be equivalent to invoiced value. Borrowings Borrowings are measured at amortised cost using the effective interest method. Interest expense is recognised by applying the effective interest rate. Derivative financial instruments Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. Changes in the fair value of derivative financial instruments which are designated as highly effective hedges of future cash flows are recognised directly in other comprehensive income and any ineffective portion is recognised immediately in the consolidated income statement. When hedges mature that do not result in the recognition of an asset or a liability, amounts deferred in other comprehensive income are recognised in the consolidated income statement in the same period in which the hedged item affects net profit or loss. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the consolidated income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. Until that time, any cumulative gain or loss on the hedging instrument recognised in other comprehensive income is kept in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss that has been recognised in other comprehensive income is transferred to the consolidated income statement. Following the adoption of IFRS 9 and as permitted by this standard, the Group has elected to continue to apply the hedge accounting requirements of IAS 39. This policy choice will be periodically reviewed to consider any changes in our risk management activities. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated income statement in the period in which they occurred. Dividends Dividends are recorded in the Group\u2019s financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are paid. Share capital Ordinary shares are classified as equity. Mandatorily redeemable preference shares are classified as liabilities. Incremental costs directly attributable to the issue of new shares or options are shown as a deduction, net of tax, from the proceeds. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate. Provisions are included within Trade and other payables. Retirement benefits The Company provides pensions through both a defined contributions scheme and a defined benefit scheme. In the latter the cost of providing benefits is determined using the projected unit credit method, with full actuarial valuations being carried out at a minimum every three years. Actuarial gains and losses are recognised in full, directly in retained earnings in the period in which they occur and are shown in the statement of comprehensive income. The net figure derived from the current service cost element of the pension charge, the expected return on pension scheme assets and interest on pension scheme liabilities, including past service cost, is deducted in arriving at operating profit. Retirement benefits recorded in the balance sheet represent the net financial position of the Group\u2019s defined benefit pension scheme. Under the Scheme regulations, following settlement of the final obligation by the Trust, any remaining surplus held by the fund would be passed back to the Company. Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are not separately disclosed due to their immaterial value. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest because of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the income statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reservesAccounting developments In preparing these Consolidated Financial Statements, the Group has applied all relevant IFRS, IAS and Interpretations issued by the IFRIC which have been adopted by the EU as of the date of approval of these Consolidated Financial Statements. The following new accounting standards, amendments to existing accounting standards and/or interpretations of existing accounting standards are mandatory for the current period and have been adopted by the Group. All other new standards, amendments to existing standards and new interpretations that are mandatory for the current year have no bearing on the operating activities and disclosures of the Group and consequently have not been listed. The Group has not adopted any new standards or interpretations that are not mandatory. New standards, amendments and interpretations effective or adopted by the Group. IFRS 17 \u2018Insurance contracts\u2019 became effective from 1 January 2023 (1 October 2023 for the Group). The results of an impact assessment of the Standard indicated that the Group does not enter into contracts that currently meet the definitions and scope of IFRS 17. Therefore, there has been no past or present impact on the presentation of these financial statements. Amendments to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019 became effective from 1 January 2023 (1 October 2023 for the Group). Adoption of the amendment has not resulted in a difference in net deferred tax balances within the consolidated financial statements of the Group. New standards, amendments and interpretations issued, but not yet adopted by the Group A number of standards, amendments and interpretations have been issued but not yet adopted by the Group within these financial statements, because application is not yet mandatory or because UK adoption remains outstanding at the date the financial statements were authorised for issue, including: Amendment to IAS 1 - Non-current liabilities with covenants is effective from 1 January 2024 (1 October 2024 for the Group) looks to clarify how conditions which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these. The covenant terms relating to the Group\u2019s loan of \u00a330m are already disclosed in note 15. The amendment to the Standard will be reviewed to ensure continued compliance with disclosures related to this loan. Amendment to IAS 7 and IFRS 7 - Supplier finance is effective from 1 January 2024 (1 October 2024 for the Group) and requires disclosures to enhance the transparency of supplier finance arrangements and their effects on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB\u2019s response to investors\u2019 concerns that some companies\u2019 supplier finance arrangements are not sufficiently visible, hindering investors\u2019 analysis. The amendment to the Standards will be reviewed to ensure continued compliance with disclosure requirements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-271": {
"value": "Basis of preparation The Group\u2019s accounting policies as applied for the year ended 30 September 2024 are based on all International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) which have been adopted by the EU, including International Accounting Standards (IAS) and interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC). The principal accounting policies which have been applied consistently are: ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-272": {
"value": "Basis of consolidation The Group\u2019s consolidated financial information for the year ended 30 September 2024 comprises the Company and its subsidiaries. The Company\u2019s subsidiaries are the entities over which the Company has control. Control is determined by the Company\u2019s power over the investee, its exposure, or rights, to variable returns and its ability to use its power over the investee to affect the amount of the returns to the Company. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group\u2019s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling interest\u2019s share of changes in equity since the date of the combination. The consolidated financial information includes the Group\u2019s share of the post-tax results and net assets under IFRS of the jointly controlled entities using the equity method of accounting. Equity accounting is a method of accounting by which an equity investment is initially recorded at cost and subsequently adjusted to reflect the investor\u2019s share of the net profit or loss of the investee. Jointly controlled entities are those entities over which the Group has joint control with one or more other parties and over which there must be unanimous consent by all parties to the strategic, financial, and operating decisions. Under Article 105 (11) of the Companies (Jersey) Law 1991 (\u201cthe Law\u201d), the Directors of a holding company need not prepare separate financial statements if consolidated accounts for the Company are prepared, unless required to do so by the members of the Company by ordinary resolution. The members of the Company had not passed a resolution requiring separate financial statements and, in the opinion of the Directors, the Company meets the definition of a holding company as set out in the Law. As permitted by the Law, the Directors have elected not to prepare separate financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"mtpnn1": {
"value": "The consolidated financial information includes the Group\u2019s share of the post-tax results and net assets under IFRS of the jointly controlled entities using the equity method of accounting. Equity accounting is a method of accounting by which an equity investment is initially recorded at cost and subsequently adjusted to reflect the investor\u2019s share of the net profit or loss of the investee. Jointly controlled entities are those entities over which the Group has joint control with one or more other parties and over which there must be unanimous consent by all parties to the strategic, financial, and operating decisionsInvestment in a joint arrangement The results, assets and liabilities of the joint arrangement are incorporated using the equity method. Investment in the joint arrangement is therefore carried in the consolidated balance sheet at cost as adjusted by changes in the Group\u2019s share of net assets, less any impairment. 18 Non-controlling Interests 2024 2023 \u00a3000 \u00a3000 At 1 October 132 144 Share of profit on ordinary activities after taxation 82 153 Dividends paid (170) (165) At 30 September 44 132 Non-controlling interests represent 49% (2023: 49%) ownership of the issued ordinary share capital of Jersey Deep Freeze Limited. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-273": {
"value": "The consolidated financial information includes the Group\u2019s share of the post-tax results and net assets under IFRS of the jointly controlled entities using the equity method of accounting. Equity accounting is a method of accounting by which an equity investment is initially recorded at cost and subsequently adjusted to reflect the investor\u2019s share of the net profit or loss of the investee. Jointly controlled entities are those entities over which the Group has joint control with one or more other parties and over which there must be unanimous consent by all parties to the strategic, financial, and operating decisionsInvestment in a joint arrangement The results, assets and liabilities of the joint arrangement are incorporated using the equity method. Investment in the joint arrangement is therefore carried in the consolidated balance sheet at cost as adjusted by changes in the Group\u2019s share of net assets, less any impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-274": {
"value": "Going Concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the Chairman\u2019s Statement (see page 9). The financial position of the Group, its cash flow and its liquidity position are described in the Financial Review (see page 50). In addition, note 21 to the financial statements includes the Group\u2019s objectives, policies, and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to risks. The Group has sufficient financial resources together with many customers both corporate and individual. Therefore, the Directors believe that the Group is well placed to manage its business risks successfully. The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements and in making the viability statement on page 55. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"mtpnn3": {
"value": "Foreign currencies The functional and presentational currency of the Company is Pounds sterling. Transactions in currencies other than sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising on translation are included in net profit or loss for the year. Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from 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 not taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable profits. Deferred tax is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is calculated at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, on a non- discounted basis, and is recorded in the income statement, except where it relates to items recorded to equity via other comprehensive income, in which case the deferred tax is also dealt with in that statement. Property, plant and equipment Property, plant and equipment (\u201cPPE\u201d) excludes investment property and is stated at cost less accumulated depreciation and impairment losses. For assets under construction, all costs incurred which are directly attributable to bringing the asset into use, including direct materials and labour costs are capitalised as incurred. Assets are depreciated on the straight-line method to their expected residual values over their estimated useful lives. Property, plant and equipment under the course of construction is not depreciated until it is commissioned. Owner-occupied property is classified within PPE. Depreciation is charged as follows: Buildings Up to 50 years Plant, mains cables and services Up to 60 years Interlinks Up to 30 years Other, which includes: Fixtures and fittings Vehicles Computer equipment Up to 15 years Up to 10 years Up to 4 years 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 the consolidated income statement. Customer contributions in respect of additions to plant are treated as deferred income within trade and other payables which is classified between current and non-current liabilities and released to the income statement over the estimated operational lives of the related assets. Right of use assets Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received and an estimate of costs expected to be incurred to dismantle and remove the underlying asset, and restoring the site or asset to its original condition under the terms of the lease. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. Investment properties Investment properties are stated at fair value at the balance sheet date. Gains or losses arising from changes in the fair value of investment properties are included in the consolidated income statement for the period in which they arise. The Group\u2019s policy on freehold properties is to classify it as an investment property both when the property is held for capital appreciation or rental purposes and when it is fully occupied by external tenants. Investment in a joint arrangement The results, assets and liabilities of the joint arrangement are incorporated using the equity method. Investment in the joint arrangement is therefore carried in the consolidated balance sheet at cost as adjusted by changes in the Group\u2019s share of net assets, less any impairment. Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour and overheads that have been incurred in bringing the inventories to their location and condition at year end. Cost is calculated using the weighted average method. The net realisable value represents the estimated selling price. Financial instruments Cash and cash equivalents Cash and cash equivalents comprise cash and short-term deposits with an original maturity of three months or less. Short-term investments Short-term investments comprise cash deposits which are readily convertible to a known amount of cash, subject to an insignificant risk of change in value. Trade and other receivables Trade receivables are initially recognised at invoice value which is deemed to be fair value and do not carry any interest and are reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group\u2019s assessment for calculating expected credit losses is made by reference to its historical collection experience, including comparisons of the relative age of the individual balance and the consideration of the actual write-off history. The provisioning rates applied in the calculation are reviewed on an annual basis to reflect the latest historical collection performance data and management\u2019s expectation of future performance and industry trends. Furthermore, where the Group has assessed a known risk of recoverability relating to known customers these balances are provided for in full. Trade and other payables Trade and other payables are initially recognised at invoice value which is deemed to be fair value and are not interest bearing and are subsequently stated at their amortised cost. Amortised cost is considered by the Directors to be equivalent to invoiced value. Borrowings Borrowings are measured at amortised cost using the effective interest method. Interest expense is recognised by applying the effective interest rate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-332": {
"value": "Foreign currencies The functional and presentational currency of the Company is Pounds sterling. Transactions in currencies other than sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising on translation are included in net profit or loss for the year. Foreign exchange risk The Group utilises currency derivatives to hedge the payment of a proportion of its future purchases of power from France which currently extend to the next three financial years. Due to the nature of the Euro denominated purchases being largely underpinned by contracted amounts the Group has accurate expectations of the values and timings of future liabilities, reducing the risk of exposure to hedge against ineffectiveness which would arise if units imported were to vary by more than 20% from established patterns. Foreign exchange hedging instruments are contracted to mature as the liabilities fall due and so minimise any timing or other uncertainties of future cash flows. Currency derivatives 2024 2023 \u00a3000 \u00a3000 Derivative assets Less than one year - 64 Greater than one year - 129 Derivative liabilities Less than one year (2,601) (536) Greater than one year (1,451) (255) Total net liabilities (4,052) (568) Tax on items recorded through the balance sheet 810 113 (3,242) (455) At the balance sheet date, the total notional amount of outstanding forward foreign exchange contracts that the Group has committed are as below: Forward foreign exchange contracts 2024 2023 \u00a3000 \u00a3000 Less than one year - operational expenditure 46,165 36,395 Greater than one year and less than three years 27,450 47,227 73,615 83,622 The fair value of currency derivatives that are designated and ineffective as cash flow hedges amount to \u00a3nil (2023: \u00a3nil). In the current period amounts of \u00a33.5m net were debited (2023: \u00a33.4m debit) to equity, being a \u00a33.2m fair value loss (2023: \u00a33.2m fair value loss) and \u00a30.3m debit (2023: \u00a30.2m debit) recycled to the consolidated income statement. Gains and losses on the derivatives are recycled through the consolidated income statement at the time the purchase of power is recognised. The table below provides the reconciliation for the cashflow reserve: Hedging Reserve 2024 2023 \u00a3000 \u00a3000 At 1 October (455) 2,234 Amounts recycled from other comprehensive income to income statement (324) (165) Changes in fair value recognised in other comprehensive income (3,159) (3,196) Tax on items recorded in other comprehensive income 697 672 At 30 September (3,241) (455) Given the limited exposure to foreign exchange rate risk at the year-end no sensitivity analysis has been presented. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-275": {
"value": "Foreign currencies The functional and presentational currency of the Company is Pounds sterling. Transactions in currencies other than sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising on translation are included in net profit or loss for the year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-276": {
"value": "i) Energy sales Energy sales revenue is recognised on the basis of energy sold to customers during the period as well as fixed daily charges. Revenue from energy sales is therefore accounted \u201cover time\u201d according to data received from the live smart-meters. Where meters have a temporary break in communication, it may include an estimated assessment of energy supplied to customers during the period of broken communications, using historical consumption patterns. Service connections revenue is derived from the provision of a connection to an existing mains cable, laying required infrastructure to the boundary of a customer\u2019s property and connecting to their domestic supply. Management considers that the combination of these activities comprises a distinct performance obligation to the customer. Service connection income is recognised at the point in time that the service is complete. Capital contributions arise where a property developer is charged for the provision of a first-time supply to the property/properties. These charges cover the immediate infrastructure requirements as well as future investment needed to meet the additional demands placed on existing network infrastructure from new connections. Management considers that the obligation to invest in the network is highly interrelated with the ongoing and future obligation to provide electricity supply services, particularly to maintain continuous supplies into the future. The investment in the network from the infrastructure charges enables the Group to continue providing value to the customer through the supply of electricity. The associated asset arises from the investment in the network and therefore the Group recognises infrastructure income through revenue on a straight-line basis over the life of the associated asset. Capital contributions are initially recorded within deferred income and recognised over the life of the investment to which they relate. ii) Retail Revenue resulting from the sales of goods within our retail business is recognised on sale to the customer at that point in time, as this is the point at which the Company recognises the transfer of risks and rewards. Retail additionally sells service contracts to customers where the obligations to the customer are recognised as revenue on a monthly basis for the duration of the service contract. iii) Building Services Revenue within JEBS, our contracting and building services business, is recognised as the service is provided. JEBS recognises the revenue over time driven by the stage of completion for each contract, which is usually assessed by reference to costs incurred over the same period. iv) Property Rental income is accrued monthly on a straight line basis over the term of the rental agreement. v) Other IRU Indefeasible rights of use (IRU) sales are recognised as the service is provided over the term of the contract. Through Jersey Electricity\u2019s interest in submarine cables, the Group has the ability to sell dark fibre to telecom network operators seeking to extend their own networks through IRU agreements. Income from IRUs where an IRU agreement does not transfer substantially all the risks and benefits of ownership to the buyer or is deemed not to extend for substantially all of the assets\u2019 expected useful lives, is recognised on a straight-line basis over the life of the agreement. Where agreements extend for substantially all the assets\u2019 expected useful lives and transfer substantially all the risks and benefits of ownership to the buyer, the resulting profit/ (loss) is recognised in the consolidated income statement as a gain/(loss) on disposal of fixed assets. Jendev Revenue from Jendev arises from ongoing support contracts and implementation and development contracts. Revenue from ongoing support contracts are recognised on a straight-line basis over the term of the contract. Revenue from implementation and development contracts is recognised based on the stage of completion for each contract driven by the cost of work performed. Jersey Deep Freeze Jersey Deep Freeze is a 51% (2023: 51%) controlled subsidiary. Revenues are derived from the provision of goods and service contracts. Revenue from the provision of goods is recognised at point of delivery to the customer. Revenue from service contracts is recognised on a straight-line basis over the term of the contract. vi) Interest free financing Both retail customers and those wishing to fuel switch to electric heating can qualify for interest free credit terms. Where financing is provided, repayment terms are typically up to five years. As such a deemed interest charge is calculated on an annual basis and offset ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-277": {
"value": "Capital contributions arise where a property developer is charged for the provision of a first-time supply to the property/properties. These charges cover the immediate infrastructure requirements as well as future investment needed to meet the additional demands placed on existing network infrastructure from new connections. Management considers that the obligation to invest in the network is highly interrelated with the ongoing and future obligation to provide electricity supply services, particularly to maintain continuous supplies into the future. The investment in the network from the infrastructure charges enables the Group to continue providing value to the customer through the supply of electricity. The associated asset arises from the investment in the network and therefore the Group recognises infrastructure income through revenue on a straight-line basis over the life of the associated asset. Capital contributions are initially recorded within deferred income and recognised over the life of the investment to which they relate. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-278": {
"value": "Both retail customers and those wishing to fuel switch to electric heating can qualify for interest free credit terms. Where financing is provided, repayment terms are typically up to five years. As such a deemed interest charge is calculated on an annual basis and offset against revenue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-306": {
"value": "Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from 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 not taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable profits. Deferred tax is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is calculated at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, on a non- discounted basis, and is recorded in the income statement, except where it relates to items recorded to equity via other comprehensive income, in which case the deferred tax is also dealt with in that statement. 6 Taxation 2024 2023 \u00a3000 \u00a3000 Current tax: Jersey Income Tax - ordinary activities 3,414 3,301 Total current tax 3,414 3,301 Deferred tax: Current year 13 131 Total tax on profit on ordinary activities 3,427 3,432 The differences between the total tax charge shown above and the amount calculated by applying the standard rate of Jersey Income Tax to the profit before tax is as follows: 2024 2023 \u00a3000 \u00a3000 Profit from ordinary activities before tax 15,127 14,865 Tax on profit on ordinary activities at standard income tax rate of 20% (2023: 20%) 3,025 2,973 Effects of: Expenses not deductible for tax purposes 186 343 Income not taxable for tax purposes (110) (197) Profit of group undertaking not available for tax (32) - Non-qualifying depreciation 359 313 Group current tax charge for year 3,427 3,432 The following outlines the major deferred tax (assets)/liabilities recognised by the Group and Company: Group and Company 2024 2023 \u00a3000 \u00a3000 Accelerated capital allowances 26,143 26,427 Derivative financial instruments (810) (114) Pensions 5,590 5,109 Provisions for deferred tax 30,923 31,422 Deferred tax movements in the year: Group and Company 2024 2023 \u00a3000 \u00a3000 At 1 October 31,422 32,126 Charged to profit and loss account 13 131 Credited to statement of comprehensive income (512) (835) At 30 September 30,923 31,422 The Company is taxed solely in Jersey as it has no legal presence in any other jurisdiction. The applicable rate of income tax for utility companies in Jersey is 20%. There are no current indications, political or otherwise, that these rates are expected to change in the foreseeable future. The effective tax rate on pre-tax profits is 23% (2023: 23%) due to the way capital allowances are applied in place of depreciation expenses which are included in the pre-tax profit figure. As the tax liability rests with the Government of Jersey, the right to offset assets and liabilities allows the balance sheet to show the net deferred tax liability position. There is no tax impact on the Group arising from the proposed dividend shown in note 7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-279": {
"value": "Taxation The tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from 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 not taxable or deductible. Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable profits. Deferred tax is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is calculated at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, on a non- discounted basis, and is recorded in the income statement, except where it relates to items recorded to equity via other comprehensive income, in which case the deferred tax is also dealt with in that statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-280": {
"value": "Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the balance sheet and the corresponding tax bases used in the computation of taxable profits. Deferred tax is accounted for using the balance sheet liability method. Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which deductible temporary differences can be utilised. Deferred tax is calculated at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, on a non- discounted basis, and is recorded in the income statement, except where it relates to items recorded to equity via other comprehensive income, in which case the deferred tax is also dealt with in that statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"mtpnn5": {
"value": "Intangible assets The costs of acquired computer software are capitalised based on the costs incurred to acquire and bring to use the specific software and are amortised over their useful lives. Costs directly associated with the development of computer software programmes that will generate economic benefits over a period in excess of one year are capitalised and amortised over their estimated useful lives. Costs include employee costs relating to software development and an appropriate proportion of directly attributable overheads. Amortisation is charged on a straight-line basis over its expected useful life which is estimated to be up to four years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-281": {
"value": "Intangible assets The costs of acquired computer software are capitalised based on the costs incurred to acquire and bring to use the specific software and are amortised over their useful lives. Costs directly associated with the development of computer software programmes that will generate economic benefits over a period in excess of one year are capitalised and amortised over their estimated useful lives. Costs include employee costs relating to software development and an appropriate proportion of directly attributable overheads. Amortisation is charged on a straight-line basis over its expected useful life which is estimated to be up to four years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"mtpnn6": {
"value": "Property, plant and equipment Property, plant and equipment (\u201cPPE\u201d) excludes investment property and is stated at cost less accumulated depreciation and impairment losses. For assets under construction, all costs incurred which are directly attributable to bringing the asset into use, including direct materials and labour costs are capitalised as incurred. Assets are depreciated on the straight-line method to their expected residual values over their estimated useful lives. Property, plant and equipment under the course of construction is not depreciated until it is commissioned. Owner-occupied property is classified within PPE. Depreciation is charged as follows: Buildings Up to 50 years Plant, mains cables and services Up to 60 years Interlinks Up to 30 years Other, which includes: Fixtures and fittings Vehicles Computer equipment Up to 15 years Up to 10 years Up to 4 years 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 the consolidated income statement. Customer contributions in respect of additions to plant are treated as deferred income within trade and other payables which is classified between current and non-current liabilities and released to the income statement over the estimated operational lives of the related assets. Right of use assets Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received and an estimate of costs expected to be incurred to dismantle and remove the underlying asset, and restoring the site or asset to its original condition under the terms of the lease. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-282": {
"value": "Property, plant and equipment Property, plant and equipment (\u201cPPE\u201d) excludes investment property and is stated at cost less accumulated depreciation and impairment losses. For assets under construction, all costs incurred which are directly attributable to bringing the asset into use, including direct materials and labour costs are capitalised as incurred. Assets are depreciated on the straight-line method to their expected residual values over their estimated useful lives. Property, plant and equipment under the course of construction is not depreciated until it is commissioned. Owner-occupied property is classified within PPE. Depreciation is charged as follows: Buildings Up to 50 years Plant, mains cables and services Up to 60 years Interlinks Up to 30 years Other, which includes: Fixtures and fittings Vehicles Computer equipment Up to 15 years Up to 10 years Up to 4 years 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 the consolidated income statement. Customer contributions in respect of additions to plant are treated as deferred income within trade and other payables which is classified between current and non-current liabilities and released to the income statement over the estimated operational lives of the related assets. Right of use assets Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received and an estimate of costs expected to be incurred to dismantle and remove the underlying asset, and restoring the site or asset to its original condition under the terms of the lease. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-283": {
"value": "Property, plant and equipment Property, plant and equipment (\u201cPPE\u201d) excludes investment property and is stated at cost less accumulated depreciation and impairment losses. For assets under construction, all costs incurred which are directly attributable to bringing the asset into use, including direct materials and labour costs are capitalised as incurred. Assets are depreciated on the straight-line method to their expected residual values over their estimated useful lives. Property, plant and equipment under the course of construction is not depreciated until it is commissioned. Owner-occupied property is classified within PPE. Depreciation is charged as follows: Buildings Up to 50 years Plant, mains cables and services Up to 60 years Interlinks Up to 30 years Other, which includes: Fixtures and fittings Vehicles Computer equipment Up to 15 years Up to 10 years Up to 4 years 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 the consolidated income statement. Customer contributions in respect of additions to plant are treated as deferred income within trade and other payables which is classified between current and non-current liabilities and released to the income statement over the estimated operational lives of the related assets. Right of use assets Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received and an estimate of costs expected to be incurred to dismantle and remove the underlying asset, and restoring the site or asset to its original condition under the terms of the lease. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-319": {
"value": "Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received and an estimate of costs expected to be incurred to dismantle and remove the underlying asset, and restoring the site or asset to its original condition under the terms of the lease. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. Lease liabilities 2024 2023 \u00a3000 \u00a3000 At 1 October 3,274 3,320 Additions during the year 1,023 45 Unwind of discount 316 151 Repayment in the year (429) (242) 4,184 3,274 As at 30 September: \u2013 Current 306 81 \u2013 Non-current 3,878 3,193 4,184 3,274 Right of use assets recognised under lease arrangements are detailed within note 10. The maturity of future lease liabilities are as follows: 2024 2023 \u00a3000 \u00a3000 Payable within one year 492 227 After one year but within five years 1,475 908 After five years but within ten years 1,203 1,094 After ten years 5,401 4,980 8,571 7,209 Less: future finance charge (4,387) (3,935) Present value of lease obligations 4,184 3,274 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-284": {
"value": "Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received and an estimate of costs expected to be incurred to dismantle and remove the underlying asset, and restoring the site or asset to its original condition under the terms of the lease. Where a modification to a lease agreement decreases the scope of the lease, the carrying amount of the right of use asset is adjusted and a gain or loss is recognised in proportion to the decrease in scope of the lease. All other modifications to lease agreements are accounted for as a reassessment of the lease liability with a corresponding adjustment to the right of use asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-285": {
"value": "Impairment of property, plant, equipment and intangible assets At the end of each reporting period, the Group reviews the carrying amounts of its PPE and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount 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 amount of the asset (or cash-generating unit) is reduced to its recoverable amount. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the consolidated income statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is stated as a revaluation increase. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-287": {
"value": "Investment properties Investment properties are stated at fair value at the balance sheet date. Gains or losses arising from changes in the fair value of investment properties are included in the consolidated income statement for the period in which they arise. The Group\u2019s policy on freehold properties is to classify it as an investment property both when the property is held for capital appreciation or rental purposes and when it is fully occupied by external tenants. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-286": {
"value": "Investment properties Investment properties are stated at fair value at the balance sheet date. Gains or losses arising from changes in the fair value of investment properties are included in the consolidated income statement for the period in which they arise. The Group\u2019s policy on freehold properties is to classify it as an investment property both when the property is held for capital appreciation or rental purposes and when it is fully occupied by external tenants. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-289": {
"value": "Investment in a joint arrangement The results, assets and liabilities of the joint arrangement are incorporated using the equity method. Investment in the joint arrangement is therefore carried in the consolidated balance sheet at cost as adjusted by changes in the Group\u2019s share of net assets, less any impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"mtpnn10": {
"value": "Investment in a joint arrangement The results, assets and liabilities of the joint arrangement are incorporated using the equity method. Investment in the joint arrangement is therefore carried in the consolidated balance sheet at cost as adjusted by changes in the Group\u2019s share of net assets, less any impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-288": {
"value": "Investment in a joint arrangement The results, assets and liabilities of the joint arrangement are incorporated using the equity method. Investment in the joint arrangement is therefore carried in the consolidated balance sheet at cost as adjusted by changes in the Group\u2019s share of net assets, less any impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-314": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour and overheads that have been incurred in bringing the inventories to their location and condition at year end. Cost is calculated using the weighted average method. The net realisable value represents the estimated selling price. 12 Inventories The amounts attributed to the different categories within inventories are as follows: 2024 2023 \u00a3000 \u00a3000 Fuel oil 3,618 3,932 Commercial stocks and work in progress 3,288 3,811 Generation, distribution spares and sundry 1,529 1,444 8,435 9,187 During the year \u00a314.6m (2023: \u00a315.1m) was recognised directly in cost of sales in respect of inventories sold or used in operations or production. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-290": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour and overheads that have been incurred in bringing the inventories to their location and condition at year end. Cost is calculated using the weighted average method. The net realisable value represents the estimated selling price. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-328": {
"value": "Financial instruments Cash and cash equivalents Cash and cash equivalents comprise cash and short-term deposits with an original maturity of three months or less. Short-term investments Short-term investments comprise cash deposits which are readily convertible to a known amount of cash, subject to an insignificant risk of change in value. Trade and other receivables Trade receivables are initially recognised at invoice value which is deemed to be fair value and do not carry any interest and are reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group\u2019s assessment for calculating expected credit losses is made by reference to its historical collection experience, including comparisons of the relative age of the individual balance and the consideration of the actual write-off history. The provisioning rates applied in the calculation are reviewed on an annual basis to reflect the latest historical collection performance data and management\u2019s expectation of future performance and industry trends. Furthermore, where the Group has assessed a known risk of recoverability relating to known customers these balances are provided for in full. Trade and other payables Trade and other payables are initially recognised at invoice value which is deemed to be fair value and are not interest bearing and are subsequently stated at their amortised cost. Amortised cost is considered by the Directors to be equivalent to invoiced value. Borrowings Borrowings are measured at amortised cost using the effective interest method. Interest expense is recognised by applying the effective interest rate. 15 Borrowings Unsecured borrowing at amortised cost 2024 2023 \u00a3000 \u00a3000 Loan obtained from private placement 30,000 30,000 A long-term loan of \u00a330m was drawn down on 17 July 2014 via a private placement and is in place with Pricoa Capital Group (an affiliate of Prudential Financial, Inc). The loan consists of two tranches: a. \u00a315m for 20 years at a fixed rate coupon of 4.41% b. \u00a315m for 25 years at a fixed rate coupon of 4.52% The terms of the loan contain financial covenants which require a net debt to regulated asset value ratio of less than 50% and an EBITDA to borrowings cost ratio greater than 4%, as defined in the loan agreement. The calculations are carried out based on the Group\u2019s interim and annual performance and position. The Group continues to meet these covenants. Until July 24, borrowings were supplemented by an unsecured five year \u00a310m revolving credit facility (RCF) with the Royal Bank of Scotland International Limited (RBSI). The facility expired in July 2024. This facility bore the same financial covenant restrictions as the private placement above. A one year \u00a32m overdraft facility also exists with RBSI, which renews annually. The fair value of the loan obtained from the private placement at 30 September 2024 is considered to be \u00a326.3m (2023: \u00a324.5m) based on the interest rate offered by UK 15 and 20 year bonds as a proxy to the risk free rate at this date coupled with the deemed credit risk margin included within the overall rate at the inception of the loan. The loan is classified as level 2 in the fair value hierarchy. 21 Derivatives and financial instruments and their risk management (i) Categories of financial instruments The carrying values of the financial assets and liabilities of the Group are as follows: Financial assets 2024 2023 \u00a3000 \u00a3000 Fair value through other comprehensive income Derivative financial instruments - 193 Amortised cost Secured loan accounts 300 300 Trade and other receivables (excluding prepayments) 21,528 21,036 Cash and cash equivalents 49,190 47,429 71,018 68,765 Financial liabilities 2024 2023 \u00a3000 \u00a3000 Fair value through other comprehensive income Derivative financial instruments 4,052 761 Amortised cost Borrowings 30,000 30,000 Trade and other payables 10,842 10,835 Financial Liabilities \u2013 Preference Shares 235 235 41,077 41,070 The primary financial risk faced by the Group is foreign exchange exposure as the largest single cost in the consolidated income statement is the importation of electricity from Europe that is denominated in Euros. The Group\u2019s currency exposure at 30 September 2024, taking into account the effect of forward contracts placed to manage such exposures, was \u00a32.5m (2023: \u00a32.4m) being the translated Euro liability due for imports made in September but payable in October. 21 Derivatives and financial instruments and their risk management (continued) (i) Categories of financial instruments (continued) All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy. This hierarchy is based on the underlying assumptions used to determine the fair value measurement as a whole and is categorised as follows: Level 1 financial instruments are those with values that are immediately comparable to quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 financial instruments are those with values that are determined using valuation techniques for which the basic assumptions used to calculate fair value are directly or indirectly observable (such as to readily available market prices); and Level 3 financial instruments are shown at values that are determined by assumptions that are not based on observable market data (unobservable inputs). The derivative contracts for foreign currency shown are classified as level 2 financial instruments and are valued using a discounted cash flow valuation technique. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contracted forward rates, discounted at a rate that reflects the credit risk of various counterparties. (ii) Foreign exchange risk The Group utilises currency derivatives to hedge the payment of a proportion of its future purchases of power from France which currently extend to the next three financial years. Due to the nature of the Euro denominated purchases being largely underpinned by contracted amounts the Group has accurate expectations of the values and timings of future liabilities, reducing the risk of exposure to hedge against ineffectiveness which would arise if units imported were to vary by more than 20% from established patterns. Foreign exchange hedging instruments are contracted to mature as the liabilities fall due and so minimise any timing or other uncertainties of future cash flows. Currency derivatives 2024 2023 \u00a3000 \u00a3000 Derivative assets Less than one year - 64 Greater than one year - 129 Derivative liabilities Less than one year (2,601) (536) Greater than one year (1,451) (255) Total net liabilities (4,052) (568) Tax on items recorded through the balance sheet 810 113 (3,242) (455) At the balance sheet date, the total notional amount of outstanding forward foreign exchange contracts that the Group has committed are as below: Forward foreign exchange contracts 2024 2023 \u00a3000 \u00a3000 Less than one year - operational expenditure 46,165 36,395 Greater than one year and less than three years 27,450 47,227 73,615 83,622 The fair value of currency derivatives that are designated and ineffective as cash flow hedges amount to \u00a3nil (2023: \u00a3nil). In the current period amounts of \u00a33.5m net were debited (2023: \u00a33.4m debit) to equity, being a \u00a33.2m fair value loss (2023: \u00a33.2m fair value loss) and \u00a30.3m debit (2023: \u00a30.2m debit) recycled to the consolidated income statement. Gains and losses on the derivatives are recycled through the consolidated income statement at the time the purchase of power is recognised. The table below provides the reconciliation for the cashflow reserve: Hedging Reserve 2024 2023 \u00a3000 \u00a3000 At 1 October (455) 2,234 Amounts recycled from other comprehensive income to income statement (324) (165) Changes in fair value recognised in other comprehensive income (3,159) (3,196) Tax on items recorded in other comprehensive income 697 672 At 30 September (3,241) (455) Given the limited exposure to foreign exchange rate risk at the year-end no sensitivity analysis has been presented. 21 Derivatives and financial instruments and their risk management (continued) (iii) Commodity risk Power Purchases The Group has power purchase agreements with EDF in France. As at 30 September 2024, the import prices, but not volumes, have been substantially fixed for 2025. The Group entered into a 10-year framework agreement with EDF on 1 January 2013 which has a commitment to procure around 35% of expected volume requirements at known prices. During 2017 this agreement was extended by a further 5 years to 2027. The remainder of the requirement will be decided by a market pricing mechanism, but with no volume commitment, with a goal to deliver a degree of stability in tariff pricing to our customers. (iv) Credit risk The Group\u2019s principal financial assets are cash and cash equivalents, short-term investments and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its trade and other receivables. The amounts presented in the consolidated balance sheet are net of allowances for expected credit losses which are set out below. The trade and other receivables at 30 September 2024 outside agreed credit terms are as follows: 2024 2023 \u00a3000 \u00a3000 Less than 30 days 1,669 1,454 Greater than 30 days 276 1,108 Greater than 60 days 386 231 Greater than 90 days 488 1,235 2,819 4,028 The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The Group monitors its credit exposure to its counterparties via their credit ratings and through its treasury policy, thereby limiting its exposure to any one party to ensure that they are within Board approved limits and that there are no significant concentrations of credit risk. For trading related receivables, the credit worthiness and financial strength of customers is assessed at inception and on an ongoing basis. Payment terms are set in accordance with industry standards. Deposits are requested where credit knowledge of the customer is limited. The Group works closely with its customers to assist them in effectively managing their bill payments. The Group has no other significant concentration of credit risk. Exposure is spread over a large number of counterparties and customers with a maximum credit exposure of \u00a323.1m (2023: \u00a326.5m). Expected credit losses provision The Group applies the IFRS 9 simplified approach to measuring expected credit losses which assesses if a material expectation exists for lifetime expected loss allowances against all trade receivables based on historical realised write-downs. Where specific customers are viewed to be at risk of default due to known or expected economic circumstances, their receivable balances at the balance sheet date are provided for in full. An explanation of the Group\u2019s assessment for calculating expected credit losses and balance write-offs is detailed in note 1. An expected credit losses provision is recorded against assets which are past due but for which no individual provision is made. This is calculated based on historical experience of levels of recovery. Movements in the provision for expected credit losses were as follows: 2024 2023 \u00a3000 \u00a3000 At 1 October 490 303 Charge for expected credit losses - included within operating costs 268 240 Amounts written (off)/back (73) (53) At 30 September 685 490 Provision of impaired receivables (by age) is as follows: 2024 2023 \u00a3000 \u00a3000 0-180 days 222 200 181-360 days 351 140 Greater than 360 days 112 150 685 490 21 Derivatives and financial instruments and their risk management (continued) (v) Capital management Strong capital management is an integral part of the Directors\u2019 strategy to achieve the Group\u2019s stated objectives. The capital managed by the Group consists of borrowings, cash and cash equivalents and equity of the Group. The Directors review financial capital KPI\u2019s on a monthly basis. The \u00a330m private placement drawn down in July 2014 provides long-term funding to the Group. Liquid funds are managed daily and placed on short-term deposits maturing to meet liabilities when they fall due. The Group is subject to externally imposed capital requirements in respect of the borrowing facilities detailed in note 15. The Group has complied with these requirements throughout the year. (vi) Liquidity risk The Group maintains a strong liquidity position and manages the liquidity profile of its assets, liabilities and commitments so that cash flows are appropriately balanced and all financial obligations are met when due. Maturity of financial liabilities at 30 September 2024 2023 \u00a3000 \u00a3000 Less than one year 27,274 21,416 More than one year and less than five years 38,144 35,260 More than five years 40,088 42,767 105,506 99,443 Financial liabilities shown above include interest payments payable on the \u00a330m private placement. Borrowing facilities The Group had undrawn borrowing facilities at 30 September 2024 of \u00a32m (2023: \u00a312.0m) in respect of which all conditions precedent had been met. The overdraft facility of \u00a32.0m is annually renewable, and the Revolving Credit Facility expired July 2024. Maturity of financial assets and liabilities The financial assets of the Group comprise deposits placed with banks which all expire in less than one year. The maturity profile of the Group\u2019s financial assets and liabilities at 30 September was as follows: Maturity of financial assets at 30 September 2024 2023 \u00a3000 \u00a3000 Less than 3 months: cash and cash equivalents and short-term investments 14,190 7,429 Greater than 3 months: short-term investments 35,000 40,000 Interest rate risk Interest rate exposure on the \u00a330m of private placements borrowing is managed by having fixed coupons. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-291": {
"value": "Financial instruments Cash and cash equivalents Cash and cash equivalents comprise cash and short-term deposits with an original maturity of three months or less. Short-term investments Short-term investments comprise cash deposits which are readily convertible to a known amount of cash, subject to an insignificant risk of change in value. Trade and other receivables Trade receivables are initially recognised at invoice value which is deemed to be fair value and do not carry any interest and are reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group\u2019s assessment for calculating expected credit losses is made by reference to its historical collection experience, including comparisons of the relative age of the individual balance and the consideration of the actual write-off history. The provisioning rates applied in the calculation are reviewed on an annual basis to reflect the latest historical collection performance data and management\u2019s expectation of future performance and industry trends. Furthermore, where the Group has assessed a known risk of recoverability relating to known customers these balances are provided for in full. Trade and other payables Trade and other payables are initially recognised at invoice value which is deemed to be fair value and are not interest bearing and are subsequently stated at their amortised cost. Amortised cost is considered by the Directors to be equivalent to invoiced value. Borrowings Borrowings are measured at amortised cost using the effective interest method. Interest expense is recognised by applying the effective interest rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-335": {
"value": "The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group\u2019s assessment for calculating expected credit losses is made by reference to its historical collection experience, including comparisons of the relative age of the individual balance and the consideration of the actual write-off history. The provisioning rates applied in the calculation are reviewed on an annual basis to reflect the latest historical collection performance data and management\u2019s expectation of future performance and industry trends. Furthermore, where the Group has assessed a known risk of recoverability relating to known customers these balances are provided for in full. Credit risk The Group\u2019s principal financial assets are cash and cash equivalents, short-term investments and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its trade and other receivables. The amounts presented in the consolidated balance sheet are net of allowances for expected credit losses which are set out below. The trade and other receivables at 30 September 2024 outside agreed credit terms are as follows: 2024 2023 \u00a3000 \u00a3000 Less than 30 days 1,669 1,454 Greater than 30 days 276 1,108 Greater than 60 days 386 231 Greater than 90 days 488 1,235 2,819 4,028 The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The Group monitors its credit exposure to its counterparties via their credit ratings and through its treasury policy, thereby limiting its exposure to any one party to ensure that they are within Board approved limits and that there are no significant concentrations of credit risk. For trading related receivables, the credit worthiness and financial strength of customers is assessed at inception and on an ongoing basis. Payment terms are set in accordance with industry standards. Deposits are requested where credit knowledge of the customer is limited. The Group works closely with its customers to assist them in effectively managing their bill payments. The Group has no other significant concentration of credit risk. Exposure is spread over a large number of counterparties and customers with a maximum credit exposure of \u00a323.1m (2023: \u00a326.5m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-292": {
"value": "The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. The Group\u2019s assessment for calculating expected credit losses is made by reference to its historical collection experience, including comparisons of the relative age of the individual balance and the consideration of the actual write-off history. The provisioning rates applied in the calculation are reviewed on an annual basis to reflect the latest historical collection performance data and management\u2019s expectation of future performance and industry trends. Furthermore, where the Group has assessed a known risk of recoverability relating to known customers these balances are provided for in full. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-293": {
"value": "Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated income statement in the period in which they occurred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"mtpnn15": {
"value": "Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated income statement in the period in which they occurred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-294": {
"value": "Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the consolidated income statement in the period in which they occurred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-295": {
"value": "Accounting developments In preparing these Consolidated Financial Statements, the Group has applied all relevant IFRS, IAS and Interpretations issued by the IFRIC which have been adopted by the EU as of the date of approval of these Consolidated Financial Statements. The following new accounting standards, amendments to existing accounting standards and/or interpretations of existing accounting standards are mandatory for the current period and have been adopted by the Group. All other new standards, amendments to existing standards and new interpretations that are mandatory for the current year have no bearing on the operating activities and disclosures of the Group and consequently have not been listed. The Group has not adopted any new standards or interpretations that are not mandatory. New standards, amendments and interpretations effective or adopted by the Group. IFRS 17 \u2018Insurance contracts\u2019 became effective from 1 January 2023 (1 October 2023 for the Group). The results of an impact assessment of the Standard indicated that the Group does not enter into contracts that currently meet the definitions and scope of IFRS 17. Therefore, there has been no past or present impact on the presentation of these financial statements. Amendments to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019 became effective from 1 January 2023 (1 October 2023 for the Group). Adoption of the amendment has not resulted in a difference in net deferred tax balances within the consolidated financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-296": {
"value": "IFRS 17 \u2018Insurance contracts\u2019 became effective from 1 January 2023 (1 October 2023 for the Group). The results of an impact assessment of the Standard indicated that the Group does not enter into contracts that currently meet the definitions and scope of IFRS 17. Therefore, there has been no past or present impact on the presentation of these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-297": {
"value": "2 Critical Accounting Judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, which are described in note 1, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are monitored on an ongoing basis. Changes to accounting estimates are recognised in the period in which an estimate is revised if the modification affects only that period (or also in future periods if applicable). Critical accounting judgements The following are the critical judgements, that the Directors have made in the process of applying the Group\u2019s accounting policies and are considered to have a significant effect on the amounts recognised in financial statements. i) Hedge accounting The Group utilises currency derivatives to hedge a proportion of its future purchases of electricity from France which currently extend to the next three calendar years. Judgement is applied in establishing the quantum of these future foreign exchange commitments as the volume and price of imported electricity vary annually. All such currency derivatives are fair valued, based on market values of equivalent instruments at the balance sheet date. ii) Decommissioning A judgement has been made that the Company does not meet the recognition criteria (set out in IAS 37 Provisions, Contingent Liabilities and Contingent Assets) as it does not have any set obligation to decommission any of our material assets, but a risk exists that costs may be incurred in the future. The assets concerned are our power station at La Collette, which is leasehold with a current end date of 2056, and our submarine cables to France and Guernsey. None of the assets have a definitive planning or legal obligation to decommission at the end of life but obligations could develop over time, for example, for environmental reasons. There are varying external opinions as to whether subsea cables should be left in place, or removed, at the end of their useful life as over time the interconnector asset becomes part of the marine infrastructure. iii) Impairment testing and valuation The Directors review the carrying amounts of various non-current assets included within property, plant and equipment and intangible assets to determine whether any impairments need to be recognised against their carrying value in accordance with IAS36, Impairment of Assets. Where an indicator of impairment or impairment reversal exists, a review of financial outcomes and probability is used to inform the appropriate carrying value of the impaired asset. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation and uncertainty at the reporting date that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. Retirement benefit obligations The Group provides pensions through a defined benefits scheme for a number of its employees which is accounted for in accordance with IAS 19 \u2018Employee Benefits\u2019. The benefit obligation is discounted at a rate set by reference to market yields at the end of the reporting period on high quality corporate bonds. Significant judgement is required when setting the criteria for bonds to be included in the population from which the yield curve is derived. The most significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality of the bonds and the identification of outliers which are excluded. The discount rate used in 2024 was 5.1% (2023: 5.4%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-298": {
"value": "The business segments below are those reported to the Directors for the purposes of resource allocation and performance assessment: 2024 2024 2024 2023 2023 2023 External Internal Total External Internal Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Revenue Energy \u2013 arising during the course of ordinary business 108,102 100 108,202 97,053 89 97,142 Building Services 3,872 936 4,808 3,349 831 4,180 Retail 17,767 110 17,877 18,514 56 18,570 Property 2,346 639 2,985 2,350 641 2,991 Other* 3,655 112 3,767 3,812 466 4,278 135,742 1,897 137,639 125,078 2,083 127,161 Intergroup elimination (1,897) (2,083) Revenue 135,742 125,078 Operating profit Energy profit before rebate of past energy costs 13,020 9,329 Rebate of past energy costs** - 3,593 Energy profit including rebate 13,020 12,922 Building Services 248 162 Retail 618 917 Property 931 1,149 Other* 442 587 15,259 15,737 Revaluation of investment properties (890) (1,215) Operating profit 14,369 14,522 Finance income 2,291 1,871 Finance costs (1,533) (1,528) Profit from operations before taxation 15,127 14,865 Taxation (3,427) (3,432) Profit from operations after taxation 11,700 11,433 Attributable to: Owners of the Company 11,618 11,280 Non-controlling interests 82 153 11,700 11,433 * The Other segment includes the divisions of Jersey Energy and Jendev, operating profit from IRU contracts as well as Jersey Deep Freeze Limited, the Group\u2019s sole subsidiary. Materially, all the Group\u2019s operations are conducted within the Channel Islands. All transfers between divisions are on an arms-length basis. Revaluation of investment properties is shown separately from Property operating profit. Revenues disclosed by the business segments above are recognised both on a point in time and over time basis. The treatment of revenue recognition in accordance with IFRS 15 is detailed for each of these business segments in note 1 to these financial statements. ** During the year ended 30 September 2023, the Company received a credit which was been disclosed as \u2018Rebate of past energy costs \u2013 non-recurring item\u2019 within gross profit in these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-299": {
"value": "The business segments below are those reported to the Directors for the purposes of resource allocation and performance assessment",
"dimensions": {
"concept": "ifrs-full:FactorsUsedToIdentifyEntitysReportableSegments",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-300": {
"value": " The Other segment includes the divisions of Jersey Energy and Jendev, operating profit from IRU contracts as well as Jersey Deep Freeze Limited, the Group\u2019s sole subsidiary. Materially, all the Group\u2019s operations are conducted within the Channel Islands. All transfers between divisions are on an arms-length basis. Revaluation of investment properties is shown separately from Property operating profit. Revenues disclosed by the business segments above are recognised both on a point in time and over time basis. The treatment of revenue recognition in accordance with IFRS 15 is detailed for each of these business segments in note 1 to these financial statements. ** During the year ended 30 September 2023, the Company received a credit which was been disclosed as \u2018Rebate of past energy costs \u2013 non-recurring item\u2019 within gross profit in these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfReportableSegmentToWhichIndividualAssetBelongs",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-301": {
"value": "4 Directors and Employees Detailed information in respect of Directors\u2019 shareholdings and emoluments, pensions and benefits is given in the Remuneration Committee Report. The number of persons (full time equivalents) employed by the Company at 30 September was as follows: 2024 2023 Number Number* Energy 271 258 Other businesses 91 74 Trainees 16 18 378 350 * The methodology for calculating FTEs has been revised during 2024, relating to FTEs employed on a temporary and hourly basis. This has resulted in a restatement of the 2023 reported number to ensure a like-for-like comparison is presented. This change has no impact to the associated values presented in the prior year in the table below. The aggregate payroll costs of these persons were as follows: 2024 2023 \u00a3000 \u00a3000 Wages and salaries 24,496 21,317 Social security costs 1,366 1,184 Pension* 32 1,622 25,894 24,123 Capitalised manpower costs** (2,605) (1,772) 23,289 22,351 * The pension costs above relate to the defined benefit pension scheme note 16. The contributions recognised as an expense relating to the defined contribution scheme are included within wages and salaries and amount to \u00a31.2m (2023: \u00a30.8m). ** Capitalised manpower costs as described in note 1 are those employee costs attributable to bringing assets (PPE and intangible) into use, see note 9 and 10. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-302": {
"value": "4 Directors and Employees Detailed information in respect of Directors\u2019 shareholdings and emoluments, pensions and benefits is given in the Remuneration Committee Report. The number of persons (full time equivalents) employed by the Company at 30 September was as follows: 2024 2023 Number Number* Energy 271 258 Other businesses 91 74 Trainees 16 18 378 350 * The methodology for calculating FTEs has been revised during 2024, relating to FTEs employed on a temporary and hourly basis. This has resulted in a restatement of the 2023 reported number to ensure a like-for-like comparison is presented. This change has no impact to the associated values presented in the prior year in the table below. The aggregate payroll costs of these persons were as follows: 2024 2023 \u00a3000 \u00a3000 Wages and salaries 24,496 21,317 Social security costs 1,366 1,184 Pension* 32 1,622 25,894 24,123 Capitalised manpower costs** (2,605) (1,772) 23,289 22,351 * The pension costs above relate to the defined benefit pension scheme note 16. The contributions recognised as an expense relating to the defined contribution scheme are included within wages and salaries and amount to \u00a31.2m (2023: \u00a30.8m). ** Capitalised manpower costs as described in note 1 are those employee costs attributable to bringing assets (PPE and intangible) into use, see note 9 and 10. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-304": {
"value": "Operating profit is after charging/(crediting): 2024 2023 \u00a3000 \u00a3000 Fees payable to Group auditor Auditor\u2019s remuneration for audit services 430 447 Auditor\u2019s remuneration for non-audit services - - Other operating charges Depreciation of property, plant and equipment and right-of-use assets (note 10) 11,691 11,203 Amortisation of intangible assets (note 9) 370 378 Movement in expected credit losses 268 240 Impairment of property, plant and equipment* 2,120 - *The impairment of property, plant and equipment during the year relates to the Energy Segment",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-303": {
"value": "Operating profit is after charging/(crediting): 2024 2023 \u00a3000 \u00a3000 Fees payable to Group auditor Auditor\u2019s remuneration for audit services 430 447 Auditor\u2019s remuneration for non-audit services - - Other operating charges Depreciation of property, plant and equipment and right-of-use assets (note 10) 11,691 11,203 Amortisation of intangible assets (note 9) 370 378 Movement in expected credit losses 268 240 Impairment of property, plant and equipment* 2,120 - *The impairment of property, plant and equipment during the year relates to the Energy Segment",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-305": {
"value": "Operating profit is after charging/(crediting): 2024 2023 \u00a3000 \u00a3000 Fees payable to Group auditor Auditor\u2019s remuneration for audit services 430 447 Auditor\u2019s remuneration for non-audit services - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-307": {
"value": "Per Share In Total 7 Dividends Paid and Proposed Equity: 2024 2023 2024 2023 pence pence \u00a3000 \u00a3000 Ordinary and \u2018A\u2019 Ordinary: Dividend paid final for previous year 11.40 10.80 3,493 3,309 interim for current year 8.40 8.00 2,574 2,451 19.80 18.80 6,067 5,760 Dividend proposed final for current year 12.00 11.40 3,677 3,493 The proposed dividend is subject to approval at the forthcoming AGM and has not been included as liabilities in these financial statements. These dividends are shown net of 20% tax. Dividends paid out to non-controlling interests in relation to Jersey Deep Freeze Limited are disclosed in note 18. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-308": {
"value": "8 Earnings Per Ordinary Share Earnings per Ordinary and \u2018A\u2019 Ordinary share (basic and diluted) of 37.92p (2023: 36.81p) are calculated on the Group profit attributable to the owners of the Company, after taxation, of \u00a311.6m (2023: \u00a311.3m), and on the 30,640,000 (2023: 30,640,000) Ordinary and \u2018A\u2019 Ordinary shares in issue during the financial year and at 30 September 2024. There are no share options in issue nor any impact arising from the vesting of the employee share option scheme and therefore there is no difference between basic and diluted earnings per share. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-309": {
"value": "Intangible Assets Computer Software \u00a3000 Cost Cost as at 1 October 2023 2,770 Additions 53 Disposals (62) At 30 September 2024 2,761 Amortisation At 1 October 2023 2,089 Charge for the year 370 Disposals (62) At 30 September 2024 2,397 Net book value At 30 September 2024 364 Computer Software \u00a3000 Cost Cost as at 1 October 2022 2,740 Additions 92 Disposals (62) At 30 September 2023 2,770 Amortisation At 1 October 2022 1,773 Charge for the year 378 Disposals (62) At 30 September 2023 2,089 Net book value At 30 September 2023 681 The above amortisation charges are included within operating expenses in the consolidated income statement. The gross carrying amount of intangible assets with a net book value of zero at 30 September 2024 was \u00a31.7m (2023: \u00a31.5m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-310": {
"value": "10 Property, plant, equipment, right of use assets and investment properties Freehold Mains Land Cables Assets Right and Leasehold and Under of Use Investment Buildings Buildings Plant Services Other Interlinks Construction Total Assets Properties \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Cost or valuation At 1 October 2023 38,016 18,130 121,319 111,403 25,392 98,288 - 412,548 3,655 27,615 Additions 352 - 2,178 5,719 1,779 19 13,050 23,097 1,563 - Revaluation - - - - - - - - - (890) Reclassification** - - (1,628) 12,943 (11,315) - - - - - Disposals - - - - (485) - - (485) - - At 30 September 2024 38,368 18,130 121,869 130,065 15,371 98,307 13,050 435,160 5,218 26,725 Depreciation At 1 October 2023 13,369 8,878 77,197 38,789 15,488 42,691 - 196,412 461 - Charge for the year 773 427 3,798 1,638 1,800 3,119 - 11,555 136 - Reclassification** - - (436) 8,421 (7,985) - - - - - Disposals - - - - (450) - - (450) - - Impairment* - - 614 - - 1,506 - 2,120 - - At 30 September 2024 14,142 9,305 81,173 48,848 8,853 47,316 - 209,637 597 - Net book value at 30 September 2024 24,226 8,825 40,696 81,217 6,518 50,991 13,050 225,523 4,621 26,725 Freehold Mains Land Cables Assets Right and Leasehold and Under of Use Investment Buildings Buildings Plant Services Other Interlinks Construction Total Assets Properties \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Cost or valuation At 1 October 2022 37,610 18,022 118,934 106,047 24,081 98,220 - 402,914 3,610 28,830 Additions 406 111 2,960 5,356 2,075 68 - 10,976 - - Revaluation - - - - - - - - 45 (1,125) Disposals - (3) (575) - (764) - - (1,342) - - At 30 September 2023 38,016 18,130 121,319 111,403 25,392 98,288 - 412,548 3,655 27,615 Depreciation At 1 October 2022 12,615 8,462 74,557 37,225 14,245 39,575 - 186,679 330 - Charge for the year 754 419 3,215 1,564 2,004 3,116 - 11,072 131 - Disposals - (3) (575) - (761) - - (1,339) - - At 30 September 2023 13,369 8,878 77,197 38,789 15,488 42,691 - 196,412 461 - Net book value at 30 September 2023 24,647 9,252 44,122 72,614 9,904 55,597 - 216,136 3,194 27,615 * A review of asset classifications was undertaken during the period and assets with a net book value of \u00a34.7m, being cost of \u00a312.9m net of depreciation of \u00a38.4m, have been reclassified from the classes of \u2018Other\u2019 and \u2018Plant\u2019 to \u2018Mains Cables and Services\u2019. The change was mainly related to the Metering asset class. ** Impairments during year include \u00a31.5m against N2 (the oldest of the subsea cables connecting France and Jersey), which is planned for replacement as part of the Group\u2019s capital investment programme 10 Property, plant, equipment, right of use assets and investment properties (continued) Property, plant and equipment Depreciation is included in operating costs in the consolidated income statement. No depreciation is charged on freehold land. The gross carrying amount of property, plant and equipment still in use with a net book value of zero at 30 September 2024 was \u00a375.2m (2023: \u00a362.8m). Right of Use assets The Group leases land and buildings as part of its Energy business, classified as right of use assets. In addition to the depreciation expense relating to right of use assets of \u00a3136k (2023: \u00a3131k), the finance costs included in the consolidated income statement arising from the lease liability was \u00a3155k (2023: \u00a3151k). The maturity analysis of lease liabilities is presented in note 15. Of the \u00a31.6m (2023: \u00a345k) additions to right of use assets during the year, \u00a30.5m (2023: nil) relates to provisions provided for to meet future obligations to dismantle equipment and restore leased premises to their original condition under the terms of the leases. Investment properties Investment properties are made up of a portfolio of commercial and residential properties. Two commercial leases are held with B&Q and The Medical Centre. The B&Q lease is a fully repairing lease with a 48-year term from May 2000 and a tenant-only break option, which in March 2021 deferred to May 2038. A variation of the 2005, 51 year lease for the Medical Centre was signed in December 2023 which waived the previous break options, with the next available break option date being May 2035. The Company is obliged to keep the Medical Centre wind, watertight and structurally sound, whilst no obligations exist to the Company with regards to the B&Q lease which is fully repairing. The residential properties comprise 29 units which are let out on licences or leases with terms no greater than one year. The investment properties were valued as at 30 September 2024 by independent professionally qualified valuers who hold a recognised relevant professional qualification and are based in Jersey with knowledge of the local market. The properties are held for investment purposes, primarily in freehold ownership and thus the valuation is of the freehold interests based on market value, in accordance with the latest edition of the Royal Institution of Chartered Surveyors (RICS) Valuation \u2013 Global Standards, January 2022 (the \u201cRed Book\u201d). Market value is defined in the Red Book as \u201cThe estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm\u2019s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. At each financial year-end the finance department verifies major inputs to the independent valuation report, assesses property valuation movements and holds discussions with the independent valuer. Commercial properties have been valued on the basis of an equivalent yield of 6.5% for the B&Q site and 7.0% for the medical centre before deductions for acquisition costs. Therefore, these are understood to be level 3 fair value. If yields were 50 basis points higher, the valuation of commercial properties would decrease by \u00a31.0m. If yields were 50 basis points lower, the valuation of commercial properties would increase by \u00a31.2m. The movements in level 3 fair values are as follows: 2024 2023 Movement in valuation of Commercial Properties \u00a3000 \u00a3000 At 1 October 14,620 15,770 Revaluation (140) (1,150) At 30 September 14,480 14,620 In the case of residential properties, the valuation is based on market value assuming vacant possession. The valuation is based on the comparable method, by reference to recent local market transactions of similar properties and is therefore deemed to be of level 2 fair value. The rental income arising from the properties during the year was \u00a31.5m (2023: \u00a31.4m) with maintenance and repair costs of \u00a3339k (2023: \u00a3331k). Under the terms of the lease arrangements with residential tenants, the Company is obliged to keep the rented premises in a good state of condition and repair. In accordance with IAS40 investment properties are not depreciated. The minimum lease payments receivable are detailed in note 21. ",
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"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-311": {
"value": "11 Other Investments 2024 2023 \u00a3000 \u00a3000 Joint arrangement 5 5 Principal group investments The Company has investments in the following subsidiary undertakings and a joint arrangement which principally affected the profits or net assets of the Group. Country of incorporation or principal business Principal activity Shareholding % Holding Year End Joint arrangement: Channel Islands Electricity Grid Limited Jersey Administration of cable 5,000 Ordinary 50 30 November links between France, Jersey and Guernsey Subsidiary undertaking: Jersey Deep Freeze Limited Jersey Sale and maintenance 51 Ordinary 51 30 September of refrigeration and catering equipment Jersey Offshore Wind Limited Jersey Investment in offshore 2 Ordinary 100 30 September wind (electricity generation) projects Channel Islands Electricity Grid Limited (CIEG) CIEG is a 50%/50% joint venture between Jersey Electricity Plc and Guernsey Electricity Limited. The principal activity of the business is to administer the ongoing operations of the cable links between France, Jersey and Guernsey. The Company\u2019s interest in CIEG is accounted for as a joint arrangement under IFRS 11 \u2018Joint arrangements\u2019. Jersey Deep Freeze Limited The Company owns 51% (2023: 51%) of the issued ordinary share capital of Jersey Deep Freeze Limited, a Jersey company whose principal business is the sale and maintenance of refrigeration equipment to commercial businesses. The results are consolidated into these Group financial statements, as the Group is considered to exert control under IFRS 10. Jersey Offshore Wind Limited This wholly owned subsidiary was incorporated on 29th March 2023. The entity was set up in support to JE\u2019s exploration of offshore wind. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-312": {
"value": "Other Investments 2024 2023 \u00a3000 \u00a3000 Joint arrangement 5 5 Principal group investments The Company has investments in the following subsidiary undertakings and a joint arrangement which principally affected the profits or net assets of the Group. Country of incorporation or principal business Principal activity Shareholding % Holding Year End Joint arrangement: Channel Islands Electricity Grid Limited Jersey Administration of cable 5,000 Ordinary 50 30 November links between France, Jersey and Guernsey Subsidiary undertaking: Jersey Deep Freeze Limited Jersey Sale and maintenance 51 Ordinary 51 30 September of refrigeration and catering equipment Jersey Offshore Wind Limited Jersey Investment in offshore 2 Ordinary 100 30 September wind (electricity generation) projects Channel Islands Electricity Grid Limited (CIEG) CIEG is a 50%/50% joint venture between Jersey Electricity Plc and Guernsey Electricity Limited. The principal activity of the business is to administer the ongoing operations of the cable links between France, Jersey and Guernsey. The Company\u2019s interest in CIEG is accounted for as a joint arrangement under IFRS 11 \u2018Joint arrangements\u2019. Jersey Deep Freeze Limited The Company owns 51% (2023: 51%) of the issued ordinary share capital of Jersey Deep Freeze Limited, a Jersey company whose principal business is the sale and maintenance of refrigeration equipment to commercial businesses. The results are consolidated into these Group financial statements, as the Group is considered to exert control under IFRS 10. Jersey Offshore Wind Limited This wholly owned subsidiary was incorporated on 29th March 2023. The entity was set up in support to JE\u2019s exploration of offshore wind. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-313": {
"value": "2024 2023 \u00a3000 \u00a3000 Joint arrangement 5 5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInJointArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-315": {
"value": "13 Trade and Other Receivables 2024 2023 \u00a3000 \u00a3000 Amounts receivable withing one year: Trade receivables 21,528 21,036 Prepayments and other receivables 3,374 4,923 24,902 25,959 Amounts receivable after more than one year: Secured loan accounts 300 300 Included within trade receivables is \u00a32.7m (2023: \u00a32.3m) that will be due and received in more than 12 months from the balance sheet date. These amounts represent receipts or payments from customers within the normal operating cycle of the company. Unbilled revenues included within trade and other receivables at 30 September 2024 are \u00a37.3m (2023: \u00a36.1m). The secured loans include a loan to a Director. The fair value of trade and other receivables is considered by the Directors to be equivalent to its carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-316": {
"value": "14 Trade and Other Payables 2024 2023 \u00a3000 \u00a3000 Amounts falling due within one year: Trade payables 2,402 518 Other payables including taxation and social security 8,440 10,316 Accruals 11,029 7,796 Deferred revenue 1,156 829 23,027 19,459 Amounts falling due after one year: Accruals 628 89 Deferred revenue 26,594 26,160 27,222 26,249 The fair value of trade and other payables is considered by the Directors to be equivalent to its carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"mtpnn16": {
"value": "14 Trade and Other Payables 2024 2023 \u00a3000 \u00a3000 Amounts falling due within one year: Trade payables 2,402 518 Other payables including taxation and social security 8,440 10,316 Accruals 11,029 7,796 Deferred revenue 1,156 829 23,027 19,459 Amounts falling due after one year: Accruals 628 89 Deferred revenue 26,594 26,160 27,222 26,249 The fair value of trade and other payables is considered by the Directors to be equivalent to its carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-317": {
"value": "14 Trade and Other Payables 2024 2023 \u00a3000 \u00a3000 Amounts falling due within one year: Trade payables 2,402 518 Other payables including taxation and social security 8,440 10,316 Accruals 11,029 7,796 Deferred revenue 1,156 829 23,027 19,459 Amounts falling due after one year: Accruals 628 89 Deferred revenue 26,594 26,160 27,222 26,249 The fair value of trade and other payables is considered by the Directors to be equivalent to its carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-318": {
"value": "15 Borrowings Unsecured borrowing at amortised cost 2024 2023 \u00a3000 \u00a3000 Loan obtained from private placement 30,000 30,000 A long-term loan of \u00a330m was drawn down on 17 July 2014 via a private placement and is in place with Pricoa Capital Group (an affiliate of Prudential Financial, Inc). The loan consists of two tranches: a. \u00a315m for 20 years at a fixed rate coupon of 4.41% b. \u00a315m for 25 years at a fixed rate coupon of 4.52% The terms of the loan contain financial covenants which require a net debt to regulated asset value ratio of less than 50% and an EBITDA to borrowings cost ratio greater than 4%, as defined in the loan agreement. The calculations are carried out based on the Group\u2019s interim and annual performance and position. The Group continues to meet these covenants. Until July 24, borrowings were supplemented by an unsecured five year \u00a310m revolving credit facility (RCF) with the Royal Bank of Scotland International Limited (RBSI). The facility expired in July 2024. This facility bore the same financial covenant restrictions as the private placement above. A one year \u00a32m overdraft facility also exists with RBSI, which renews annually. The fair value of the loan obtained from the private placement at 30 September 2024 is considered to be \u00a326.3m (2023: \u00a324.5m) based on the interest rate offered by UK 15 and 20 year bonds as a proxy to the risk free rate at this date coupled with the deemed credit risk margin included within the overall rate at the inception of the loan. The loan is classified as level 2 in the fair value hierarchy. ",
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"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-320": {
"value": "Pensions Introduction The Company sponsors a funded defined benefit pension scheme for qualifying Jersey employees \u2013 the Jersey Electricity Pension Scheme. The Scheme is administered by a separate board of trustees, which is legally separate from the Company. The trustees are composed of representatives of both the employer and employees. The trustees are required by law to act in the interest of all relevant beneficiaries and are responsible for the investment policy for the assets and the day-to-day administration of the benefits. Under the Scheme, employees are entitled to annual pensions on retirement at age 65 of one-sixtieth or one eightieth (depending on the category of membership) of final pensionable salary for each year of service. Pensionable salary is defined as the best successive 12 months\u2019 salary in the past three years. Benefits are also payable on death and following other events such as withdrawing from active service. No other post-retirement benefits are provided to these employees. Profile of the Scheme The Defined Benefit Obligation (DBO) includes benefits for current employees, former employees and current pensioners. Broadly, about 39% of the DBO is attributable to current employees, 8% to deferred pensioners and 53% to current pensioners. The Scheme duration is an indicator of the weighted-average time until benefit payments are made. For the Scheme as a whole, the duration is around 15 years at 30 September 2024 reflecting the approximate split of the defined benefit obligation. Funding requirements The last funding valuation of the Scheme was carried out by a qualified actuary at 31 December 2021 and showed a surplus of \u00a317.1m. The Company has agreed to pay contributions of 20.6% (26.6% for non-contributory members) of pensionable salaries in respect of current accrual, with contributory members paying a further 6% of pensionable salaries. The next funding valuation is due no later than 31 December 2024. Risks associated with the scheme The Scheme exposes the Company to some risks, the most significant of which are: Asset volatility The DBO is calculated using a discount rate set with reference to corporate bond yields. If assets underperform this yield, this will create a deficit. The Scheme holds a significant proportion of growth assets (equities and diversified growth funds) which, though expected to outperform corporate bonds in the long-term, create volatility and risk in the short-term. The allocation to growth assets is monitored to ensure it remains appropriate given the Scheme\u2019s long-term objectives. Changes in bond yields A decrease in corporate bond yields will increase the value placed on the Scheme\u2019s DBO for accounting purposes, although this will be partially offset by an increase in the value of the Scheme\u2019s bond holdings. Inflation risk A portion of the Scheme\u2019s DBO is linked to inflation, and higher inflation leads to a higher DBO. Most of the assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation may also increase the deficit. Life expectancy The majority of the Scheme\u2019s obligations are to provide benefits for the lifetime of the member, so increases in life expectancy will result in an increase in the DBO. Risk management As at 30 September 2024 the Jersey Electricity Pension Scheme (the Scheme) invests pooled funds managed by the Scheme\u2019s fund managers. The Scheme has an agreed asset allocation strategy as set out below. Asset class Actual weighting Growth Portfolio 68% Global Equities 26% Hedge Funds 35% Multi Asset Credit 7% Matching portfolio 32% Liability Driven Investment (\u201cLDI\u201d) 32% Total 100% Pensions (continued) Risk management continued Within the growth portfolio, Global Equities is expected to outperform the liabilities over the long term. The equity allocation is allocated equally across three active global equity managers with contrasting investment styles. The Hedge Funds provide diversification to equity markets within the growth portfolio, whilst still aiming to outperform the liabilities. The Multi Asset Credit allocation offers exposure to the credit universe and has a more defensive stance than equity. The Trustees also considered ways to further diversify and increase the investment portfolio\u2019s resiliency and liquidity within the growth pool by introducing a strategy \u2013 the Diversified Liquid Credit strategy. This strategy targets offering a diversified fixed income exposure to asset-backed securities and has a more defensive stance than equity. The matching portfolio consists of a Liability Driven Investments (LDI) strategy which includes the use of fixed interest government bonds (gilts), index-linked gilts, cash and various derivative instruments such as swaps and repurchase agreements. The strategy is used with the aim to match the interest rate and inflation exposure of a portion of the Scheme\u2019s liabilities and help reduce the funding level volatility. Over the year, the Trustees restructured the LDI strategy and increased the level of interest rate and inflation hedging on the ongoing funding target basis, in order to more accurately match the movement in assets with the value of the liabilities. Since Q2 2020, the Scheme has seen a steady improvement in the funding level. Therefore, a de-risking framework was put in place whereby an improvement in the funding level to a predefined level will trigger a de-risking step, which involves reducing assets in the growth portfolio in favour of the matching portfolio. The de-risking framework is reviewed by the Trustees on a regular basis and upon changes in the investment strategy or following market shocks. The Trustees insure certain benefits which are payable on death before retirement. Reporting at 30 September 2024 The results of the latest funding valuation at 31 December 2021 have been adjusted to the new balance sheet date, taking account of experience over the period since 31 December 2021, 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 cost, were measured using the projected unit credit method. The principal assumptions used to calculate the liabilities under IAS 19 are as follows: Main financial assumptions Value at Value at 30 September 30 September 2024 2023 % p.a. % p.a. Discount rate 5.1 5.4 Jersey RPI inflation 3.6 3.6 Pension increases in payment \u2013 Short term (year 1) - - \u2013 Long term (year 2 onwards) - - Pension increases in payment for pensions purchased with AVCs 3.6 3.6 Salary increase: \u2013 Short term (year 1) 5.0 8.0 \u2013 Short term (year 2) 3.6 3.6 \u2013 Long term (year 3 onwards) 3.6 3.6 The financial assumptions reflect the nature and term of the Scheme\u2019s liabilities. Pensions (continued) Value at 30 September 2024 Value at 30 September 2023 Post-retirement mortality base table SAPS \u201cS3P\u201d (All) tables for males and SAPS \u201cS3P\u201d (All) tables for males and SAPS\u201cS3P\u201d (Mid) tables for females SAPS\u201cS3P\u201d (Mid) tables for females with 95% scaling with 95% scaling Post-retirement mortality future improvements CMI 2023 projections CMI 2022 projections (A = 0.0%, Sk = 7.0,w2020=w2021=0%, (A = 0.0%, Sk = 7.0, w2020, w2021 = 0% w2022=w2023 = 15%) with long-term and w2022 = 25%) with long-term improvements of 1.25% p.a. improvements of 1.25% p.a. Life expectancy for male currently aged 60 26.3 26.4 Life expectancy for female currently aged 60 28.6 28.5 Life expectancy at 60 for male currently aged 40 27.9 27.9 Life expectancy at 60 for female currently aged 40 30.1 30.0 DB transfers 0% of deferred members are 0% of deferred members are assumed to transfer out assumed to transfer out Age difference A male member is assumed to be A male member is assumed to be 3 years older than his wife/partner. 3 years older than his wife/partner. A female member is assumed to be 1 year A female member is assumed to be 1 year younger than her husband/partner younger than her husband/partner Proportion married 85% of male members and 62.5% of female 85% of male members and 62.5% of female members are assumed to be married members are assumed to be married at retirement or earlier death. at retirement or earlier death. Cash commutation Active and deferred members commute Active and deferred members commute 20% of pension at a rate equivalent to 20% of pension at a rate equivalent to 90% of the value of the member\u2019s pension 90% of the value of the member\u2019s pension The mortality assumptions are based on the recent actual mortality experience of Scheme members and allow for expected future improvements in mortality rates. Assets The Scheme assets are invested in the following asset classes. All assets have a quoted market value in an active market. Value at Value at 30 September 30 September 2024 2023 % p.a. % p.a. LDI/UK Gilts 37,036 27,709 Equities 30,388 29,650 Diversified Growth Funds 49,222 53,395 Cash and cash commitments 611 358 Total market value of assets 117,257 111,112 Reconciliation of funded status to balance sheet Value at Value at 30 September 30 September 2024 2023 Fair value of Scheme assets 117,257 111,112 Present value of funded Defined Benefit Obligation (89,305) (85,566) Funded status and asset recognised on the balance sheet 27,952 25,546 Related deferred tax liability (5,590) (5,109) Net pension asset recognised on the balance sheet 22,362 20,437 Pensions (continued) 2024 2023 \u00a3000 \u00a3000 Operating cost Service cost 1,068 1,119 Past service cost (including curtailments) - 1,383 Administration expenses 374 493 Financing cost Interest on net defined benefit assets (1,410) (1,373) Pension expense recognised in profit and loss 32 1,622 Remeasurements in OCI Return on Scheme assets (in excess of) / below that recognised in net interest (5,654) 3,074 Actuarial losses / (gains) due to changes in financial assumptions 4,115 (1,692) Actuarial gains due to changes in demographic assumptions (172) (1,114) Actuarial losses due to liability experience 786 547 Total amount recognised in OCI (925) 815 Total amount recognised in profit and loss and OCI (893) 2,437 Changes in Defined Benefit Obligation over the year 2024 2023 \u00a3000 \u00a3000 Opening Defined Benefit Obligation 85,566 86,110 Current service cost 1,068 1,119 Interest expense on DBO 4,457 4,365 Contributions by Scheme participants 420 435 Actuarial losses / (gains) on Scheme liabilities arising from changes in financial assumptions 4,115 (1,692) Actuarial gains on Scheme liabilities arising from changes in demographic assumptions (172) (1,114) Actuarial losses on Scheme liabilities arising from experience 786 547 Net benefits paid out (6,935) (5,587) Past service cost - 1,383 Closing Defined Benefit Obligation 89,305 85,566 Changes to fair value of the Scheme assets during the year 2024 2023 \u00a3000 \u00a3000 Opening fair value of Scheme assets 111,112 112,544 Interest income on Scheme assets 5,867 5,738 Remeasurement gains / (losses) on Scheme assets 5,654 (3,074) Contributions by the employer 1,513 1,549 Contributions by Scheme participants 420 435 Net benefits paid out (6,935) (5,587) Administration costs incurred (374) (493) Closing fair value of Scheme assets 117,257 111,112 Pensions (continued) Actual return on Scheme assets 2024 2023 \u00a3000 \u00a3000 Interest income on Scheme assets 5,867 5,738 Remeasurement gain/(loss) on Scheme assets 5,654 (3,074) Actual return on Scheme assets 11,521 2,664 Analysis of amounts recognised in OCI 2024 2023 \u00a3000 \u00a3000 Total remeasurement gains / (losses) 925 (815) Total gains / (loss) 925 (815) Sensitivity analysis The tables below set out the impact to the balance sheet and profit and loss from changes to some of the key assumptions in the discount rate, salary increases, inflation and mortality. Change New value \u00a3000 \u00a3000 Discount rate: Following a 0.5% p.a. decrease in the discount rate Pension expense for the following year 618 773 DBO at 30 September 2024 6,577 95,882 Discount rate: Following a 0.5% p.a. increase in the discount rate Pension expense for the following year (626) (471) DBO at 30 September 2024 (5,884) (83,421) Salary increases: Following a 0.5% p.a. increase in the salary increase Pension expense for the following year 171 326 DBO at 30 September 2024 1,642 90,947 Inflation rate: Following a 0.5% p.a. decrease in inflation Pension expense for the following year (181) (26) DBO at 30 September 2024 (1,921) 87,384 Inflation rate: Following a 0.5% p.a. increase in inflation Pension expense for the following year 189 344 DBO at 30 September 2024 1,998 91,303 Mortality: Following a 1 year increase in life expectancy Pension expense for the following year 262 417 DBO at 30 September 2024 3,877 93,182 ",
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"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
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"mtpnn17": {
"value": "17 Share Capital Authorised Issued and Authorised Issued and fully paid fully paid 2024 2024 2023 2023 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u2018A\u2019 Ordinary shares 5p each (2023: 5p each) 1,250 582 1,250 582 Ordinary shares 5p each (2023: 5p each) 1,500 950 1,500 950 2,750 1,532 2,750 1,532 5% Cumulative participating preference shares \u00a31 each 100 100 100 100 3.5% Cumulative non-participating preference shares \u00a31 each 150 135 150 135 250 235 250 235 Equity shares \u2018A\u2019 Ordinary shares entitle the holder to 1 vote for every 100 shares held whereas the Ordinary shares carry voting rights of 1 vote for every 20 shares held. At 30 September 2024 there were 11,640,000 \u2018A\u2019 Ordinary and 19,000,000 Ordinary shares in issue. Preference shares Preference shares are classified as financial liabilities under IFRS. Dividends paid to preference shareholders in the year were \u00a39,000 (2023: \u00a39,000) and are recorded in finance costs in the consolidated income statement. 5% preference shares carry voting rights of 1 vote per 5 shares and 3.5% preference shares carry voting rights of 1 vote per 10 shares. ",
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"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-321": {
"value": "17 Share Capital Authorised Issued and Authorised Issued and fully paid fully paid 2024 2024 2023 2023 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u2018A\u2019 Ordinary shares 5p each (2023: 5p each) 1,250 582 1,250 582 Ordinary shares 5p each (2023: 5p each) 1,500 950 1,500 950 2,750 1,532 2,750 1,532 5% Cumulative participating preference shares \u00a31 each 100 100 100 100 3.5% Cumulative non-participating preference shares \u00a31 each 150 135 150 135 250 235 250 235 Equity shares \u2018A\u2019 Ordinary shares entitle the holder to 1 vote for every 100 shares held whereas the Ordinary shares carry voting rights of 1 vote for every 20 shares held. At 30 September 2024 there were 11,640,000 \u2018A\u2019 Ordinary and 19,000,000 Ordinary shares in issue. Preference shares Preference shares are classified as financial liabilities under IFRS. Dividends paid to preference shareholders in the year were \u00a39,000 (2023: \u00a39,000) and are recorded in finance costs in the consolidated income statement. 5% preference shares carry voting rights of 1 vote per 5 shares and 3.5% preference shares carry voting rights of 1 vote per 10 shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-322": {
"value": "ESOP reserve The Jersey Electricity Employee Benefit Trust was established on 24 May 2012 when the Company introduced a new employee share scheme for eligible employees of the Group based on a three-year vesting period. As at 30 September 2024, 7,900 remain within the Trust as unallocated shares with a combined valuation of \u00a335,000 representing a market value of \u00a34.43 per share. These shares are expected to form part of a future employee share scheme. The Trust was funded by way of an interest free loan and for accounting purposes is seen as an extension of the Group. ",
"dimensions": {
"concept": "ifrs-full:AdditionalInformationAboutSharebasedPaymentArrangements",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"mtpnn18": {
"value": "18 Non-controlling Interests 2024 2023 \u00a3000 \u00a3000 At 1 October 132 144 Share of profit on ordinary activities after taxation 82 153 Dividends paid (170) (165) At 30 September 44 132 Non-controlling interests represent 49% (2023: 49%) ownership of the issued ordinary share capital of Jersey Deep Freeze Limited. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-323": {
"value": "18 Non-controlling Interests 2024 2023 \u00a3000 \u00a3000 At 1 October 132 144 Share of profit on ordinary activities after taxation 82 153 Dividends paid (170) (165) At 30 September 44 132 Non-controlling interests represent 49% (2023: 49%) ownership of the issued ordinary share capital of Jersey Deep Freeze Limited. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-325": {
"value": "19 Financial Commitments 2024 2023 \u00a3000 \u00a3000 Contracted 1,111 2,966 Not contracted* 166,250 122,197 167,361 125,163 *Although this sum is approved in principle it is still subject to formal business cases being reviewed in due course. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-324": {
"value": "19 Financial Commitments 2024 2023 \u00a3000 \u00a3000 Contracted 1,111 2,966 Not contracted* 166,250 122,197 167,361 125,163 *Although this sum is approved in principle it is still subject to formal business cases being reviewed in due course. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-326": {
"value": "20 Leasing Operating leases with tenants The Group leases out all its investment properties and certain other freehold properties under operating leases. The future aggregate minimum rentals receivable under non-cancellable operating leases are as follows: 2024 2023 \u00a3000 \u00a3000 No later than 1 year 1,643 1,611 Later than 1 year and no later than 2 years 1,457 1,447 Later than 2 years and no later than 3 years 1,106 1,398 Later than 3 years and no later than 4 years 1,106 1,020 Later than 4 years and no later than 5 years 1,106 1,020 Later than 5 years 9,246 9,236 15,664 15,732 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-327": {
"value": "21 Derivatives and financial instruments and their risk management (i) Categories of financial instruments The carrying values of the financial assets and liabilities of the Group are as follows: Financial assets 2024 2023 \u00a3000 \u00a3000 Fair value through other comprehensive income Derivative financial instruments - 193 Amortised cost Secured loan accounts 300 300 Trade and other receivables (excluding prepayments) 21,528 21,036 Cash and cash equivalents 49,190 47,429 71,018 68,765 Financial liabilities 2024 2023 \u00a3000 \u00a3000 Fair value through other comprehensive income Derivative financial instruments 4,052 761 Amortised cost Borrowings 30,000 30,000 Trade and other payables 10,842 10,835 Financial Liabilities \u2013 Preference Shares 235 235 41,077 41,070 The primary financial risk faced by the Group is foreign exchange exposure as the largest single cost in the consolidated income statement is the importation of electricity from Europe that is denominated in Euros. The Group\u2019s currency exposure at 30 September 2024, taking into account the effect of forward contracts placed to manage such exposures, was \u00a32.5m (2023: \u00a32.4m) being the translated Euro liability due for imports made in September but payable in October. 21 Derivatives and financial instruments and their risk management (continued) (i) Categories of financial instruments (continued) All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy. This hierarchy is based on the underlying assumptions used to determine the fair value measurement as a whole and is categorised as follows: Level 1 financial instruments are those with values that are immediately comparable to quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 financial instruments are those with values that are determined using valuation techniques for which the basic assumptions used to calculate fair value are directly or indirectly observable (such as to readily available market prices); and Level 3 financial instruments are shown at values that are determined by assumptions that are not based on observable market data (unobservable inputs). The derivative contracts for foreign currency shown are classified as level 2 financial instruments and are valued using a discounted cash flow valuation technique. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contracted forward rates, discounted at a rate that reflects the credit risk of various counterparties. (ii) Foreign exchange risk The Group utilises currency derivatives to hedge the payment of a proportion of its future purchases of power from France which currently extend to the next three financial years. Due to the nature of the Euro denominated purchases being largely underpinned by contracted amounts the Group has accurate expectations of the values and timings of future liabilities, reducing the risk of exposure to hedge against ineffectiveness which would arise if units imported were to vary by more than 20% from established patterns. Foreign exchange hedging instruments are contracted to mature as the liabilities fall due and so minimise any timing or other uncertainties of future cash flows. Currency derivatives 2024 2023 \u00a3000 \u00a3000 Derivative assets Less than one year - 64 Greater than one year - 129 Derivative liabilities Less than one year (2,601) (536) Greater than one year (1,451) (255) Total net liabilities (4,052) (568) Tax on items recorded through the balance sheet 810 113 (3,242) (455) At the balance sheet date, the total notional amount of outstanding forward foreign exchange contracts that the Group has committed are as below: Forward foreign exchange contracts 2024 2023 \u00a3000 \u00a3000 Less than one year - operational expenditure 46,165 36,395 Greater than one year and less than three years 27,450 47,227 73,615 83,622 The fair value of currency derivatives that are designated and ineffective as cash flow hedges amount to \u00a3nil (2023: \u00a3nil). In the current period amounts of \u00a33.5m net were debited (2023: \u00a33.4m debit) to equity, being a \u00a33.2m fair value loss (2023: \u00a33.2m fair value loss) and \u00a30.3m debit (2023: \u00a30.2m debit) recycled to the consolidated income statement. Gains and losses on the derivatives are recycled through the consolidated income statement at the time the purchase of power is recognised. The table below provides the reconciliation for the cashflow reserve: Hedging Reserve 2024 2023 \u00a3000 \u00a3000 At 1 October (455) 2,234 Amounts recycled from other comprehensive income to income statement (324) (165) Changes in fair value recognised in other comprehensive income (3,159) (3,196) Tax on items recorded in other comprehensive income 697 672 At 30 September (3,241) (455) Given the limited exposure to foreign exchange rate risk at the year-end no sensitivity analysis has been presented. 21 Derivatives and financial instruments and their risk management (continued) (iii) Commodity risk Power Purchases The Group has power purchase agreements with EDF in France. As at 30 September 2024, the import prices, but not volumes, have been substantially fixed for 2025. The Group entered into a 10-year framework agreement with EDF on 1 January 2013 which has a commitment to procure around 35% of expected volume requirements at known prices. During 2017 this agreement was extended by a further 5 years to 2027. The remainder of the requirement will be decided by a market pricing mechanism, but with no volume commitment, with a goal to deliver a degree of stability in tariff pricing to our customers. (iv) Credit risk The Group\u2019s principal financial assets are cash and cash equivalents, short-term investments and trade and other receivables. The Group\u2019s credit risk is primarily attributable to its trade and other receivables. The amounts presented in the consolidated balance sheet are net of allowances for expected credit losses which are set out below. The trade and other receivables at 30 September 2024 outside agreed credit terms are as follows: 2024 2023 \u00a3000 \u00a3000 Less than 30 days 1,669 1,454 Greater than 30 days 276 1,108 Greater than 60 days 386 231 Greater than 90 days 488 1,235 2,819 4,028 The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. The Group monitors its credit exposure to its counterparties via their credit ratings and through its treasury policy, thereby limiting its exposure to any one party to ensure that they are within Board approved limits and that there are no significant concentrations of credit risk. For trading related receivables, the credit worthiness and financial strength of customers is assessed at inception and on an ongoing basis. Payment terms are set in accordance with industry standards. Deposits are requested where credit knowledge of the customer is limited. The Group works closely with its customers to assist them in effectively managing their bill payments. The Group has no other significant concentration of credit risk. Exposure is spread over a large number of counterparties and customers with a maximum credit exposure of \u00a323.1m (2023: \u00a326.5m). Expected credit losses provision The Group applies the IFRS 9 simplified approach to measuring expected credit losses which assesses if a material expectation exists for lifetime expected loss allowances against all trade receivables based on historical realised write-downs. Where specific customers are viewed to be at risk of default due to known or expected economic circumstances, their receivable balances at the balance sheet date are provided for in full. An explanation of the Group\u2019s assessment for calculating expected credit losses and balance write-offs is detailed in note 1. An expected credit losses provision is recorded against assets which are past due but for which no individual provision is made. This is calculated based on historical experience of levels of recovery. Movements in the provision for expected credit losses were as follows: 2024 2023 \u00a3000 \u00a3000 At 1 October 490 303 Charge for expected credit losses - included within operating costs 268 240 Amounts written (off)/back (73) (53) At 30 September 685 490 Provision of impaired receivables (by age) is as follows: 2024 2023 \u00a3000 \u00a3000 0-180 days 222 200 181-360 days 351 140 Greater than 360 days 112 150 685 490 21 Derivatives and financial instruments and their risk management (continued) (v) Capital management Strong capital management is an integral part of the Directors\u2019 strategy to achieve the Group\u2019s stated objectives. The capital managed by the Group consists of borrowings, cash and cash equivalents and equity of the Group. The Directors review financial capital KPI\u2019s on a monthly basis. The \u00a330m private placement drawn down in July 2014 provides long-term funding to the Group. Liquid funds are managed daily and placed on short-term deposits maturing to meet liabilities when they fall due. The Group is subject to externally imposed capital requirements in respect of the borrowing facilities detailed in note 15. The Group has complied with these requirements throughout the year. (vi) Liquidity risk The Group maintains a strong liquidity position and manages the liquidity profile of its assets, liabilities and commitments so that cash flows are appropriately balanced and all financial obligations are met when due. Maturity of financial liabilities at 30 September 2024 2023 \u00a3000 \u00a3000 Less than one year 27,274 21,416 More than one year and less than five years 38,144 35,260 More than five years 40,088 42,767 105,506 99,443 Financial liabilities shown above include interest payments payable on the \u00a330m private placement. Borrowing facilities The Group had undrawn borrowing facilities at 30 September 2024 of \u00a32m (2023: \u00a312.0m) in respect of which all conditions precedent had been met. The overdraft facility of \u00a32.0m is annually renewable, and the Revolving Credit Facility expired July 2024. Maturity of financial assets and liabilities The financial assets of the Group comprise deposits placed with banks which all expire in less than one year. The maturity profile of the Group\u2019s financial assets and liabilities at 30 September was as follows: Maturity of financial assets at 30 September 2024 2023 \u00a3000 \u00a3000 Less than 3 months: cash and cash equivalents and short-term investments 14,190 7,429 Greater than 3 months: short-term investments 35,000 40,000 Interest rate risk Interest rate exposure on the \u00a330m of private placements borrowing is managed by having fixed coupons. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-329": {
"value": "The primary financial risk faced by the Group is foreign exchange exposure as the largest single cost in the consolidated income statement is the importation of electricity from Europe that is denominated in Euros. The Group\u2019s currency exposure at 30 September 2024, taking into account the effect of forward contracts placed to manage such exposures, was \u00a32.5m (2023: \u00a32.4m) being the translated Euro liability due for imports made in September but payable in October",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-330": {
"value": "All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy. This hierarchy is based on the underlying assumptions used to determine the fair value measurement as a whole and is categorised as follows: Level 1 financial instruments are those with values that are immediately comparable to quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 financial instruments are those with values that are determined using valuation techniques for which the basic assumptions used to calculate fair value are directly or indirectly observable (such as to readily available market prices); and Level 3 financial instruments are shown at values that are determined by assumptions that are not based on observable market data (unobservable inputs). The derivative contracts for foreign currency shown are classified as level 2 financial instruments and are valued using a discounted cash flow valuation technique. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contracted forward rates, discounted at a rate that reflects the credit risk of various counterparties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-331": {
"value": "All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy. This hierarchy is based on the underlying assumptions used to determine the fair value measurement as a whole and is categorised as follows: Level 1 financial instruments are those with values that are immediately comparable to quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 financial instruments are those with values that are determined using valuation techniques for which the basic assumptions used to calculate fair value are directly or indirectly observable (such as to readily available market prices); and Level 3 financial instruments are shown at values that are determined by assumptions that are not based on observable market data (unobservable inputs). The derivative contracts for foreign currency shown are classified as level 2 financial instruments and are valued using a discounted cash flow valuation technique. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contracted forward rates, discounted at a rate that reflects the credit risk of various counterparties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-333": {
"value": "The fair value of currency derivatives that are designated and ineffective as cash flow hedges amount to \u00a3nil (2023: \u00a3nil). In the current period amounts of \u00a33.5m net were debited (2023: \u00a33.4m debit) to equity, being a \u00a33.2m fair value loss (2023: \u00a33.2m fair value loss) and \u00a30.3m debit (2023: \u00a30.2m debit) recycled to the consolidated income statement. Gains and losses on the derivatives are recycled through the consolidated income statement at the time the purchase of power is recognised. The table below provides the reconciliation for the cashflow reserve: Hedging Reserve 2024 2023 \u00a3000 \u00a3000 At 1 October (455) 2,234 Amounts recycled from other comprehensive income to income statement (324) (165) Changes in fair value recognised in other comprehensive income (3,159) (3,196) Tax on items recorded in other comprehensive income 697 672 At 30 September (3,241) (455) Given the limited exposure to foreign exchange rate risk at the year-end no sensitivity analysis has been presented. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-334": {
"value": "Commodity risk Power Purchases The Group has power purchase agreements with EDF in France. As at 30 September 2024, the import prices, but not volumes, have been substantially fixed for 2025. The Group entered into a 10-year framework agreement with EDF on 1 January 2013 which has a commitment to procure around 35% of expected volume requirements at known prices. During 2017 this agreement was extended by a further 5 years to 2027. The remainder of the requirement will be decided by a market pricing mechanism, but with no volume commitment, with a goal to deliver a degree of stability in tariff pricing to our customers. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-336": {
"value": "Liquidity risk The Group maintains a strong liquidity position and manages the liquidity profile of its assets, liabilities and commitments so that cash flows are appropriately balanced and all financial obligations are met when due. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-337": {
"value": "22 Ultimate controlling party and related party transactions Government of Jersey (\u201cGoJ\u201d) Under IFRS 10, an investor controls an investee only if all three elements of control identified in the standard are present. Although the GoJ holds the majority voting rights, the Directors have concluded that two of the three elements to establish control are not present, and as a result we do not consider that the GoJ should be considered an ultimate controlling party. The two elements and the basis for our conclusions are set out below: 1) That an investor has control if it has power over the investee, i.e., the investor has existing rights that give it the ability to direct the relevant activities (the activities that significantly affect the investee\u2019s returns) [IFRS 10]. The GoJ do not have control over Jersey Electricity\u2019s operating activities and there are no representatives on the Board from the Government of Jersey. Pursuant to Rule 9.2.2 of the Listing Rules, a Relationship Agreement was signed in 2014 to ensure the GoJ understands the implications of the listed status of Jersey Electricity and that it cannot control the Company\u2019s operating activities despite their majority ownership. 2) That an investor has control if it has the ability to use its power over the investee to affect the amount of the investor\u2019s returns [IFRS 10]. The Jersey Electricity Board set the dividend policy for the Company, and only data that is available to all shareholders is shared with the GoJ. The Company has elected to take advantage of the disclosure exemptions available in IAS 24 (paragraphs 24 and 25) with regard to the reporting of; \u2022 the amount of the transactions, \u2022 the amount of outstanding balances, including terms and conditions and guarantees, \u2022 provisions for doubtful debts related to the amount of outstanding balances, \u2022 expense recognised during the period in respect of bad or doubtful debts due from related parties, on the basis that the GoJ, despite not being a controlling party, has significant influence by virtue of holding the majority voting rights and by means of legislation, specifically the Electricity (Jersey) Law 1937. All transactions are undertaken on an arms-length basis in the course of ordinary business. Energy from Waste Plant Jersey Electricity signed a 25-year agreement in 2008 with the Government to purchase electricity produced by the EFW plant and to share existing facilities with EFW. This agreement gives rise to the high value transactions with the Government during the year with the value of electricity purchased from the facility during the year being \u00a32.7m (2023: \u00a32.5m) whilst the value of services provided to the plant was \u00a321k (2023: \u00a30.1m). Remuneration of key management personnel The remuneration of key management personnel of the Group (which is defined as the Executive and Non-Executive Directors) is set out below. 2024 2023 \u00a3000 \u00a3000 Short-term employee benefits 867 951 Post-employment benefits 75 101 Non-Executive Director\u2019s benefits 237 238 1,179 1,290 Phil Austin, who is a Non-Executive Director, was also a Board member of Ravenscroft Cash Management Ltd which provides treasury services to Jersey Electricity Plc until his resignation in December 2022. Such services are provided on normal contractual terms, similar to their other clients. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"reg-ix-338": {
"value": "Remuneration of key management personnel The remuneration of key management personnel of the Group (which is defined as the Executive and Non-Executive Directors) is set out below. 2024 2023 \u00a3000 \u00a3000 Short-term employee benefits 867 951 Post-employment benefits 75 101 Non-Executive Director\u2019s benefits 237 238 1,179 1,290 Phil Austin, who is a Non-Executive Director, was also a Board member of Ravenscroft Cash Management Ltd which provides treasury services to Jersey Electricity Plc until his resignation in December 2022. Such services are provided on normal contractual terms, similar to their other clients",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800JPIP5BZKFOHK40",
"period": "2023-10-01T00:00:00/2024-10-01T00:00:00"
}
},
"footnote3x16x0": {
"value": "*\u2018Other reserves\u2019 represents the foreign currency hedging reserve. ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote3x16x0",
"language": "en"
}
}
}
}