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"Tag317": {
"value": "\n1 General information
\nThe Company is a public company limited by share capital, incorporated in England and Wales and domiciled in the
\nUnited Kingdom and is part of the Northern Powergrid Holdings Company and its subsidiaries group of companies (the
\n\"Northern Powergrid Group\").
\nThe principal activities of the Group is split between the following three areas:
\n\u2022 NPg Northeast is the distribution of electricity to approximately 1.6 million customers connected to its electricity
\ndistribution network.
\n\u2022 IUS provides engineering contracting services.
\n\u2022 NPg Metering rents meters to energy suppliers.
\nThe address of its registered office is Lloyds Court, 78 Grey Street, Newcastle upon Tyne, Tyne and Wear, NE1 6AF.
\n
\n\n\n\n",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
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"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag322": {
"value": "\n
\n
\n2 Accounting policies
\n\n
Statement of compliance
\n
The consolidated financial statements have been prepared in accordance with United Kingdom adopted international
\n
accounts standards as issued by the IASB.
\n
\n\n\n\n
Summary of material accounting policies and key accounting estimates
\nThe principal accounting policies applied in the preparation of these financial statements are set out below. These policies
\nhave been consistently applied to all the years presented, unless otherwise stated.
\n\n
\n
\n
Basis of consolidation
\n
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn
\n
up to 31 December 2025.
\n
A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the
\n
financial and operating policies of an entity so as to obtain benefits from its activities.
\n
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries,
\n
which are related parties, are eliminated in full.
\n
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by
\n
the Group.
\n
\n\n
\n
\n\n
\n\n\n\n\n
\n2 Accounting policies (continued)
\n\n
Basis of preparation
\n
The consolidated financial statements of the group have been prepared in accordance with UK-adopted international
\n
accounting standards and under historical cost accounting rules.
\n
The preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting
\n
estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting
\n
policies.
\n
The Company financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced
\n
Disclosure Framework (\u201cFRS 101\u201d). In preparing these financial statements, the Company applies the recognition,
\n
measurement and disclosure requirements of UK-adopted international accounting standards (\u201cUK-adopted IFRS\u201d), but
\n
makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage
\n
of the FRS101 disclosure exemptions has been taken. In the transition to FRS 101 from UK-adopted IFRS, the Company
\n
has made no measurement and recognition adjustments.
\n
In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following
\n
disclosures:
\n
\u2022 The statement of cash flows;
\n
\u2022 Certain disclosures regarding revenue;
\n
\u2022 Certain disclosures regarding leases;
\n
\u2022 Comparative period reconciliations for tangible fixed assets;
\n
\u2022 Disclosures in respect of transactions with wholly owned subsidiaries;
\n
\u2022 Disclosures in respect of capital management;
\n
\u2022 Disclosures in respect of the compensation of Key Management Personnel; and
\n
\u2022 Disclosures of transactions with a management entity that provides key management personnel services to the Company;
\n
\u2022 Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial
\n
Instrument Disclosures.
\n
\n\n\n\n
Climate change
\nNo material impact on the judgements and estimates made in the preparation of the financial statements has been identified
\nPrincipal activity
\nThe nature of the Company's business model, strategic objectives, operations and activities are set out in the Strategic
\nReport.
\n
\n\n\n\n\n
\n2 Accounting policies (continued)
\n\n
Going Concern
\n
A review of the Company's business activities during the year, together with details regarding its future development,
\n
performance and position, its objectives, policies and processes for managing its capital, its financial risk management
\n
objectives and details of its exposures to trading risk, credit risk and liquidity risk are set out in the Strategic Report, the
\n
Directors' Report and the appropriate notes to the financial statements.
\n
The Company\u2019s financial statements have been prepared on a going concern basis which the directors consider to be
\n
appropriate for the following reasons.
\n
The directors have responsibility over performing a going concern assessment and when considering continuing to adopt
\n
the going concern basis in preparing the annual reports and financial statements, they have considered a number of factors,
\n
including:
\n
\u2022 The Company is profitable with strong cash generation;
\n
\u2022 The Company benefits from strong investment-grade credit ratings;
\n
\u2022 The Company meets its day to day working capital requirements from intercompany loans (via the current account
\n
mechanism) with the Northern Powergrid Group;
\n
\u2022 Northern Powergrid Holdings Company, being the ultimate UK parent company, has indicated its intention to make
\n
available such funds as are needed by the Company through the intercompany current account mechanism. As with any
\n
company placing reliance on other group entities for financial support, the directors acknowledge that there can be no
\n
certainty that this support will continue although, at the date of approval of these financial statements, they have no
\n
reason to believe that it will not do so;
\n
\u2022 The Northern Powergrid Group as a whole is financed both in its operating companies and in other entities within the
\n
Northern Powergrid Group through the use of the current account mechanism. For that reason, financial health is also
\n
considered with reference to the Northern Powergrid Group, the directors therefore take into consideration a number of
\n
factors affecting the wider group:
\n
\u2022 The Northern Powergrid Group's main subsidiaries, Northern Powergrid (Northeast) plc and Northern Powergrid
\n
(Yorkshire) plc, are stable electricity distribution businesses operating an essential public service and are regulated
\n
by the Gas and Electricity Markets Authority (\u201cGEMA\u201d). In carrying out its functions, GEMA has a statutory duty
\n
under the Electricity Act 1989 to have regard to the need to secure that licence holders are able to finance the
\n
activities, which are the subject of obligations under Part 1 of the Electricity Act 1989 (including the obligations
\n
imposed by the electricity distribution licence) or by the Utilities Act 2000;
\n
\u2022 The Northern Powergrid Group is financed by long-term borrowings with an average maturity of 19 years and
\n
has access to short-term committed borrowing facilities of \u00a3242 million provided by Barclays Bank plc, Lloyds
\n
Bank plc, HSBC UK Bank plc and Royal Bank of Canada;
\n
\u2022 The Northern Powergrid Group benefits from strong investment-grade credit ratings which allow access to a
\n
range of financing options including the capital markets. Based on the directors' evaluation of current market
\n
conditions, they understand successful bond issuances by the Northern Powergrid Group during 2025,
\n
demonstrates that the Northern Powergrid Group\u2019s bonds remain attractive to investors and there is an active
\n
market with strong appetite to invest. The Northern Powergrid Group plans to issue debt in the form of bonds in
\n
going concern period to support the continued funding of its planned capital expenditure programme;
\n
\u2022 The Northern Powergrid Group has prepared forecasts which consider reasonable possible downside
\n
sensitivities. This indicates that the Northern Powergrid Group has sufficient covenant headroom and adequate
\n
resources to settle its liabilities as they fall due for at least the 12 months from the date of these accounts; and
\n
\u2022 Consideration was also given to the obligations contained in Northern Powergrid (Northeast) plc and Northern
\n
Powergrid (Yorkshire) plc licences to provide Ofgem with annual certificates, confirming that the directors have a
\n
reasonable expectation that the Northern Powergrid Group will have sufficient financial and operational resources
\n
available for the continuation of business for a period of at least 12 months.
\n
Consequently, after making their assessment, the directors have a reasonable expectation that the Company has adequate
\n
resources to continue in operational existence and meet its liabilities as they fall due for at least 12 months from the date of
\n
approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual
\n
report and financial statements.
\n
\n\n\n\n
\n\n\n\n\n
\n2 Accounting policies (continued)
\n\n
\n
\n
Judgements, estimation and uncertainties
\n\n
Management may be required to make a number of judgements and assumptions regarding the future and about other
\n
sources of estimation uncertainty at the end of the reporting period that may have a significant risk of resulting in a
\n
material adjustment to the reported amounts of assets and liabilities within the next financial year.
\n
\n\n\n\n\n
\n
Key sources of estimation uncertainty
\n
The following are the key assumptions concerning the future and other key sources of estimation uncertainty at the end of
\n
the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and
\n
liabilities within the next financial year:
\n
\u2022 Assumptions used when evaluating long-term pension plans - these assumptions and their possible impacts are
\n
disclosed in Note 25.
\n
\u2022 Useful lives of property, plant and equipment - The useful economic lives of distribution system assets and other
\n
network related facilities, which principally comprise distribution equipment and other technical installations, are
\n
estimated based on management experience. When management identifies that actual useful economic lives differ
\n
materially from the estimates used, they are adjusted prospectively. This estimation uncertainty creates a risk of a
\n
material adjustment to the asset lives, and therefore the depreciation charge in the next financial year. The depreciation
\n
charge on these distribution system assets for the year is \u00a3114.4m. Income for connections is recognised over the useful
\n
life of the associated distribution system asset, the amount recognised in the financial year was \u00a332.8m.
\n
Additionally, consideration has been given to any estimates over the longer-term which should be disclosed to allow for an
\n
understanding of the financial statements. The Group has no estimates of this nature to disclose.
\n
Critical Judgements
\n
The following are the critical judgements, that the directors have made in the process of applying the Northern Powergrid
\n
Group's accounting policies and that have the most significant effect on amounts recognised in the consolidated financial
\n
statements:
\n
The split of total costs between operating and capital expenditure and the assessment of what is directly attributable to
\n
property, plant and equipment.
\n
The allocation of expenditure to property, plant and equipment which results in higher capital expenditure and a reduction
\n
in operating costs. Costs are capitalised where it is probable that future economic benefits associated with the asset will
\n
flow to the enterprise; and the cost of the item can be reliably measured.
\n
The allocation of expenditure to capital is derived from a detailed analysis of the costs and their relevant cost drivers,
\n
which is reviewed on an annual basis. This portion of costs that are capitalised is an estimation, however there has been no
\n
change in the methodology since the prior year.
\n
The amount of expenditure capitalised in the year was \u00a361.6 million out of total costs of \u00a3138.9 million (2024: \u00a358.6
\n
million out of a total cost of \u00a3140.3 million), this is a capitalisation rate of 44.4% (2024: 41.8%).
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n
\n
\n2 Accounting policies (continued)
\n\n
\n
Changes in accounting policy
\n
The Directors reviewed all new and amended IFRS standards effective during the year and those issued but not yet
\n
effective, noting no material impact on the Company\u2019s results or financial position. This review included IFRS 18, which
\n
has been issued and adopted in the UK, effective for periods beginning on or after 1 January 2027 with early adoption
\n
permitted; while it will change certain presentation and disclosure requirements, it is not expected to materially affect the
\n
Company\u2019s recognition or measurement of transactions.
\n
\n\n\n\n
\n
\n\n\n\n
\n
Leases
\n
The Group applies IFRS 16 to all leases (except as noted below) which include buildings, land and fleet vehicles. The
\n
right-of-use assets are initially measured at the amount of the lease liability plus any initial direct costs incurred by the
\n
lessee, discounted at the rate implicit in the lease if that can be readily determined. If that rate cannot be readily
\n
determined, the lessee shall use their incremental borrowing rate.
\n
The Group has taken practical expedients as per below:
\n
- For short-term leases (lease term of 12 months or less) and leases of low-value assets less than \u00a35k (which includes
\n
personal computers, small items of office furniture and telephones), the Group has opted to recognise a lease expense on a
\n
straight-line basis as permitted by IFRS 16. This expense is presented within \u2018administrative expenses\u2019 in the Statement of
\n
Profit or Loss.
\n
- Applies the implicit rate in the lease and uses the incremental borrowing rate (\"IBR\") when this isn't readily available;
\n
Lessee
\n
The weighted average lessee's incremental borrowing rate is applied to determine the present value of the lease liabilities
\n
during the current period was 5.5% in comparison to the incremental borrowing rate used in 2024 of 5.55%.
\n
The Group recognises deprecation of right-of-use assets (within administration expenses) and interest on lease liabilities
\n
(within finance costs) in the Statement of Profit and Loss.
\n
Right-of-use assets are depreciated over the shorter of the useful life of the asset or the lease term. For information
\n
regarding the depreciation charge per class of asset and carrying value, please refer to Note 13 Right of use assets.
\n
\n\n\n\n
\n\n\n\n\n
\n
\n2 Accounting policies (continued)
\n\n
Lessor
\n
All items included within metering equipment are subject to operating leases where the Northern Powergrid Metering is
\n
the lessor.
\n
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating
\n
lease.
\n
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks
\n
and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then
\n
it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is
\n
for the major part of the economic life of the asset.
\n
The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease
\n
term.
\n
Northern Transport Finance Limited (\u201cNTFL\u201d), a wholly owned subsidiary, provides motor vehicle finance arrangements
\n
to Group employees. All agreements are in sterling, with vehicles typically leased for 3-5 years and returned at contract
\n
end. Early terminations require a customer settlement reflecting shared risk.
\n
The agreements carry fixed interest rates for the full term, with an average effective rate of approximately 6.5% (2024:
\n
6.5%). Lease income is recognised on a straight\u2011line basis over the lease term and presented within \u201cOther revenue\u201d.
\n
Following a review, the Group determined that it retains the risks and rewards of ownership of the leased vehicles.
\n
Accordingly, the arrangements have been reclassified as operating leases, with related balances at 31 December 2025
\n
reclassified from finance lease receivables to property, plant and equipment. The impact on the prior year is immaterial
\n
and no adjustment to opening reserves was required.
\n
\n\n\n\n
\n
Revenue recognition
\n
Recognition
\n
The Group earns revenue from the provision of services which are recognised by the following means:
\n
- Distribution use of system income is recognised on a per unit (volumetric i.e. kWh and capacity (kVA)) and fixed (per
\n
'customer' per day) basis;
\n
- Work for related parties relates to revenue generated from services provided to related parties within the Northern
\n
Powergrid Holdings group;
\n
- Customer contributions income for connections is recognised over the life of the corresponding distribution system asset;
\n
- Contracting revenue is recognised in line with expenditure;
\n
- Intercompany recharges for services provided are based on costs incurred;
\n
- Other revenue includes assessment and design fees and disconnections from the network and are recognised by reference
\n
to the proportion of total costs of providing the service; and
\n
- Revenue relating to the provision of meter assets is accounted for under IFRS 16 Leases and is outside the scope of IFRS
\n
15.
\n
Revenue is recognised in the accounting period when the services are rendered at an amount that reflects the consideration
\n
to which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.
\n
Any under/over-recovery in the regulatory year is trued up in subsequent years\u2019 revenue allowances in line with the
\n
regulatory framework. Hence, no accounting adjustments are made for under/over-recoveries in the year that they arise as
\n
they are contingent on future events. Due to the nature of the national electricity settlements processes billed revenue
\n
includes the reconciliations of data for prior periods. Invoices are raised one month in arrears and typically settles within
\n
the month.
\n
\n\n\n\n
\n\n\n\n\n
\n
\n2 Accounting policies (continued)
\n\n
The principles in IFRS are applied to revenue recognition criteria using the following 5 step model:
\n
1. Identify the contracts with the customer
\n
2. Identify the performance obligations in the contract
\n
3. Determine the transaction price
\n
4. Allocate the transaction price to the performance obligations in the contract
\n
5. Recognise revenue when or as the entity satisfies its performance obligations
\n
\n\n\n\n
\n
\n
\n
Fee arrangements
\n
Below are details of fee arrangements and how these are measured and recognised, for revenue from the provision of
\n
services:
\n
\u2022 For regulated use of system income the revenue for the service is recognised on the basis of agreed charging
\n
methodologies which is recognised on a per unit (volumetric i.e. kWh and capacity (kVA)) and fixed (per 'customer' per
\n
day) basis.
\n
\u2022 For fixed price contracted service, the input method is used. Revenue is recognised based on the stage of completion and
\n
performance obligations met for actual services provided as a proportion of the total fixed fee agreed in the contract.
\n
\u2022 For stage payment on long-term contracts, the output method is used. Revenue is recognised by reference to stage of
\n
manufacture at the year end date using contractual rates specified in the contract. Revenue on materials is measured at the
\n
actual amount of the material used on the contract at the price specified in the contract.
\n
The performance obligations involved in engineering contracting work are accounted for as follows:
\n
\u2022 Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage
\n
of completion of the contract activity at the end of the reporting period, based on the proportion of contract costs
\n
incurred for work performed to date relative to the estimated total contract costs, except where this would not be
\n
representative of the stage of completion.
\n
\u2022 Variations in contract work, claims and incentive payments are included to the extent that they have been agreed with
\n
the customer.
\n
\u2022 Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of the costs
\n
incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which
\n
they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is
\n
recognised as an expense immediately.
\n
\u2022 When revenue recognised on the contract exceeds amounts billed, the excess is recognised as a contract asset.
\n
Other performance obligations include but are not limited to:
\n
- Provision of vehicles over a specified period accounted for under lease accounting; and
\n
- Passage of milestones and completion of installation of equipment for engineering contracting.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n
\n
\n2 Accounting policies (continued)
\n\n
Contract modifications
\n
The Group\u2019s contracts are often amended for changes in contract specifications and requirements. Contract modification
\n
exists when the amendment either creates new or changes the existing enforceable rights and obligations. The effect of a
\n
contract modification on the transaction price and the Group\u2019s measure of progress for the performance obligation to
\n
which it relates, is recognised as an adjustment to revenue in one of the following ways:
\n
a. Prospectively as an additional separate contract:
\n
b. Prospectively as a termination of the existing contract and creation of a new contract;
\n
c. As part of the original contract using a cumulative catch up; or
\n
d. As a combination of b) and c).
\n
The facts and circumstances of any contract modification are considered individually as the types of modifications will
\n
vary contract by contract and may result in different accounting outcomes. Judgement is applied in relation to the
\n
accounting for such modifications where the final terms or legal contracts have not been agreed prior to the period end as
\n
management need to determine if a modification has been approved and if it either creates new or changes existing
\n
enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount
\n
of revenue recognised may be different in the relevant accounting periods. Modification and amendments to contracts are
\n
undertaken via an agreed formal process. For example, if a change in scope has been approved but the corresponding
\n
change in price is still being negotiated, management use their judgement to estimate the change to the total transaction
\n
price.
\n
The results and assets and liabilities of joint ventures are incorporated in these consolidated financial statements using the
\n
equity method of accounting. Investments in joint venture entities are initially recognised at cost and adjusted thereafter to
\n
recognise the Group's share of profit or loss and other comprehensive income of the joint venture. When the Group's share
\n
of losses of a joint venture exceeds the Group's interest in that joint venture, the Group discontinues recognising its share
\n
of future losses.
\n
\n\n\n\n
\n
Investments in subsidiaries
\n
Investments in subsidiaries are accounted for at cost less impairment. Where the recoverable amount is estimated to be less
\n
than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is
\n
recognised immediately in profit or loss.
\n
\n\n\n\n
\n
Cash and cash equivalents
\n
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are
\n
readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
\n
\n\n\n\n
\n
Trade receivables
\n
Trade receivables are amounts due from customers for services performed in the ordinary course of business. If collection
\n
is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current
\n
assets. If not, they are presented as non-current assets.
\n
Trade receivables are recognised initially at the transaction price. They are subsequently measured at transaction price less
\n
provision for impairment. The Group applies the simplified model for the calculation of expected credit losses which may
\n
result in a provision for impairment.
\n
\n\n\n\n
\n
Inventories
\n
Inventory is not held for sale and consists primarily of spare parts and expected to be consumed in the normal course of
\n
operating and maintaining the network assets. Cost is determined using an average cost basis.
\n
\n\n\n\n
\n
Trade payables
\n
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from
\n
suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal
\n
operating cycle of the business if longer). If not, they are presented as non-current liabilities.
\n
Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the
\n
effective interest method.
\n
\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n2 Accounting policies (continued)
\n\n
\n
Borrowings
\n
All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. Borrowings are
\n
subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount
\n
due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
\n
Deferred financing costs include all incremental costs directly attributable to the issuance of debt instruments, such as legal
\n
fees, underwriting fees, and other professional fees are recognized as part of the carrying amount of the financial liability
\n
\n
\n
\n
\n
\n
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the
\n
liability for at least 12 months after the reporting date, the right to defer settlement must have substance and exist at the
\n
reporting date. The terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of
\n
equity instruments do not affect its classification as current or non-current
\n
\n\n\n\n
\n
Intercompany short-term loans (Current Accounts)
\n
The Northern Powergrid group operates a central treasury function operated through its subsidiary Yorkshire Electricity
\n
Group plc. As a result, every company within the Northern Powergrid group has a relationship with Yorkshire Electricity
\n
Group plc as either an intercompany debtor or creditor.
\n
Interest periods are for a duration of one month, and the interest is applied to an intercompany debtor balance on the last
\n
day of the preceding month at the compounded reference rate (currently SONIA) applicable under the most recent
\n
revolving facility agreement to which Northern Powergrid Holdings Company is a party.
\n
Monthly interest is applied to an intercompany creditor balance on the last day of the preceding month at the aggregate of
\n
the compounded reference rate (currently SONIA) and the margin (currently 20bps) applicable under the most recent
\n
revolving facility agreement to which Northern Powergrid Holdings Company is a party.
\n
The Intercompany debtor or creditor balance will be repaid at the end of each month, or if still required will be rolled over
\n
for a further period of one month.
\n
\n\n\n\n
\n
Provisions
\n
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
\n
probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the
\n
obligation.
\n
Provisions are measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at the reporting
\n
date and are discounted to present value where the effect is material.
\n
\n\n\n\n
\n
\n
\n
Impairment of non-financial assets
\n
At the balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine
\n
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
\n
recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does
\n
not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the
\n
cash-generating unit to which the asset belongs.
\n
An intangible asset with an indefinite useful life is tested for impairment at least annually and whenever there is an
\n
indication that the asset may be impaired.
\n
Where the recoverable amount is estimated to be less than its carrying amount, the carrying amount of the asset is reduced
\n
to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n
\n
\n
\n
\n2 Accounting policies (continued)
\n\n
Share capital
\n
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources
\n
received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of
\n
money is material, the initial measurement is on a present value basis.
\n
\n\n\n\n
\n
Dividends
\n
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s financial statements in
\n
the period in which the dividends are approved by the Company\u2019s shareholders.
\n
\n\n\n\n
\n
Defined benefit pension obligation
\n
The Group contributes to the Northern Powergrid Group of the Electricity Supply Pension Scheme (the \"DB Scheme\"), a
\n
defined benefit scheme that shares risk between various entities under common control. There is no contractual agreement
\n
or stated policy for charging the net defined benefit cost for the plan as a whole to individual group entities and
\n
accordingly the Group financial statements account for the Northern Powergrid Group of the ESPS as if it were a defined
\n
contribution scheme.
\n
Contributions to the Northern Powergrid Group of the ESPS are charged to the statement of profit or loss or capitalised as
\n
part of property, plant and equipment. Contributions are agreed through agreement between the Trustees of the DB
\n
Scheme and the Northern Powergrid Group. The capital costs of ex-gratia and supplementary pensions are normally
\n
charged to the statement of profit or loss in the period in which they are granted.
\n
The Group also participates in a defined contribution scheme. Contributions payable to the defined contribution scheme
\n
are charged to the statement of profit or loss in the year. Differences between contributions payable in the year and
\n
contributions actually paid are shown as either accruals or prepayments in the statement of financial position.
\n
\n\n\n\n
\n
\n
\n
Tax
\n
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change
\n
attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other
\n
comprehensive income.
\n
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively
\n
enacted by the reporting date in the countries where the Group operates and generates taxable income.
\n
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their
\n
carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Group. Deferred
\n
income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
\n
The carrying amount of deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no
\n
longer probable that the related tax benefit will be realised. Any such reduction is reversed when the probability of future
\n
taxable profits improves.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n
\n
\n
\n
Financial instruments
\n
Initial recognition
\n
The Group recognises financial assets and financial liabilities in the statement of financial position when, and only when,
\n
the Group becomes party to the contractual provisions of the financial instrument.
\n
Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing
\n
the proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial
\n
liability.
\n
Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair
\n
value.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n2 Accounting policies (continued)
\n\n
\n
\n
\n
\n
\n
\n
Classification and measurement
\n
Financial instruments are classified at inception into one of the following categories, which then determine the subsequent
\n
measurement methodology:
\n
Financial assets are classified into one of the following three categories:
\n
\u00b7 financial assets at amortised cost;
\n
\u00b7 financial assets at fair value through other comprehensive income (FVTOCI); or
\n
\u00b7 financial assets at fair value through the profit or loss (FVTPL).
\n
Financial liabilities are classified into one of the following two categories:
\n
\u00b7 financial liabilities at amortised cost; or
\n
\u00b7 financial liabilities at fair value through the profit or loss (FVTPL).
\n
The classification and the basis for measurement are subject to the Group\u2019s business model for managing the financial
\n
assets and the contractual cash flow characteristics of the financial assets, as detailed below:
\n
Financial assets at amortised cost
\n
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at
\n
FVTPL:
\n
\u00b7 the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows;
\n
and
\n
\u00b7 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal
\n
and interest on the principal amount outstanding.
\n
If either of the above two criteria is not met, the financial assets are classified and measured at fair value through the profit
\n
or loss (FVTPL).
\n
Financial assets at fair value through other comprehensive income
\n
A financial asset is measured at FVTOCI only if it meets both of the following conditions and is not designated as at
\n
FVTPL:
\n
\u00b7 the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and
\n
selling financial assets; and
\n
\u00b7 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal
\n
and interest on the principal amount outstanding.
\n
\n
Financial assets at fair value through the profit or loss
\n
Financial assets not otherwise classified above are classified and measured as FVTPL.
\n
\n\n\n\n
\n
Financial liabilities at amortised cost
\n
All financial liabilities, other than those classified as financial liabilities at FVTPL, are measured at amortised cost using
\n
the effective interest rate method.
\n
\n
Financial liabilities at fair value through the profit or loss
\n
Financial liabilities not measured at amortised cost are classified and measured at FVTPL. This classification includes
\n
derivative liabilities.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n2 Accounting policies (continued)
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
Derecognition
\n
Financial assets
\n
The Group derecognises a financial asset when:
\n
- the contractual rights to the cash flows from the financial asset expire;
\n
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and
\n
rewards of ownership of the financial asset are transferred; or
\n
- the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain
\n
control of the financial asset.
\n
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the
\n
consideration received is recognised as a gain or loss in the profit or loss.
\n
Financial liabilities
\n
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.
\n
\n\n\n\n
\n
\n
Modification of financial assets and financial liabilities
\n
Financial assets
\n
If the terms of a financial asset are modified, the Group evaluates whether the cash flows of the modified asset are
\n
substantially different. If the cash flows are substantially different, then the contractual rights to the cash flows from the
\n
original financial asset are deemed to expire. In this case the original financial asset is derecognised and a new financial
\n
asset is recognised at either amortised cost or fair value.
\n
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial asset.
\n
In this case, the Group recalculates the gross carrying amount of the financial asset and recognises the amount arising from
\n
adjusting the gross carrying amount as a modification gain or loss in the statement of income.
\n
Financial liabilities
\n
If the terms of a financial liabilities are modified, the Group evaluates whether the cash flows of the modified asset are
\n
substantially different. If the cash flows are substantially different, then the contractual obligations from the cash flows
\n
from the original financial liabilities are deemed to expire. In this case the original financial liabilities are derecognised
\n
and new financial liabilities are recognised at either amortised cost or fair value.
\n
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial
\n
liabilities. In this case, the Group recalculates the gross carrying amount of the financial liabilities and recognises the
\n
amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
\n
\n\n\n\n
\n
\n
\n
\n
Impairment of financial assets
\n
For trade receivables, the Group applies the simplified approach, which requires expected lifetime losses to be recognised
\n
from initial recognition of the receivables.
\n
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk
\n
characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the
\n
same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that
\n
the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
\n
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December 2025 and
\n
the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect
\n
current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the
\n
receivables. The company has identified GDP growth in the UK to be the most relevant factor, and accordingly adjusts the
\n
historical loss rates based on expected changes to this.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n
\n
\n2 Accounting policies (continued)
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
Definition of default
\n
The Group considers the following as constituting an event of default for internal credit risk management purposes as
\n
historical experience indicates that financial assets that meet either of the following criteria are not recoverable:
\n
\u2022 when there is a breach of financial covenants by the debtor; and
\n
\u2022 information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its
\n
creditors, including the Group, in full.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n
\n
Derivative financial instruments
\n
Derivative financial instruments are contracts, the value of which is derived from one or more underlying financial
\n
instruments or indices, and include futures, forwards, swaps and options in the interest rate, foreign exchange, equity and
\n
credit markets.
\n
Derivative financial instruments are recognised in the statement of financial position at fair value. Fair values are derived
\n
from prevailing market prices, discounted cash flow models or option pricing models as appropriate.
\n
In statement of financial position, derivative financial instruments with positive fair values (unrealised gains) are included
\n
as assets and derivative financial instruments with negative fair values (unrealised losses) are included as liabilities.
\n
The changes in the fair values of derivative financial instruments entered into for trading purposes are included in trading
\n
income.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n
\n
Hedge accounting
\n
Derivatives held for risk management purposes include all derivative assets and liabilities that are not classified as trading
\n
assets and liabilities.
\n
The Group designates certain derivatives held for risk management as hedging instruments in qualifying hedging
\n
relationships. On initial designation of the hedge, the Group formally documents the relationship between the hedging
\n
instruments and hedge items, including the risk management objective and strategy in undertaking the hedge, together with
\n
the method that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both
\n
at inception of the hedge relationship and on an ongoing basis, of whether the hedging instruments are expected to be
\n
highly effective in offsetting that changes in the fair value or cash flows of the respective hedged items during the period
\n
for which the hedge is designated.
\n
These hedging relationships are discussed below.
\n
Cash flow hedges
\n
The Group makes an assessment for a cash flow hedge of a forecast transaction, of whether the forecast transaction is
\n
highly probable to occur and presents an exposure to variations in cash flows that could ultimately affect profit or loss.
\n
When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a
\n
particular risk associated with a recognised asset or liability that could affect profit or loss, then the effective portion of
\n
changes in the fair value of the derivative is recognised in OCI and presented in the hedging reserve within equity. Any
\n
ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The amount
\n
recognised in OCI is reclassified to profit or loss as a reclassification adjustment in the same period as the hedged cash
\n
flows affect profit or loss, and in the same line item in the statement of profit or loss and OCI.
\n
If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cash flow
\n
hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. However, if
\n
the derivative is novated to a central clearing counterparty by both parties as a consequence of laws or regulations without
\n
changes in its terms except for those that are necessary for the novation, then the derivative is not considered expired or
\n
terminated.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n2 Accounting policies (continued)
\n\n
Property, plant and equipment
\n
Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated
\n
depreciation and subsequent accumulated impairment losses. The cost of property, plant and equipment includes directly
\n
attributable incremental costs incurred in their acquisition and installation along with costs from transfer of inventories
\n
used in capital projects. Overheads are allocated to property, plant and equipment which are derived from a detailed
\n
analysis of operating costs.
\n
Assets in the course of construction are carried at cost, less any recognised impairment loss. Costs include professional
\n
fees, and, for qualifying assets, borrowing costs capitalised in accordance with the Company's accounting policy. Such
\n
assets are classified to the appropriate categories of property, plant and equipment when completed and ready for intended
\n
use. Depreciation on these assets, on the same basis as other assets, commences when the assets are commissioned and
\n
ready for use.
\n
Adopted assets and associated contributions are recorded upon completion where such assets are adopted by the Company
\n
under a Deed of Gift adoption agreement. Assets are derecognised when they are disposed of, profit or loss on disposal is
\n
recognised in other gains or losses in the statement of profit or loss.
\n
Leased vehicles are provided to employees under lease arrangements and are treated as operating leases, as the Group
\n
retains the associated risks and rewards. These vehicles are included within Motor Vehicles in Property, Plant and
\n
Equipment. Refer to Lessor accounting note for further information.
\n
Relief vehicles are vehicles held by the company for temporary or contingency use by the users of the lease scheme. These
\n
vehicles are included within Property, Plant and Equipment.
\n
\n\n\n\n
\n\n\n\n\n
\n
\n2 Accounting policies (continued)
\n\n
\n
\n
Depreciation
\n
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their
\n
estimated useful lives, as follows:
\n
Asset class Depreciation method and rate
\n
Distribution system:
\n
- Generation assets 15 years
\n
- Conventional metering equipment up to 5 years
\n
- Information technology equipment up to 10 years
\n
- Land not depreciated
\n
- Other system assets 45 years
\n
Land and buildings:
\n
- Freehold buildings up to 60 years
\n
- Leasehold buildings lower of lease period or 60 years
\n
- Non-operational land not depreciated
\n
Furniture, fittings and equipment up to 10 years
\n
Metering equipment up to 15 years
\n
Leased vehicles 33% straight line
\n
Relief vehicles 20% straight line
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n
\n
\n
\n
Intangible assets
\n
Software development activities undertaken by the Group, including internally generated software and software acquired
\n
for internal use are recognised if the conditions set out in IAS 38 relating to the recognition of intangible assets are met.
\n
The amount initially recognised for internally generated software is the sum of expenditure incurred from the date when
\n
the intangible asset first meets the recognition criteria. Intangible assets acquired separately are measure on initial
\n
recognition at cost.
\n
Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less
\n
accumulated impairment losses.
\n
Software as a service (\u2018SAAS\u2019) contract costs are expensed to the income statement. For SAAS and cloud based
\n
technology, assessment is made as to whether the Group controls the software or whether the software is controlled by the
\n
third-party provider. Where the Group does not control the software, any configuration and customisation costs are
\n
expensed.
\n
Amortisation
\n
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their
\n
expected useful economic life as follows:
\n
Asset class Amortisation method and rate
\n
Software development up to 10 years
\n
Derecognition
\n
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal.
\n
Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal
\n
proceeds and the carrying amount of the asset, are recognised in the profit or loss when the asset is derecognised.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n2 Accounting policies (continued)
\n\n
\n
\n
Finance income and costs policy
\n
Interest income or expense is recognised using the effective interest method. The effective interest method is the rate that
\n
exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the
\n
gross carrying amount of the financial asset to the amortised cost of the financial liability.
\n
Capitalised interest costs are presented within interest paid in the financing activities section of the cash flow statement.
\n
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the
\n
financial asset (when the asset is not credit-impaired) or to the amortised cost of the liability.
\n
However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is
\n
calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer
\n
credit-impaired, then the calculation of interest income reverts to the gross basis.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag338": {
"value": "\nStatement of compliance
\nThe consolidated financial statements have been prepared in accordance with United Kingdom adopted international
\naccounts standards as issued by the IASB.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag420": {
"value": "\nBasis of consolidation
\nThe Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn
\nup to 31 December 2025.
\nA subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the
\nfinancial and operating policies of an entity so as to obtain benefits from its activities.
\nInter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries,
\nwhich are related parties, are eliminated in full.
\nAccounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by
\nthe Group.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag339": {
"value": "\nBasis of preparation
\nThe consolidated financial statements of the group have been prepared in accordance with UK-adopted international
\naccounting standards and under historical cost accounting rules.
\nThe preparation of consolidated financial statements in conformity with IFRS requires the use of certain critical accounting
\nestimates. It also requires management to exercise its judgement in the process of applying the Group's accounting
\npolicies.
\nThe Company financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced
\nDisclosure Framework (\u201cFRS 101\u201d). In preparing these financial statements, the Company applies the recognition,
\nmeasurement and disclosure requirements of UK-adopted international accounting standards (\u201cUK-adopted IFRS\u201d), but
\nmakes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage
\nof the FRS101 disclosure exemptions has been taken. In the transition to FRS 101 from UK-adopted IFRS, the Company
\nhas made no measurement and recognition adjustments.
\nIn these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following
\ndisclosures:
\n\u2022 The statement of cash flows;
\n\u2022 Certain disclosures regarding revenue;
\n\u2022 Certain disclosures regarding leases;
\n\u2022 Comparative period reconciliations for tangible fixed assets;
\n\u2022 Disclosures in respect of transactions with wholly owned subsidiaries;
\n\u2022 Disclosures in respect of capital management;
\n\u2022 Disclosures in respect of the compensation of Key Management Personnel; and
\n\u2022 Disclosures of transactions with a management entity that provides key management personnel services to the Company;
\n\u2022 Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial
\nInstrument Disclosures.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag340": {
"value": "\nGoing Concern
\nA review of the Company's business activities during the year, together with details regarding its future development,
\nperformance and position, its objectives, policies and processes for managing its capital, its financial risk management
\nobjectives and details of its exposures to trading risk, credit risk and liquidity risk are set out in the Strategic Report, the
\nDirectors' Report and the appropriate notes to the financial statements.
\nThe Company\u2019s financial statements have been prepared on a going concern basis which the directors consider to be
\nappropriate for the following reasons.
\nThe directors have responsibility over performing a going concern assessment and when considering continuing to adopt
\nthe going concern basis in preparing the annual reports and financial statements, they have considered a number of factors,
\nincluding:
\n\u2022 The Company is profitable with strong cash generation;
\n\u2022 The Company benefits from strong investment-grade credit ratings;
\n\u2022 The Company meets its day to day working capital requirements from intercompany loans (via the current account
\nmechanism) with the Northern Powergrid Group;
\n\u2022 Northern Powergrid Holdings Company, being the ultimate UK parent company, has indicated its intention to make
\navailable such funds as are needed by the Company through the intercompany current account mechanism. As with any
\ncompany placing reliance on other group entities for financial support, the directors acknowledge that there can be no
\ncertainty that this support will continue although, at the date of approval of these financial statements, they have no
\nreason to believe that it will not do so;
\n\u2022 The Northern Powergrid Group as a whole is financed both in its operating companies and in other entities within the
\nNorthern Powergrid Group through the use of the current account mechanism. For that reason, financial health is also
\nconsidered with reference to the Northern Powergrid Group, the directors therefore take into consideration a number of
\nfactors affecting the wider group:
\n\u2022 The Northern Powergrid Group's main subsidiaries, Northern Powergrid (Northeast) plc and Northern Powergrid
\n(Yorkshire) plc, are stable electricity distribution businesses operating an essential public service and are regulated
\nby the Gas and Electricity Markets Authority (\u201cGEMA\u201d). In carrying out its functions, GEMA has a statutory duty
\nunder the Electricity Act 1989 to have regard to the need to secure that licence holders are able to finance the
\nactivities, which are the subject of obligations under Part 1 of the Electricity Act 1989 (including the obligations
\nimposed by the electricity distribution licence) or by the Utilities Act 2000;
\n\u2022 The Northern Powergrid Group is financed by long-term borrowings with an average maturity of 19 years and
\nhas access to short-term committed borrowing facilities of \u00a3242 million provided by Barclays Bank plc, Lloyds
\nBank plc, HSBC UK Bank plc and Royal Bank of Canada;
\n\u2022 The Northern Powergrid Group benefits from strong investment-grade credit ratings which allow access to a
\nrange of financing options including the capital markets. Based on the directors' evaluation of current market
\nconditions, they understand successful bond issuances by the Northern Powergrid Group during 2025,
\ndemonstrates that the Northern Powergrid Group\u2019s bonds remain attractive to investors and there is an active
\nmarket with strong appetite to invest. The Northern Powergrid Group plans to issue debt in the form of bonds in
\ngoing concern period to support the continued funding of its planned capital expenditure programme;
\n\u2022 The Northern Powergrid Group has prepared forecasts which consider reasonable possible downside
\nsensitivities. This indicates that the Northern Powergrid Group has sufficient covenant headroom and adequate
\nresources to settle its liabilities as they fall due for at least the 12 months from the date of these accounts; and
\n\u2022 Consideration was also given to the obligations contained in Northern Powergrid (Northeast) plc and Northern
\nPowergrid (Yorkshire) plc licences to provide Ofgem with annual certificates, confirming that the directors have a
\nreasonable expectation that the Northern Powergrid Group will have sufficient financial and operational resources
\navailable for the continuation of business for a period of at least 12 months.
\nConsequently, after making their assessment, the directors have a reasonable expectation that the Company has adequate
\nresources to continue in operational existence and meet its liabilities as they fall due for at least 12 months from the date of
\napproval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual
\nreport and financial statements.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag341": {
"value": "\n
\n
\nJudgements, estimation and uncertainties
\n\nManagement may be required to make a number of judgements and assumptions regarding the future and about other
\nsources of estimation uncertainty at the end of the reporting period that may have a significant risk of resulting in a
\nmaterial adjustment to the reported amounts of assets and liabilities within the next financial year.
\n
\n\n\n\n\n\n
Key sources of estimation uncertainty
\n
The following are the key assumptions concerning the future and other key sources of estimation uncertainty at the end of
\n
the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and
\n
liabilities within the next financial year:
\n
\u2022 Assumptions used when evaluating long-term pension plans - these assumptions and their possible impacts are
\n
disclosed in Note 25.
\n
\u2022 Useful lives of property, plant and equipment - The useful economic lives of distribution system assets and other
\n
network related facilities, which principally comprise distribution equipment and other technical installations, are
\n
estimated based on management experience. When management identifies that actual useful economic lives differ
\n
materially from the estimates used, they are adjusted prospectively. This estimation uncertainty creates a risk of a
\n
material adjustment to the asset lives, and therefore the depreciation charge in the next financial year. The depreciation
\n
charge on these distribution system assets for the year is \u00a3114.4m. Income for connections is recognised over the useful
\n
life of the associated distribution system asset, the amount recognised in the financial year was \u00a332.8m.
\n
Additionally, consideration has been given to any estimates over the longer-term which should be disclosed to allow for an
\n
understanding of the financial statements. The Group has no estimates of this nature to disclose.
\n
Critical Judgements
\n
The following are the critical judgements, that the directors have made in the process of applying the Northern Powergrid
\n
Group's accounting policies and that have the most significant effect on amounts recognised in the consolidated financial
\n
statements:
\n
The split of total costs between operating and capital expenditure and the assessment of what is directly attributable to
\n
property, plant and equipment.
\n
The allocation of expenditure to property, plant and equipment which results in higher capital expenditure and a reduction
\n
in operating costs. Costs are capitalised where it is probable that future economic benefits associated with the asset will
\n
flow to the enterprise; and the cost of the item can be reliably measured.
\n
The allocation of expenditure to capital is derived from a detailed analysis of the costs and their relevant cost drivers,
\n
which is reviewed on an annual basis. This portion of costs that are capitalised is an estimation, however there has been no
\n
change in the methodology since the prior year.
\n
The amount of expenditure capitalised in the year was \u00a361.6 million out of total costs of \u00a3138.9 million (2024: \u00a358.6
\n
million out of a total cost of \u00a3140.3 million), this is a capitalisation rate of 44.4% (2024: 41.8%).
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag342": {
"value": "\nManagement may be required to make a number of judgements and assumptions regarding the future and about other\nsources of estimation uncertainty at the end of the reporting period that may have a significant risk of resulting in a\nmaterial adjustment to the reported amounts of assets and liabilities within the next financial year.\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag343": {
"value": "\nKey sources of estimation uncertainty
\nThe following are the key assumptions concerning the future and other key sources of estimation uncertainty at the end of
\nthe reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and
\nliabilities within the next financial year:
\n\u2022 Assumptions used when evaluating long-term pension plans - these assumptions and their possible impacts are
\ndisclosed in Note 25.
\n\u2022 Useful lives of property, plant and equipment - The useful economic lives of distribution system assets and other
\nnetwork related facilities, which principally comprise distribution equipment and other technical installations, are
\nestimated based on management experience. When management identifies that actual useful economic lives differ
\nmaterially from the estimates used, they are adjusted prospectively. This estimation uncertainty creates a risk of a
\nmaterial adjustment to the asset lives, and therefore the depreciation charge in the next financial year. The depreciation
\ncharge on these distribution system assets for the year is \u00a3114.4m. Income for connections is recognised over the useful
\nlife of the associated distribution system asset, the amount recognised in the financial year was \u00a332.8m.
\nAdditionally, consideration has been given to any estimates over the longer-term which should be disclosed to allow for an
\nunderstanding of the financial statements. The Group has no estimates of this nature to disclose.
\nCritical Judgements
\nThe following are the critical judgements, that the directors have made in the process of applying the Northern Powergrid
\nGroup's accounting policies and that have the most significant effect on amounts recognised in the consolidated financial
\nstatements:
\nThe split of total costs between operating and capital expenditure and the assessment of what is directly attributable to
\nproperty, plant and equipment.
\nThe allocation of expenditure to property, plant and equipment which results in higher capital expenditure and a reduction
\nin operating costs. Costs are capitalised where it is probable that future economic benefits associated with the asset will
\nflow to the enterprise; and the cost of the item can be reliably measured.
\nThe allocation of expenditure to capital is derived from a detailed analysis of the costs and their relevant cost drivers,
\nwhich is reviewed on an annual basis. This portion of costs that are capitalised is an estimation, however there has been no
\nchange in the methodology since the prior year.
\nThe amount of expenditure capitalised in the year was \u00a361.6 million out of total costs of \u00a3138.9 million (2024: \u00a358.6
\nmillion out of a total cost of \u00a3140.3 million), this is a capitalisation rate of 44.4% (2024: 41.8%).
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag344": {
"value": "\n\n
Changes in accounting policy
\n
The Directors reviewed all new and amended IFRS standards effective during the year and those issued but not yet
\n
effective, noting no material impact on the Company\u2019s results or financial position. This review included IFRS 18, which
\n
has been issued and adopted in the UK, effective for periods beginning on or after 1 January 2027 with early adoption
\n
permitted; while it will change certain presentation and disclosure requirements, it is not expected to materially affect the
\n
Company\u2019s recognition or measurement of transactions.
\n
\n\n\n\n
\n\n\n\n\n3 Prior period adjustments
\nRestatement of Cash Flow Statement
\nDuring the current year, the Company identified that certain cash flows relating to payments to suppliers and employees,
\nand payments to related parties, amounting to \u00a3200.6 million, were incorrectly classified in the prior year consolidated
\ncash flow statement. Accordingly, the comparative cash flow information has been restated, with the relevant amounts
\nreclassified to the appropriate line items to better reflect the nature of the underlying cash flows.
\nThis restatement has no impact on profit, equity, or retained earnings.
\nConsolidated Cash Flow Statement:
\n2024
\n(As restated)
\n\u00a3'000
\n2024
\n(Previous)
\n\u00a3'000
\nDifference
\n\u00a3 000
\nCash flows from operating activities
\nCash paid to suppliers and employees (334,277) (133,664) (200,613)
\nCash flows from investing activities
\nCash paid to related parties
\n(25,923) (226,536) 200,613
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag345": {
"value": "\nChanges in accounting policy
\nThe Directors reviewed all new and amended IFRS standards effective during the year and those issued but not yet
\neffective, noting no material impact on the Company\u2019s results or financial position. This review included IFRS 18, which
\nhas been issued and adopted in the UK, effective for periods beginning on or after 1 January 2027 with early adoption
\npermitted; while it will change certain presentation and disclosure requirements, it is not expected to materially affect the
\nCompany\u2019s recognition or measurement of transactions.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag346": {
"value": "\nLeases
\nThe Group applies IFRS 16 to all leases (except as noted below) which include buildings, land and fleet vehicles. The
\nright-of-use assets are initially measured at the amount of the lease liability plus any initial direct costs incurred by the
\nlessee, discounted at the rate implicit in the lease if that can be readily determined. If that rate cannot be readily
\ndetermined, the lessee shall use their incremental borrowing rate.
\nThe Group has taken practical expedients as per below:
\n- For short-term leases (lease term of 12 months or less) and leases of low-value assets less than \u00a35k (which includes
\npersonal computers, small items of office furniture and telephones), the Group has opted to recognise a lease expense on a
\nstraight-line basis as permitted by IFRS 16. This expense is presented within \u2018administrative expenses\u2019 in the Statement of
\nProfit or Loss.
\n- Applies the implicit rate in the lease and uses the incremental borrowing rate (\"IBR\") when this isn't readily available;
\nLessee
\nThe weighted average lessee's incremental borrowing rate is applied to determine the present value of the lease liabilities
\nduring the current period was 5.5% in comparison to the incremental borrowing rate used in 2024 of 5.55%.
\nThe Group recognises deprecation of right-of-use assets (within administration expenses) and interest on lease liabilities
\n(within finance costs) in the Statement of Profit and Loss.
\nRight-of-use assets are depreciated over the shorter of the useful life of the asset or the lease term. For information
\nregarding the depreciation charge per class of asset and carrying value, please refer to Note 13 Right of use assets.
\n
\n\n\n\n\nLessor
\nAll items included within metering equipment are subject to operating leases where the Northern Powergrid Metering is
\nthe lessor.
\nWhen the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating
\nlease.
\nTo classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of the risks
\nand rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then
\nit is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is
\nfor the major part of the economic life of the asset.
\nThe Group recognises lease payments received under operating leases as income on a straight-line basis over the lease
\nterm.
\nNorthern Transport Finance Limited (\u201cNTFL\u201d), a wholly owned subsidiary, provides motor vehicle finance arrangements
\nto Group employees. All agreements are in sterling, with vehicles typically leased for 3-5 years and returned at contract
\nend. Early terminations require a customer settlement reflecting shared risk.
\nThe agreements carry fixed interest rates for the full term, with an average effective rate of approximately 6.5% (2024:
\n6.5%). Lease income is recognised on a straight\u2011line basis over the lease term and presented within \u201cOther revenue\u201d.
\nFollowing a review, the Group determined that it retains the risks and rewards of ownership of the leased vehicles.
\nAccordingly, the arrangements have been reclassified as operating leases, with related balances at 31 December 2025
\nreclassified from finance lease receivables to property, plant and equipment. The impact on the prior year is immaterial
\nand no adjustment to opening reserves was required.
\n
\n\n\n\n\nThe principles in IFRS are applied to revenue recognition criteria using the following 5 step model:
\n1. Identify the contracts with the customer
\n2. Identify the performance obligations in the contract
\n3. Determine the transaction price
\n4. Allocate the transaction price to the performance obligations in the contract
\n5. Recognise revenue when or as the entity satisfies its performance obligations
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag348": {
"value": "\nRevenue recognition
\nRecognition
\nThe Group earns revenue from the provision of services which are recognised by the following means:
\n- Distribution use of system income is recognised on a per unit (volumetric i.e. kWh and capacity (kVA)) and fixed (per
\n'customer' per day) basis;
\n- Work for related parties relates to revenue generated from services provided to related parties within the Northern
\nPowergrid Holdings group;
\n- Customer contributions income for connections is recognised over the life of the corresponding distribution system asset;
\n- Contracting revenue is recognised in line with expenditure;
\n- Intercompany recharges for services provided are based on costs incurred;
\n- Other revenue includes assessment and design fees and disconnections from the network and are recognised by reference
\nto the proportion of total costs of providing the service; and
\n- Revenue relating to the provision of meter assets is accounted for under IFRS 16 Leases and is outside the scope of IFRS
\n15.
\nRevenue is recognised in the accounting period when the services are rendered at an amount that reflects the consideration
\nto which the entity expects to be entitled in exchange for fulfilling its performance obligations to customers.
\nAny under/over-recovery in the regulatory year is trued up in subsequent years\u2019 revenue allowances in line with the
\nregulatory framework. Hence, no accounting adjustments are made for under/over-recoveries in the year that they arise as
\nthey are contingent on future events. Due to the nature of the national electricity settlements processes billed revenue
\nincludes the reconciliations of data for prior periods. Invoices are raised one month in arrears and typically settles within
\nthe month.
\n
\n\n\n\n\n
\n\n
Fee arrangements
\n
Below are details of fee arrangements and how these are measured and recognised, for revenue from the provision of
\n
services:
\n
\u2022 For regulated use of system income the revenue for the service is recognised on the basis of agreed charging
\n
methodologies which is recognised on a per unit (volumetric i.e. kWh and capacity (kVA)) and fixed (per 'customer' per
\n
day) basis.
\n
\u2022 For fixed price contracted service, the input method is used. Revenue is recognised based on the stage of completion and
\n
performance obligations met for actual services provided as a proportion of the total fixed fee agreed in the contract.
\n
\u2022 For stage payment on long-term contracts, the output method is used. Revenue is recognised by reference to stage of
\n
manufacture at the year end date using contractual rates specified in the contract. Revenue on materials is measured at the
\n
actual amount of the material used on the contract at the price specified in the contract.
\n
The performance obligations involved in engineering contracting work are accounted for as follows:
\n
\u2022 Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage
\n
of completion of the contract activity at the end of the reporting period, based on the proportion of contract costs
\n
incurred for work performed to date relative to the estimated total contract costs, except where this would not be
\n
representative of the stage of completion.
\n
\u2022 Variations in contract work, claims and incentive payments are included to the extent that they have been agreed with
\n
the customer.
\n
\u2022 Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of the costs
\n
incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which
\n
they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is
\n
recognised as an expense immediately.
\n
\u2022 When revenue recognised on the contract exceeds amounts billed, the excess is recognised as a contract asset.
\n
Other performance obligations include but are not limited to:
\n
- Provision of vehicles over a specified period accounted for under lease accounting; and
\n
- Passage of milestones and completion of installation of equipment for engineering contracting.
\n
\n\n\n\n
\n\n\n\n\nContract modifications
\nThe Group\u2019s contracts are often amended for changes in contract specifications and requirements. Contract modification
\nexists when the amendment either creates new or changes the existing enforceable rights and obligations. The effect of a
\ncontract modification on the transaction price and the Group\u2019s measure of progress for the performance obligation to
\nwhich it relates, is recognised as an adjustment to revenue in one of the following ways:
\na. Prospectively as an additional separate contract:
\nb. Prospectively as a termination of the existing contract and creation of a new contract;
\nc. As part of the original contract using a cumulative catch up; or
\nd. As a combination of b) and c).
\nThe facts and circumstances of any contract modification are considered individually as the types of modifications will
\nvary contract by contract and may result in different accounting outcomes. Judgement is applied in relation to the
\naccounting for such modifications where the final terms or legal contracts have not been agreed prior to the period end as
\nmanagement need to determine if a modification has been approved and if it either creates new or changes existing
\nenforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount
\nof revenue recognised may be different in the relevant accounting periods. Modification and amendments to contracts are
\nundertaken via an agreed formal process. For example, if a change in scope has been approved but the corresponding
\nchange in price is still being negotiated, management use their judgement to estimate the change to the total transaction
\nprice.
\nThe results and assets and liabilities of joint ventures are incorporated in these consolidated financial statements using the
\nequity method of accounting. Investments in joint venture entities are initially recognised at cost and adjusted thereafter to
\nrecognise the Group's share of profit or loss and other comprehensive income of the joint venture. When the Group's share
\nof losses of a joint venture exceeds the Group's interest in that joint venture, the Group discontinues recognising its share
\nof future losses.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag351": {
"value": "\nFee arrangements
\nBelow are details of fee arrangements and how these are measured and recognised, for revenue from the provision of
\nservices:
\n\u2022 For regulated use of system income the revenue for the service is recognised on the basis of agreed charging
\nmethodologies which is recognised on a per unit (volumetric i.e. kWh and capacity (kVA)) and fixed (per 'customer' per
\nday) basis.
\n\u2022 For fixed price contracted service, the input method is used. Revenue is recognised based on the stage of completion and
\nperformance obligations met for actual services provided as a proportion of the total fixed fee agreed in the contract.
\n\u2022 For stage payment on long-term contracts, the output method is used. Revenue is recognised by reference to stage of
\nmanufacture at the year end date using contractual rates specified in the contract. Revenue on materials is measured at the
\nactual amount of the material used on the contract at the price specified in the contract.
\nThe performance obligations involved in engineering contracting work are accounted for as follows:
\n\u2022 Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage
\nof completion of the contract activity at the end of the reporting period, based on the proportion of contract costs
\nincurred for work performed to date relative to the estimated total contract costs, except where this would not be
\nrepresentative of the stage of completion.
\n\u2022 Variations in contract work, claims and incentive payments are included to the extent that they have been agreed with
\nthe customer.
\n\u2022 Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of the costs
\nincurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which
\nthey are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is
\nrecognised as an expense immediately.
\n\u2022 When revenue recognised on the contract exceeds amounts billed, the excess is recognised as a contract asset.
\nOther performance obligations include but are not limited to:
\n- Provision of vehicles over a specified period accounted for under lease accounting; and
\n- Passage of milestones and completion of installation of equipment for engineering contracting.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag353": {
"value": "\nInvestments in subsidiaries
\nInvestments in subsidiaries are accounted for at cost less impairment. Where the recoverable amount is estimated to be less
\nthan its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is
\nrecognised immediately in profit or loss.
\n
\n\n\n\n\n
\n\n
Basis of consolidation
\n
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn
\n
up to 31 December 2025.
\n
A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the
\n
financial and operating policies of an entity so as to obtain benefits from its activities.
\n
Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries,
\n
which are related parties, are eliminated in full.
\n
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by
\n
the Group.
\n
\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag354": {
"value": "\nCash and cash equivalents
\nCash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are
\nreadily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag355": {
"value": "\nTrade receivables
\nTrade receivables are amounts due from customers for services performed in the ordinary course of business. If collection
\nis expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current
\nassets. If not, they are presented as non-current assets.
\nTrade receivables are recognised initially at the transaction price. They are subsequently measured at transaction price less
\nprovision for impairment. The Group applies the simplified model for the calculation of expected credit losses which may
\nresult in a provision for impairment.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag356": {
"value": "\nInventories
\nInventory is not held for sale and consists primarily of spare parts and expected to be consumed in the normal course of
\noperating and maintaining the network assets. Cost is determined using an average cost basis.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag357": {
"value": "\nTrade payables
\nTrade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from
\nsuppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal
\noperating cycle of the business if longer). If not, they are presented as non-current liabilities.
\nTrade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the
\neffective interest method.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag358": {
"value": "\n
\nBorrowings
\nAll borrowings are initially recorded at the amount of proceeds received, net of transaction costs. Borrowings are
\nsubsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount
\ndue on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
\nDeferred financing costs include all incremental costs directly attributable to the issuance of debt instruments, such as legal
\nfees, underwriting fees, and other professional fees are recognized as part of the carrying amount of the financial liability
\n\n
\n
\n
\n
\n
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the
\nliability for at least 12 months after the reporting date, the right to defer settlement must have substance and exist at the
\nreporting date. The terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of
\nequity instruments do not affect its classification as current or non-current
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag359": {
"value": "\n
\n\n
\n
\n
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Finance income and costs policy
\n
Interest income or expense is recognised using the effective interest method. The effective interest method is the rate that
\n
exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the
\n
gross carrying amount of the financial asset to the amortised cost of the financial liability.
\n
Capitalised interest costs are presented within interest paid in the financing activities section of the cash flow statement.
\n
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the
\n
financial asset (when the asset is not credit-impaired) or to the amortised cost of the liability.
\n
However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is
\n
calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer
\n
credit-impaired, then the calculation of interest income reverts to the gross basis.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag360": {
"value": "\n
\n\n
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
\n
\n\n\n\n
\n\n\n\n\nFinance income and costs policy
\nInterest income or expense is recognised using the effective interest method. The effective interest method is the rate that
\nexactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the
\ngross carrying amount of the financial asset to the amortised cost of the financial liability.
\nCapitalised interest costs are presented within interest paid in the financing activities section of the cash flow statement.
\nIn calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the
\nfinancial asset (when the asset is not credit-impaired) or to the amortised cost of the liability.
\nHowever, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is
\ncalculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is no longer
\ncredit-impaired, then the calculation of interest income reverts to the gross basis.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag361": {
"value": "\nInterest expense is recognised on the basis of the effective interest method and is included in finance costs.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag362": {
"value": "\nIntercompany short-term loans (Current Accounts)
\nThe Northern Powergrid group operates a central treasury function operated through its subsidiary Yorkshire Electricity
\nGroup plc. As a result, every company within the Northern Powergrid group has a relationship with Yorkshire Electricity
\nGroup plc as either an intercompany debtor or creditor.
\nInterest periods are for a duration of one month, and the interest is applied to an intercompany debtor balance on the last
\nday of the preceding month at the compounded reference rate (currently SONIA) applicable under the most recent
\nrevolving facility agreement to which Northern Powergrid Holdings Company is a party.
\nMonthly interest is applied to an intercompany creditor balance on the last day of the preceding month at the aggregate of
\nthe compounded reference rate (currently SONIA) and the margin (currently 20bps) applicable under the most recent
\nrevolving facility agreement to which Northern Powergrid Holdings Company is a party.
\nThe Intercompany debtor or creditor balance will be repaid at the end of each month, or if still required will be rolled over
\nfor a further period of one month.
\n
\n\n\n\n\n
\n\n
Financial instruments
\n
Initial recognition
\n
The Group recognises financial assets and financial liabilities in the statement of financial position when, and only when,
\n
the Group becomes party to the contractual provisions of the financial instrument.
\n
Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing
\n
the proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial
\n
liability.
\n
Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair
\n
value.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
Classification and measurement
\n
Financial instruments are classified at inception into one of the following categories, which then determine the subsequent
\n
measurement methodology:
\n
Financial assets are classified into one of the following three categories:
\n
\u00b7 financial assets at amortised cost;
\n
\u00b7 financial assets at fair value through other comprehensive income (FVTOCI); or
\n
\u00b7 financial assets at fair value through the profit or loss (FVTPL).
\n
Financial liabilities are classified into one of the following two categories:
\n
\u00b7 financial liabilities at amortised cost; or
\n
\u00b7 financial liabilities at fair value through the profit or loss (FVTPL).
\n
The classification and the basis for measurement are subject to the Group\u2019s business model for managing the financial
\n
assets and the contractual cash flow characteristics of the financial assets, as detailed below:
\n
Financial assets at amortised cost
\n
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at
\n
FVTPL:
\n
\u00b7 the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows;
\n
and
\n
\u00b7 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal
\n
and interest on the principal amount outstanding.
\n
If either of the above two criteria is not met, the financial assets are classified and measured at fair value through the profit
\n
or loss (FVTPL).
\n
Financial assets at fair value through other comprehensive income
\n
A financial asset is measured at FVTOCI only if it meets both of the following conditions and is not designated as at
\n
FVTPL:
\n
\u00b7 the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and
\n
selling financial assets; and
\n
\u00b7 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal
\n
and interest on the principal amount outstanding.
\n
\n
Financial assets at fair value through the profit or loss
\n
Financial assets not otherwise classified above are classified and measured as FVTPL.
\n
\n\n\n\n
\n
Financial liabilities at amortised cost
\n
All financial liabilities, other than those classified as financial liabilities at FVTPL, are measured at amortised cost using
\n
the effective interest rate method.
\n
\n
Financial liabilities at fair value through the profit or loss
\n
Financial liabilities not measured at amortised cost are classified and measured at FVTPL. This classification includes
\n
derivative liabilities.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n
Derecognition
\n
Financial assets
\n
The Group derecognises a financial asset when:
\n
- the contractual rights to the cash flows from the financial asset expire;
\n
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and
\n
rewards of ownership of the financial asset are transferred; or
\n
- the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain
\n
control of the financial asset.
\n
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the
\n
consideration received is recognised as a gain or loss in the profit or loss.
\n
Financial liabilities
\n
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.
\n
\n\n\n\n
\n
\n
Modification of financial assets and financial liabilities
\n
Financial assets
\n
If the terms of a financial asset are modified, the Group evaluates whether the cash flows of the modified asset are
\n
substantially different. If the cash flows are substantially different, then the contractual rights to the cash flows from the
\n
original financial asset are deemed to expire. In this case the original financial asset is derecognised and a new financial
\n
asset is recognised at either amortised cost or fair value.
\n
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial asset.
\n
In this case, the Group recalculates the gross carrying amount of the financial asset and recognises the amount arising from
\n
adjusting the gross carrying amount as a modification gain or loss in the statement of income.
\n
Financial liabilities
\n
If the terms of a financial liabilities are modified, the Group evaluates whether the cash flows of the modified asset are
\n
substantially different. If the cash flows are substantially different, then the contractual obligations from the cash flows
\n
from the original financial liabilities are deemed to expire. In this case the original financial liabilities are derecognised
\n
and new financial liabilities are recognised at either amortised cost or fair value.
\n
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial
\n
liabilities. In this case, the Group recalculates the gross carrying amount of the financial liabilities and recognises the
\n
amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
\n
\n\n\n\n
\n
\n
\n
\n
Impairment of financial assets
\n
For trade receivables, the Group applies the simplified approach, which requires expected lifetime losses to be recognised
\n
from initial recognition of the receivables.
\n
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk
\n
characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the
\n
same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that
\n
the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
\n
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December 2025 and
\n
the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect
\n
current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the
\n
receivables. The company has identified GDP growth in the UK to be the most relevant factor, and accordingly adjusts the
\n
historical loss rates based on expected changes to this.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n
Definition of default
\n
The Group considers the following as constituting an event of default for internal credit risk management purposes as
\n
historical experience indicates that financial assets that meet either of the following criteria are not recoverable:
\n
\u2022 when there is a breach of financial covenants by the debtor; and
\n
\u2022 information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its
\n
creditors, including the Group, in full.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag363": {
"value": "\nProvisions
\nProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
\nprobable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the
\nobligation.
\nProvisions are measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at the reporting
\ndate and are discounted to present value where the effect is material.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag364": {
"value": "\n
\n\n
Impairment of non-financial assets
\n
At the balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine
\n
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
\n
recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does
\n
not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the
\n
cash-generating unit to which the asset belongs.
\n
An intangible asset with an indefinite useful life is tested for impairment at least annually and whenever there is an
\n
indication that the asset may be impaired.
\n
Where the recoverable amount is estimated to be less than its carrying amount, the carrying amount of the asset is reduced
\n
to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Impairment of financial assets
\n
For trade receivables, the Group applies the simplified approach, which requires expected lifetime losses to be recognised
\n
from initial recognition of the receivables.
\n
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk
\n
characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the
\n
same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that
\n
the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
\n
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December 2025 and
\n
the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect
\n
current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the
\n
receivables. The company has identified GDP growth in the UK to be the most relevant factor, and accordingly adjusts the
\n
historical loss rates based on expected changes to this.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Definition of default
\n
The Group considers the following as constituting an event of default for internal credit risk management purposes as
\n
historical experience indicates that financial assets that meet either of the following criteria are not recoverable:
\n
\u2022 when there is a breach of financial covenants by the debtor; and
\n
\u2022 information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its
\n
creditors, including the Group, in full.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag365": {
"value": "\nImpairment of non-financial assets
\nAt the balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine
\nwhether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the
\nrecoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does
\nnot generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the
\ncash-generating unit to which the asset belongs.
\nAn intangible asset with an indefinite useful life is tested for impairment at least annually and whenever there is an
\nindication that the asset may be impaired.
\nWhere the recoverable amount is estimated to be less than its carrying amount, the carrying amount of the asset is reduced
\nto its recoverable amount. An impairment loss is recognised immediately in profit or loss.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag366": {
"value": "\nShare capital
\nOrdinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources
\nreceived or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of
\nmoney is material, the initial measurement is on a present value basis.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag367": {
"value": "\nDividends
\nDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s financial statements in
\nthe period in which the dividends are approved by the Company\u2019s shareholders.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag368": {
"value": "\nDefined benefit pension obligation
\nThe Group contributes to the Northern Powergrid Group of the Electricity Supply Pension Scheme (the \"DB Scheme\"), a
\ndefined benefit scheme that shares risk between various entities under common control. There is no contractual agreement
\nor stated policy for charging the net defined benefit cost for the plan as a whole to individual group entities and
\naccordingly the Group financial statements account for the Northern Powergrid Group of the ESPS as if it were a defined
\ncontribution scheme.
\nContributions to the Northern Powergrid Group of the ESPS are charged to the statement of profit or loss or capitalised as
\npart of property, plant and equipment. Contributions are agreed through agreement between the Trustees of the DB
\nScheme and the Northern Powergrid Group. The capital costs of ex-gratia and supplementary pensions are normally
\ncharged to the statement of profit or loss in the period in which they are granted.
\nThe Group also participates in a defined contribution scheme. Contributions payable to the defined contribution scheme
\nare charged to the statement of profit or loss in the year. Differences between contributions payable in the year and
\ncontributions actually paid are shown as either accruals or prepayments in the statement of financial position.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag369": {
"value": "\n
\n\n
Tax
\n
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change
\n
attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other
\n
comprehensive income.
\n
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively
\n
enacted by the reporting date in the countries where the Group operates and generates taxable income.
\n
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their
\n
carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Group. Deferred
\n
income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
\n
The carrying amount of deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no
\n
longer probable that the related tax benefit will be realised. Any such reduction is reversed when the probability of future
\n
taxable profits improves.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag370": {
"value": "\nTax
\nThe tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change
\nattributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other
\ncomprehensive income.
\nThe current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively
\nenacted by the reporting date in the countries where the Group operates and generates taxable income.
\nDeferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their
\ncarrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the Group. Deferred
\nincome tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
\nThe carrying amount of deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no
\nlonger probable that the related tax benefit will be realised. Any such reduction is reversed when the probability of future
\ntaxable profits improves.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag371": {
"value": "\n
\n\n
\n
\n
Financial instruments
\n
Initial recognition
\n
The Group recognises financial assets and financial liabilities in the statement of financial position when, and only when,
\n
the Group becomes party to the contractual provisions of the financial instrument.
\n
Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing
\n
the proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial
\n
liability.
\n
Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair
\n
value.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n
Classification and measurement
\n
Financial instruments are classified at inception into one of the following categories, which then determine the subsequent
\n
measurement methodology:
\n
Financial assets are classified into one of the following three categories:
\n
\u00b7 financial assets at amortised cost;
\n
\u00b7 financial assets at fair value through other comprehensive income (FVTOCI); or
\n
\u00b7 financial assets at fair value through the profit or loss (FVTPL).
\n
Financial liabilities are classified into one of the following two categories:
\n
\u00b7 financial liabilities at amortised cost; or
\n
\u00b7 financial liabilities at fair value through the profit or loss (FVTPL).
\n
The classification and the basis for measurement are subject to the Group\u2019s business model for managing the financial
\n
assets and the contractual cash flow characteristics of the financial assets, as detailed below:
\n
Financial assets at amortised cost
\n
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at
\n
FVTPL:
\n
\u00b7 the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows;
\n
and
\n
\u00b7 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal
\n
and interest on the principal amount outstanding.
\n
If either of the above two criteria is not met, the financial assets are classified and measured at fair value through the profit
\n
or loss (FVTPL).
\n
Financial assets at fair value through other comprehensive income
\n
A financial asset is measured at FVTOCI only if it meets both of the following conditions and is not designated as at
\n
FVTPL:
\n
\u00b7 the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and
\n
selling financial assets; and
\n
\u00b7 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal
\n
and interest on the principal amount outstanding.
\n
\n
Financial assets at fair value through the profit or loss
\n
Financial assets not otherwise classified above are classified and measured as FVTPL.
\n
\n\n\n\n
\n
Financial liabilities at amortised cost
\n
All financial liabilities, other than those classified as financial liabilities at FVTPL, are measured at amortised cost using
\n
the effective interest rate method.
\n
\n
Financial liabilities at fair value through the profit or loss
\n
Financial liabilities not measured at amortised cost are classified and measured at FVTPL. This classification includes
\n
derivative liabilities.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
Derecognition
\n
Financial assets
\n
The Group derecognises a financial asset when:
\n
- the contractual rights to the cash flows from the financial asset expire;
\n
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and
\n
rewards of ownership of the financial asset are transferred; or
\n
- the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain
\n
control of the financial asset.
\n
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the
\n
consideration received is recognised as a gain or loss in the profit or loss.
\n
Financial liabilities
\n
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.
\n
\n\n\n\n
\n
\n
Modification of financial assets and financial liabilities
\n
Financial assets
\n
If the terms of a financial asset are modified, the Group evaluates whether the cash flows of the modified asset are
\n
substantially different. If the cash flows are substantially different, then the contractual rights to the cash flows from the
\n
original financial asset are deemed to expire. In this case the original financial asset is derecognised and a new financial
\n
asset is recognised at either amortised cost or fair value.
\n
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial asset.
\n
In this case, the Group recalculates the gross carrying amount of the financial asset and recognises the amount arising from
\n
adjusting the gross carrying amount as a modification gain or loss in the statement of income.
\n
Financial liabilities
\n
If the terms of a financial liabilities are modified, the Group evaluates whether the cash flows of the modified asset are
\n
substantially different. If the cash flows are substantially different, then the contractual obligations from the cash flows
\n
from the original financial liabilities are deemed to expire. In this case the original financial liabilities are derecognised
\n
and new financial liabilities are recognised at either amortised cost or fair value.
\n
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial
\n
liabilities. In this case, the Group recalculates the gross carrying amount of the financial liabilities and recognises the
\n
amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
\n
\n\n\n\n
\n
\n
\n
\n
Impairment of financial assets
\n
For trade receivables, the Group applies the simplified approach, which requires expected lifetime losses to be recognised
\n
from initial recognition of the receivables.
\n
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk
\n
characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the
\n
same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that
\n
the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
\n
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December 2025 and
\n
the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect
\n
current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the
\n
receivables. The company has identified GDP growth in the UK to be the most relevant factor, and accordingly adjusts the
\n
historical loss rates based on expected changes to this.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n
Definition of default
\n
The Group considers the following as constituting an event of default for internal credit risk management purposes as
\n
historical experience indicates that financial assets that meet either of the following criteria are not recoverable:
\n
\u2022 when there is a breach of financial covenants by the debtor; and
\n
\u2022 information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its
\n
creditors, including the Group, in full.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag379": {
"value": "\nFinancial instruments
\nInitial recognition
\nThe Group recognises financial assets and financial liabilities in the statement of financial position when, and only when,
\nthe Group becomes party to the contractual provisions of the financial instrument.
\nFinancial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing
\nthe proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial
\nliability.
\nSubsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair
\nvalue.
\n
\n\n\n\n\n
\n
\nClassification and measurement
\nFinancial instruments are classified at inception into one of the following categories, which then determine the subsequent
\nmeasurement methodology:
\nFinancial assets are classified into one of the following three categories:
\n\u00b7 financial assets at amortised cost;
\n\u00b7 financial assets at fair value through other comprehensive income (FVTOCI); or
\n\u00b7 financial assets at fair value through the profit or loss (FVTPL).
\nFinancial liabilities are classified into one of the following two categories:
\n\u00b7 financial liabilities at amortised cost; or
\n\u00b7 financial liabilities at fair value through the profit or loss (FVTPL).
\nThe classification and the basis for measurement are subject to the Group\u2019s business model for managing the financial
\nassets and the contractual cash flow characteristics of the financial assets, as detailed below:
\nFinancial assets at amortised cost
\nA financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at
\nFVTPL:
\n\u00b7 the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows;
\nand
\n\u00b7 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal
\nand interest on the principal amount outstanding.
\nIf either of the above two criteria is not met, the financial assets are classified and measured at fair value through the profit
\nor loss (FVTPL).
\nFinancial assets at fair value through other comprehensive income
\nA financial asset is measured at FVTOCI only if it meets both of the following conditions and is not designated as at
\nFVTPL:
\n\u00b7 the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and
\nselling financial assets; and
\n\u00b7 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal
\nand interest on the principal amount outstanding.
\n\n
Financial assets at fair value through the profit or loss
\n
Financial assets not otherwise classified above are classified and measured as FVTPL.
\n
\n\n\n\n
Financial liabilities at amortised cost
\nAll financial liabilities, other than those classified as financial liabilities at FVTPL, are measured at amortised cost using
\nthe effective interest rate method.
\n\n
Financial liabilities at fair value through the profit or loss
\n
Financial liabilities not measured at amortised cost are classified and measured at FVTPL. This classification includes
\n
derivative liabilities.
\n
\n\n\n\n
\n\n\n\n\n
\n
\n
\n\n
Derecognition
\n
Financial assets
\n
The Group derecognises a financial asset when:
\n
- the contractual rights to the cash flows from the financial asset expire;
\n
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and
\n
rewards of ownership of the financial asset are transferred; or
\n
- the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain
\n
control of the financial asset.
\n
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the
\n
consideration received is recognised as a gain or loss in the profit or loss.
\n
Financial liabilities
\n
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.
\n
\n\n\n\n
\n
Modification of financial assets and financial liabilities
\n
Financial assets
\n
If the terms of a financial asset are modified, the Group evaluates whether the cash flows of the modified asset are
\n
substantially different. If the cash flows are substantially different, then the contractual rights to the cash flows from the
\n
original financial asset are deemed to expire. In this case the original financial asset is derecognised and a new financial
\n
asset is recognised at either amortised cost or fair value.
\n
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial asset.
\n
In this case, the Group recalculates the gross carrying amount of the financial asset and recognises the amount arising from
\n
adjusting the gross carrying amount as a modification gain or loss in the statement of income.
\n
Financial liabilities
\n
If the terms of a financial liabilities are modified, the Group evaluates whether the cash flows of the modified asset are
\n
substantially different. If the cash flows are substantially different, then the contractual obligations from the cash flows
\n
from the original financial liabilities are deemed to expire. In this case the original financial liabilities are derecognised
\n
and new financial liabilities are recognised at either amortised cost or fair value.
\n
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial
\n
liabilities. In this case, the Group recalculates the gross carrying amount of the financial liabilities and recognises the
\n
amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
\n
\n\n\n\n
\n
\n
\n
Impairment of financial assets
\n
For trade receivables, the Group applies the simplified approach, which requires expected lifetime losses to be recognised
\n
from initial recognition of the receivables.
\n
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk
\n
characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the
\n
same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that
\n
the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
\n
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December 2025 and
\n
the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect
\n
current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the
\n
receivables. The company has identified GDP growth in the UK to be the most relevant factor, and accordingly adjusts the
\n
historical loss rates based on expected changes to this.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n
\n\n
\n
\n
Definition of default
\n
The Group considers the following as constituting an event of default for internal credit risk management purposes as
\n
historical experience indicates that financial assets that meet either of the following criteria are not recoverable:
\n
\u2022 when there is a breach of financial covenants by the debtor; and
\n
\u2022 information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its
\n
creditors, including the Group, in full.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag383": {
"value": "\nFinancial assets at fair value through the profit or loss
\nFinancial assets not otherwise classified above are classified and measured as FVTPL.
\n
\n\n\n\n\nFinancial liabilities at fair value through the profit or loss
\nFinancial liabilities not measured at amortised cost are classified and measured at FVTPL. This classification includes
\nderivative liabilities.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag385": {
"value": "\nDerecognition
\nFinancial assets
\nThe Group derecognises a financial asset when:
\n- the contractual rights to the cash flows from the financial asset expire;
\n- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and
\nrewards of ownership of the financial asset are transferred; or
\n- the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain
\ncontrol of the financial asset.
\nOn derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the
\nconsideration received is recognised as a gain or loss in the profit or loss.
\nFinancial liabilities
\nThe Group derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag386": {
"value": "\nModification of financial assets and financial liabilities
\nFinancial assets
\nIf the terms of a financial asset are modified, the Group evaluates whether the cash flows of the modified asset are
\nsubstantially different. If the cash flows are substantially different, then the contractual rights to the cash flows from the
\noriginal financial asset are deemed to expire. In this case the original financial asset is derecognised and a new financial
\nasset is recognised at either amortised cost or fair value.
\nIf the cash flows are not substantially different, then the modification does not result in derecognition of the financial asset.
\nIn this case, the Group recalculates the gross carrying amount of the financial asset and recognises the amount arising from
\nadjusting the gross carrying amount as a modification gain or loss in the statement of income.
\nFinancial liabilities
\nIf the terms of a financial liabilities are modified, the Group evaluates whether the cash flows of the modified asset are
\nsubstantially different. If the cash flows are substantially different, then the contractual obligations from the cash flows
\nfrom the original financial liabilities are deemed to expire. In this case the original financial liabilities are derecognised
\nand new financial liabilities are recognised at either amortised cost or fair value.
\nIf the cash flows are not substantially different, then the modification does not result in derecognition of the financial
\nliabilities. In this case, the Group recalculates the gross carrying amount of the financial liabilities and recognises the
\namount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag388": {
"value": "\nImpairment of financial assets
\nFor trade receivables, the Group applies the simplified approach, which requires expected lifetime losses to be recognised
\nfrom initial recognition of the receivables.
\nTo measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk
\ncharacteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the
\nsame risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that
\nthe expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
\nThe expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December 2025 and
\nthe corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect
\ncurrent and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the
\nreceivables. The company has identified GDP growth in the UK to be the most relevant factor, and accordingly adjusts the
\nhistorical loss rates based on expected changes to this.
\n
\n\n\n\n\nDefinition of default
\nThe Group considers the following as constituting an event of default for internal credit risk management purposes as
\nhistorical experience indicates that financial assets that meet either of the following criteria are not recoverable:
\n\u2022 when there is a breach of financial covenants by the debtor; and
\n\u2022 information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its
\ncreditors, including the Group, in full.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag391": {
"value": "\n
\n\n
Derivative financial instruments
\n
Derivative financial instruments are contracts, the value of which is derived from one or more underlying financial
\n
instruments or indices, and include futures, forwards, swaps and options in the interest rate, foreign exchange, equity and
\n
credit markets.
\n
Derivative financial instruments are recognised in the statement of financial position at fair value. Fair values are derived
\n
from prevailing market prices, discounted cash flow models or option pricing models as appropriate.
\n
In statement of financial position, derivative financial instruments with positive fair values (unrealised gains) are included
\n
as assets and derivative financial instruments with negative fair values (unrealised losses) are included as liabilities.
\n
The changes in the fair values of derivative financial instruments entered into for trading purposes are included in trading
\n
income.
\n
\n\n\n\n
\n\n\n\n\n
\n\n
Hedge accounting
\n
Derivatives held for risk management purposes include all derivative assets and liabilities that are not classified as trading
\n
assets and liabilities.
\n
The Group designates certain derivatives held for risk management as hedging instruments in qualifying hedging
\n
relationships. On initial designation of the hedge, the Group formally documents the relationship between the hedging
\n
instruments and hedge items, including the risk management objective and strategy in undertaking the hedge, together with
\n
the method that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both
\n
at inception of the hedge relationship and on an ongoing basis, of whether the hedging instruments are expected to be
\n
highly effective in offsetting that changes in the fair value or cash flows of the respective hedged items during the period
\n
for which the hedge is designated.
\n
These hedging relationships are discussed below.
\n
Cash flow hedges
\n
The Group makes an assessment for a cash flow hedge of a forecast transaction, of whether the forecast transaction is
\n
highly probable to occur and presents an exposure to variations in cash flows that could ultimately affect profit or loss.
\n
When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a
\n
particular risk associated with a recognised asset or liability that could affect profit or loss, then the effective portion of
\n
changes in the fair value of the derivative is recognised in OCI and presented in the hedging reserve within equity. Any
\n
ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The amount
\n
recognised in OCI is reclassified to profit or loss as a reclassification adjustment in the same period as the hedged cash
\n
flows affect profit or loss, and in the same line item in the statement of profit or loss and OCI.
\n
If the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cash flow
\n
hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. However, if
\n
the derivative is novated to a central clearing counterparty by both parties as a consequence of laws or regulations without
\n
changes in its terms except for those that are necessary for the novation, then the derivative is not considered expired or
\n
terminated.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag392": {
"value": "\nDerivative financial instruments
\nDerivative financial instruments are contracts, the value of which is derived from one or more underlying financial
\ninstruments or indices, and include futures, forwards, swaps and options in the interest rate, foreign exchange, equity and
\ncredit markets.
\nDerivative financial instruments are recognised in the statement of financial position at fair value. Fair values are derived
\nfrom prevailing market prices, discounted cash flow models or option pricing models as appropriate.
\nIn statement of financial position, derivative financial instruments with positive fair values (unrealised gains) are included
\nas assets and derivative financial instruments with negative fair values (unrealised losses) are included as liabilities.
\nThe changes in the fair values of derivative financial instruments entered into for trading purposes are included in trading
\nincome.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag394": {
"value": "\nHedge accounting
\nDerivatives held for risk management purposes include all derivative assets and liabilities that are not classified as trading
\nassets and liabilities.
\nThe Group designates certain derivatives held for risk management as hedging instruments in qualifying hedging
\nrelationships. On initial designation of the hedge, the Group formally documents the relationship between the hedging
\ninstruments and hedge items, including the risk management objective and strategy in undertaking the hedge, together with
\nthe method that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both
\nat inception of the hedge relationship and on an ongoing basis, of whether the hedging instruments are expected to be
\nhighly effective in offsetting that changes in the fair value or cash flows of the respective hedged items during the period
\nfor which the hedge is designated.
\nThese hedging relationships are discussed below.
\nCash flow hedges
\nThe Group makes an assessment for a cash flow hedge of a forecast transaction, of whether the forecast transaction is
\nhighly probable to occur and presents an exposure to variations in cash flows that could ultimately affect profit or loss.
\nWhen a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a
\nparticular risk associated with a recognised asset or liability that could affect profit or loss, then the effective portion of
\nchanges in the fair value of the derivative is recognised in OCI and presented in the hedging reserve within equity. Any
\nineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. The amount
\nrecognised in OCI is reclassified to profit or loss as a reclassification adjustment in the same period as the hedged cash
\nflows affect profit or loss, and in the same line item in the statement of profit or loss and OCI.
\nIf the hedging derivative expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for cash flow
\nhedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively. However, if
\nthe derivative is novated to a central clearing counterparty by both parties as a consequence of laws or regulations without
\nchanges in its terms except for those that are necessary for the novation, then the derivative is not considered expired or
\nterminated.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag395": {
"value": "\nProperty, plant and equipment
\nProperty, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated
\ndepreciation and subsequent accumulated impairment losses. The cost of property, plant and equipment includes directly
\nattributable incremental costs incurred in their acquisition and installation along with costs from transfer of inventories
\nused in capital projects. Overheads are allocated to property, plant and equipment which are derived from a detailed
\nanalysis of operating costs.
\nAssets in the course of construction are carried at cost, less any recognised impairment loss. Costs include professional
\nfees, and, for qualifying assets, borrowing costs capitalised in accordance with the Company's accounting policy. Such
\nassets are classified to the appropriate categories of property, plant and equipment when completed and ready for intended
\nuse. Depreciation on these assets, on the same basis as other assets, commences when the assets are commissioned and
\nready for use.
\nAdopted assets and associated contributions are recorded upon completion where such assets are adopted by the Company
\nunder a Deed of Gift adoption agreement. Assets are derecognised when they are disposed of, profit or loss on disposal is
\nrecognised in other gains or losses in the statement of profit or loss.
\nLeased vehicles are provided to employees under lease arrangements and are treated as operating leases, as the Group
\nretains the associated risks and rewards. These vehicles are included within Motor Vehicles in Property, Plant and
\nEquipment. Refer to Lessor accounting note for further information.
\nRelief vehicles are vehicles held by the company for temporary or contingency use by the users of the lease scheme. These
\nvehicles are included within Property, Plant and Equipment.
\n
\n\n\n\n\n
\n\n
Depreciation
\n
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their
\n
estimated useful lives, as follows:
\n
Asset class Depreciation method and rate
\n
Distribution system:
\n
- Generation assets 15 years
\n
- Conventional metering equipment up to 5 years
\n
- Information technology equipment up to 10 years
\n
- Land not depreciated
\n
- Other system assets 45 years
\n
Land and buildings:
\n
- Freehold buildings up to 60 years
\n
- Leasehold buildings lower of lease period or 60 years
\n
- Non-operational land not depreciated
\n
Furniture, fittings and equipment up to 10 years
\n
Metering equipment up to 15 years
\n
Leased vehicles 33% straight line
\n
Relief vehicles 20% straight line
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag397": {
"value": "\nDepreciation
\nDepreciation is charged so as to write off the cost of assets, other than land and properties under construction over their
\nestimated useful lives, as follows:
\nAsset class Depreciation method and rate
\nDistribution system:
\n- Generation assets 15 years
\n- Conventional metering equipment up to 5 years
\n- Information technology equipment up to 10 years
\n- Land not depreciated
\n- Other system assets 45 years
\nLand and buildings:
\n- Freehold buildings up to 60 years
\n- Leasehold buildings lower of lease period or 60 years
\n- Non-operational land not depreciated
\nFurniture, fittings and equipment up to 10 years
\nMetering equipment up to 15 years
\nLeased vehicles 33% straight line
\nRelief vehicles 20% straight line
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag398": {
"value": "\n
\n\n
\n
\n
Intangible assets
\n
Software development activities undertaken by the Group, including internally generated software and software acquired
\n
for internal use are recognised if the conditions set out in IAS 38 relating to the recognition of intangible assets are met.
\n
The amount initially recognised for internally generated software is the sum of expenditure incurred from the date when
\n
the intangible asset first meets the recognition criteria. Intangible assets acquired separately are measure on initial
\n
recognition at cost.
\n
Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less
\n
accumulated impairment losses.
\n
Software as a service (\u2018SAAS\u2019) contract costs are expensed to the income statement. For SAAS and cloud based
\n
technology, assessment is made as to whether the Group controls the software or whether the software is controlled by the
\n
third-party provider. Where the Group does not control the software, any configuration and customisation costs are
\n
expensed.
\n
Amortisation
\n
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their
\n
expected useful economic life as follows:
\n
Asset class Amortisation method and rate
\n
Software development up to 10 years
\n
Derecognition
\n
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal.
\n
Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal
\n
proceeds and the carrying amount of the asset, are recognised in the profit or loss when the asset is derecognised.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag399": {
"value": "\n
\n\n
Intangible assets
\n
Software development activities undertaken by the Group, including internally generated software and software acquired
\n
for internal use are recognised if the conditions set out in IAS 38 relating to the recognition of intangible assets are met.
\n
The amount initially recognised for internally generated software is the sum of expenditure incurred from the date when
\n
the intangible asset first meets the recognition criteria. Intangible assets acquired separately are measure on initial
\n
recognition at cost.
\n
Other intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less
\n
accumulated impairment losses.
\n
Software as a service (\u2018SAAS\u2019) contract costs are expensed to the income statement. For SAAS and cloud based
\n
technology, assessment is made as to whether the Group controls the software or whether the software is controlled by the
\n
third-party provider. Where the Group does not control the software, any configuration and customisation costs are
\n
expensed.
\n
Amortisation
\n
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their
\n
expected useful economic life as follows:
\n
Asset class Amortisation method and rate
\n
Software development up to 10 years
\n
Derecognition
\n
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal.
\n
Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal
\n
proceeds and the carrying amount of the asset, are recognised in the profit or loss when the asset is derecognised.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag400": {
"value": "\nIntangible assets
\nSoftware development activities undertaken by the Group, including internally generated software and software acquired
\nfor internal use are recognised if the conditions set out in IAS 38 relating to the recognition of intangible assets are met.
\nThe amount initially recognised for internally generated software is the sum of expenditure incurred from the date when
\nthe intangible asset first meets the recognition criteria. Intangible assets acquired separately are measure on initial
\nrecognition at cost.
\nOther intangible assets that are acquired by the Company are stated at cost less accumulated amortisation and less
\naccumulated impairment losses.
\nSoftware as a service (\u2018SAAS\u2019) contract costs are expensed to the income statement. For SAAS and cloud based
\ntechnology, assessment is made as to whether the Group controls the software or whether the software is controlled by the
\nthird-party provider. Where the Group does not control the software, any configuration and customisation costs are
\nexpensed.
\nAmortisation
\nAmortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their
\nexpected useful economic life as follows:
\nAsset class Amortisation method and rate
\nSoftware development up to 10 years
\nDerecognition
\nAn intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal.
\nGains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal
\nproceeds and the carrying amount of the asset, are recognised in the profit or loss when the asset is derecognised.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag404": {
"value": "\n
\n\n
4 Revenue & Segmental Analysis
\n
The analysis of the Group's revenue for the year from continuing operations is as follows:
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
Distribution revenue
\n
386,832 470,438
\n
Work for related parties
\n
37,766 34,002
\n
Connections revenue
\n
32,806 31,355
\n
Contracting revenue
\n
36,744 40,851
\n
Meter asset rental
\n
81,020 90,723
\n
Other revenue 10,908 3,319
\n
586,076 670,688
\n
Other revenue includes assessment and design fees, disconnections from the network and operating lease income.
\n
Connections revenue is recognised over the life of the corresponding item of property, plant and equipment against which
\n
the contribution was received.
\n
The tables below represent the internal information provided to the President and Chief Executive Officer of the Group
\n
who is the Chief Operating Decision Maker for the purposes of resource allocation and segmental performance appraisal.
\n
The Group operates in three principal areas of activity, those of the distribution of electricity, engineering contracting, and
\n
smart meter rental in the United Kingdom.
\n
Reportable segments are those that meet two or more of the following criteria under IFRS 8:
\n
- Its reported revenue is 10% or more of the combined revenue of all segments;
\n
- The absolute measure of its profit or loss is 10% or more of the combined reported profit; and
\n
- Its assets are 10% or more of the combined assets of all segments.
\n
The Group is separated into the following segments:
\n
Regulated Networks (Distribution): Northern Powergrid (Northeast) plc
\n
Contracting: Integrated Utility Services Limited
\n
Metering: Northern Powergrid Metering Limited
\n
Other: Includes intercompany recharges for services provided
\n
\n\n\n\n
\n\n\n\n\n
\n\n
4 Revenue & Segmental Analysis (continued)
\n
2025
\n
Distribution
\n
\u00a3 000
\n
Contracting
\n
\u00a3 000
\n
Metering
\n
\u00a3 000
\n
Other
\n
[1]
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
Revenue
\n
457,404 36,744 81,020 10,908 586,076
\n
Inter-segment sales 491 6,712 - (7,203) -
\n
Total revenue
\n
457,895 43,456 81,020 3,705 586,076
\n
Operating profit
\n
162,463 2,622 33,662 29,878 228,625
\n
Other gains
\n
679
\n
Finance costs
\n
(58,045)
\n
Finance income 12,674
\n
Profit before tax
\n
183,933
\n
Capital additions
\n
306,331 108 8,640 22,854 337,934
\n
Depreciation and amortisation
\n
132,212 196 46,141 110 178,659
\n
Segment assets
\n
3,349,982 19,408 264,219 144,704 3,778,313
\n
Segment liabilities
\n
(815,944) (9,348) (162,662) (104,807) (1,092,762)
\n
Unallocated corporate liabilities (1,495,397)
\n
Total liabilities
\n
(2,588,159)
\n
Segment net assets
\n
2,534,037 10,060 101,557 39,897 2,685,551
\n
Unallocated net corporate liabilities
\n
(1,394,032)
\n
Total net assets
\n
1,291,519
\n
\n\n\n\n
\n\n\n\n\n
\n\n
4 Revenue & Segmental Analysis (continued)
\n
2024
\n
Distribution
\n
\u00a3 000
\n
Contracting
\n
\u00a3 000
\n
Metering
\n
\u00a3 000
\n
Other
\n
[1]
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
Revenue
\n
535,795 40,851 90,723 3,319 670,688
\n
Inter-segment sales 388 7,475 - (7,863) -
\n
Total revenue
\n
536,183 48,326 90,723 (4,544) 670,688
\n
Operating profit
\n
264,146 2,427 38,711 9,213 314,497
\n
Other gains
\n
456
\n
Finance costs
\n
(54,243)
\n
Finance income 20,537
\n
Profit before tax
\n
281,247
\n
Capital additions
\n
242,231 58 40,301 8,796 291,386
\n
Depreciation and amortisation
\n
109,430 336 49,972 8,553 168,291
\n
Segment assets
\n
3,210,680 15,773 297,052 242,813 3,766,318
\n
Unallocated corporate assets 4,514
\n
Total assets
\n
3,770,832
\n
Segment liabilities
\n
(818,931) (9,684) (163,259) (99,936) (1,091,810)
\n
Unallocated corporate liabilities (1,276,326)
\n
Total liabilities
\n
(2,368,136)
\n
Segment net assets
\n
2,391,749 6,089 133,793 142,877 2,674,508
\n
Unallocated net corporate liabilities (1,271,812)
\n
Total net assets
\n
1,402,696
\n
\n\n\n\n
\n\n\n\n\n
\n\n
4 Revenue & Segmental Analysis (continued)
\n
[1]: Included in Other are the Company and consolidation adjustment balances.
\n
Contract assets arise where goods or services are transferred to the customer before the customer pays consideration, or before payment is due. All contract assets relate to engineering
\n
contracting work within Integrated Utility Services. Contracts in progress at statement of financial position date:
\n
Assets recognised from costs to fulfil a contract with customers
\n
31 December
\n
2025
\n
\u00a3 000
\n
31 December
\n
2024
\n
\u00a3 000
\n
Contract costs incurred plus recognised profit less recognised losses to date
\n
111,930 92,566
\n
Less: progress billings (100,606) (82,280)
\n
11,324 10,286
\n
At 31 December 2025, no retentions are held by customers for contract work (2024: \u00a3nil).
\n
The Group recognised \u00a311.3 million contract assets at 31 December 2025 (2024: \u00a310.3 million).
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag408": {
"value": "\n4 Revenue & Segmental Analysis
\nThe analysis of the Group's revenue for the year from continuing operations is as follows:
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nDistribution revenue
\n386,832 470,438
\nWork for related parties
\n37,766 34,002
\nConnections revenue
\n32,806 31,355
\nContracting revenue
\n36,744 40,851
\nMeter asset rental
\n81,020 90,723
\nOther revenue 10,908 3,319
\n586,076 670,688
\nOther revenue includes assessment and design fees, disconnections from the network and operating lease income.
\nConnections revenue is recognised over the life of the corresponding item of property, plant and equipment against which
\nthe contribution was received.
\nThe tables below represent the internal information provided to the President and Chief Executive Officer of the Group
\nwho is the Chief Operating Decision Maker for the purposes of resource allocation and segmental performance appraisal.
\nThe Group operates in three principal areas of activity, those of the distribution of electricity, engineering contracting, and
\nsmart meter rental in the United Kingdom.
\nReportable segments are those that meet two or more of the following criteria under IFRS 8:
\n- Its reported revenue is 10% or more of the combined revenue of all segments;
\n- The absolute measure of its profit or loss is 10% or more of the combined reported profit; and
\n- Its assets are 10% or more of the combined assets of all segments.
\nThe Group is separated into the following segments:
\nRegulated Networks (Distribution): Northern Powergrid (Northeast) plc
\nContracting: Integrated Utility Services Limited
\nMetering: Northern Powergrid Metering Limited
\nOther: Includes intercompany recharges for services provided
\n
\n\n\n\n\n4 Revenue & Segmental Analysis (continued)
\n2025
\nDistribution
\n\u00a3 000
\nContracting
\n\u00a3 000
\nMetering
\n\u00a3 000
\nOther
\n[1]
\n\u00a3 000
\nTotal
\n\u00a3 000
\nRevenue
\n457,404 36,744 81,020 10,908 586,076
\nInter-segment sales 491 6,712 - (7,203) -
\nTotal revenue
\n457,895 43,456 81,020 3,705 586,076
\nOperating profit
\n162,463 2,622 33,662 29,878 228,625
\nOther gains
\n679
\nFinance costs
\n(58,045)
\nFinance income 12,674
\nProfit before tax
\n183,933
\nCapital additions
\n306,331 108 8,640 22,854 337,934
\nDepreciation and amortisation
\n132,212 196 46,141 110 178,659
\nSegment assets
\n3,349,982 19,408 264,219 144,704 3,778,313
\nSegment liabilities
\n(815,944) (9,348) (162,662) (104,807) (1,092,762)
\nUnallocated corporate liabilities (1,495,397)
\nTotal liabilities
\n(2,588,159)
\nSegment net assets
\n2,534,037 10,060 101,557 39,897 2,685,551
\nUnallocated net corporate liabilities
\n(1,394,032)
\nTotal net assets
\n1,291,519
\n
\n\n\n\n\n4 Revenue & Segmental Analysis (continued)
\n2024
\nDistribution
\n\u00a3 000
\nContracting
\n\u00a3 000
\nMetering
\n\u00a3 000
\nOther
\n[1]
\n\u00a3 000
\nTotal
\n\u00a3 000
\nRevenue
\n535,795 40,851 90,723 3,319 670,688
\nInter-segment sales 388 7,475 - (7,863) -
\nTotal revenue
\n536,183 48,326 90,723 (4,544) 670,688
\nOperating profit
\n264,146 2,427 38,711 9,213 314,497
\nOther gains
\n456
\nFinance costs
\n(54,243)
\nFinance income 20,537
\nProfit before tax
\n281,247
\nCapital additions
\n242,231 58 40,301 8,796 291,386
\nDepreciation and amortisation
\n109,430 336 49,972 8,553 168,291
\nSegment assets
\n3,210,680 15,773 297,052 242,813 3,766,318
\nUnallocated corporate assets 4,514
\nTotal assets
\n3,770,832
\nSegment liabilities
\n(818,931) (9,684) (163,259) (99,936) (1,091,810)
\nUnallocated corporate liabilities (1,276,326)
\nTotal liabilities
\n(2,368,136)
\nSegment net assets
\n2,391,749 6,089 133,793 142,877 2,674,508
\nUnallocated net corporate liabilities (1,271,812)
\nTotal net assets
\n1,402,696
\n
\n\n\n\n\n4 Revenue & Segmental Analysis (continued)
\n[1]: Included in Other are the Company and consolidation adjustment balances.
\nContract assets arise where goods or services are transferred to the customer before the customer pays consideration, or before payment is due. All contract assets relate to engineering
\ncontracting work within Integrated Utility Services. Contracts in progress at statement of financial position date:
\nAssets recognised from costs to fulfil a contract with customers
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nContract costs incurred plus recognised profit less recognised losses to date
\n111,930 92,566
\nLess: progress billings (100,606) (82,280)
\n11,324 10,286
\nAt 31 December 2025, no retentions are held by customers for contract work (2024: \u00a3nil).
\nThe Group recognised \u00a311.3 million contract assets at 31 December 2025 (2024: \u00a310.3 million).
\n
\n\n\n\n",
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"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag421": {
"value": "\n
\n5 Operating profit
\nArrived at after charging/(crediting)
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nDepreciation expense
\n158,006 153,082
\nDepreciation of right-of-use assets
\n3,426 3,583
\nAmortisation expense
\n17,227 11,509
\nResearch and development
\n1,300 5,600
\nTrade and other receivables loss allowance
\n5,551 5,458
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
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"Tag412": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
6 Finance income and costs
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
Finance income
\n
Other finance income
\n
12,674 20,537
\n
Finance costs
\n
Interest on borrowings at amortised cost
\n
(58,396) (54,560)
\n
Interest expense on leases
\n
(643) (440)
\n
Borrowing costs included in cost of qualifying asset 994 757
\n
Total finance costs (58,045) (54,243)
\n
Net finance costs
\n
(45,371) (33,706)
\n
Borrowing costs included in the cost of qualifying assets during the year arose on the general borrowing pool and are
\n
calculated by applying a capitalisation rate of 3.23% (2024: 3.23%) to expenditure on such assets.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag413": {
"value": "\n
\n\n
\n
\n
\n
\n
\n
\n
6 Finance income and costs
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
Finance income
\n
Other finance income
\n
12,674 20,537
\n
Finance costs
\n
Interest on borrowings at amortised cost
\n
(58,396) (54,560)
\n
Interest expense on leases
\n
(643) (440)
\n
Borrowing costs included in cost of qualifying asset 994 757
\n
Total finance costs (58,045) (54,243)
\n
Net finance costs
\n
(45,371) (33,706)
\n
Borrowing costs included in the cost of qualifying assets during the year arose on the general borrowing pool and are
\n
calculated by applying a capitalisation rate of 3.23% (2024: 3.23%) to expenditure on such assets.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
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}
},
"Tag414": {
"value": "\n
\n\n
\n
\n
\n
\n
6 Finance income and costs
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
Finance income
\n
Other finance income
\n
12,674 20,537
\n
Finance costs
\n
Interest on borrowings at amortised cost
\n
(58,396) (54,560)
\n
Interest expense on leases
\n
(643) (440)
\n
Borrowing costs included in cost of qualifying asset 994 757
\n
Total finance costs (58,045) (54,243)
\n
Net finance costs
\n
(45,371) (33,706)
\n
Borrowing costs included in the cost of qualifying assets during the year arose on the general borrowing pool and are
\n
calculated by applying a capitalisation rate of 3.23% (2024: 3.23%) to expenditure on such assets.
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag415": {
"value": "\n
\n\n
\n
\n
6 Finance income and costs
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
Finance income
\n
Other finance income
\n
12,674 20,537
\n
Finance costs
\n
Interest on borrowings at amortised cost
\n
(58,396) (54,560)
\n
Interest expense on leases
\n
(643) (440)
\n
Borrowing costs included in cost of qualifying asset 994 757
\n
Total finance costs (58,045) (54,243)
\n
Net finance costs
\n
(45,371) (33,706)
\n
Borrowing costs included in the cost of qualifying assets during the year arose on the general borrowing pool and are
\n
calculated by applying a capitalisation rate of 3.23% (2024: 3.23%) to expenditure on such assets.
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag416": {
"value": "\n
\n\n
6 Finance income and costs
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
Finance income
\n
Other finance income
\n
12,674 20,537
\n
Finance costs
\n
Interest on borrowings at amortised cost
\n
(58,396) (54,560)
\n
Interest expense on leases
\n
(643) (440)
\n
Borrowing costs included in cost of qualifying asset 994 757
\n
Total finance costs (58,045) (54,243)
\n
Net finance costs
\n
(45,371) (33,706)
\n
Borrowing costs included in the cost of qualifying assets during the year arose on the general borrowing pool and are
\n
calculated by applying a capitalisation rate of 3.23% (2024: 3.23%) to expenditure on such assets.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag417": {
"value": "\n6 Finance income and costs
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nFinance income
\nOther finance income
\n12,674 20,537
\nFinance costs
\nInterest on borrowings at amortised cost
\n(58,396) (54,560)
\nInterest expense on leases
\n(643) (440)
\nBorrowing costs included in cost of qualifying asset 994 757
\nTotal finance costs (58,045) (54,243)
\nNet finance costs
\n(45,371) (33,706)
\nBorrowing costs included in the cost of qualifying assets during the year arose on the general borrowing pool and are
\ncalculated by applying a capitalisation rate of 3.23% (2024: 3.23%) to expenditure on such assets.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag418": {
"value": "\n7 Staff costs
\nGroup
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nSalaries
\n105,857 88,384
\nSocial security costs
\n12,022 10,625
\nDefined benefit pension cost/(credit)
\n(4,041) (4,160)
\nDefined contribution pension cost 8,312 7,731
\n122,150 102,580
\nLess capitalised to property plant and equipment (61,146) (52,510)
\n61,004 50,070
\nA proportion of the Group's employees are members of the DB Scheme, details of which are given in the Employee
\nBenefit Obligations Note 25.
\n
\n\n\n\n\n
\n7 Staff costs (continued)
\n\n
The average monthly number of persons employed by the Group (including directors) during the year, analysed by
\n
category was as follows:
\n
2025
\n
No.
\n
2024
\n
No.
\n
Distribution
\n
1,571 1,451
\n
Engineering contracting
\n
187 175
\n
Other 15 13
\n
1,773 1,639
\n
\n\n\n
The Company had an average monthly number of 13 employees during the year ended 31 December 2025 (2024: 13).
\n
\n\n\n\n25 Pension and other schemes
\nDefined benefit pension schemes
\nElectricity Supply Pension Scheme
\nThe Group contributes to two pension schemes, which it operates on behalf of the participating companies within the
\nGroup. Those pension schemes are:
\n- The Northern Powergrid Group of the ESPS (the \"DB Scheme\"); and
\n- The Northern Powergrid Pension Scheme.
\nThe Northern Powergrid Pension Scheme was introduced for new employees of the Group from July 1997 and is a money
\npurchase arrangement accounted for as a defined contribution scheme.
\nThe DB Scheme is a defined benefit scheme for directors and employees, which provides pension and other related
\nretirement benefits based on final pensionable pay. The DB Scheme closed to staff commencing employment with the
\nGroup on or after 23 July 1997. Active members who joined before this date, including some active members under The
\nElectricity (Protected Persons) (England and Wales) Pension Regulations 1990, continue to build up future pension
\nbenefits.
\nUnder the DB Scheme, employees are typically entitled to annual pensions on retirement at age 63 of one-eightieth of final
\npensionable salary for each year of service plus an additional tax-free cash lump sum at retirement of three times pension.
\nBenefits are also payable on death and following other events such as withdrawing from active service.
\nNo other post-retirement benefits are provided to members of the DB Scheme.
\nThe Group agrees the defined benefit pension scheme contribution rate applied to pensionable pay as part of the triennial
\nvaluation. The agreed rates are applied consistently to all contributing employees.
\nThe assets and liabilities of the scheme are recorded in the Company, with individual companies recording contribution
\npaid. Differences between pension costs calculated in accordance with IAS19 and employee benefit contributions paid by
\nindividual companies are recorded in the Company.
\nPension regulation
\nThe UK pensions market is regulated by the Pensions Regulator whose key statutory objectives in relation to UK defined
\nbenefit plans are to:
\n- protect the benefits of members;
\n- promote and to improve understanding of good administration;
\n- reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund
\n(\"PPF\"); and
\n- minimise any adverse impact on the sustainable growth of an employer.
\nThe Pensions Regulator has various powers including the power to:
\n- wind up a scheme where winding up is necessary to protect members' interests;
\n- appoint or remove a trustee;
\n- impose a schedule of company contributions where trustees and company fail to agree on appropriate contributions; and
\n- impose contributions where there has been a detrimental action against the scheme.
\n
\n\n\n25 Pension and other schemes (continued)
\nRole of Trustees
\nThe DB Scheme is administered by a board of Trustees which is legally separate from the Company. The assets of the DB
\nScheme are held in a separate trustee-administered fund. The board of Trustees is made up of Trustees appointed by the
\ncompany, as the Principal Employer of the DB Scheme, Trustees elected by the membership and an independent trustee.
\nThe Company are required by law to act in the interest of all relevant beneficiaries and are responsible in particular for the
\nasset investment strategy plus the day-to-day administration of the benefits payable. They also are responsible for jointly
\nagreeing with the Principal Employer the level of contributions due to the DB Scheme.
\nFunding requirements
\nUK legislation requires that pension schemes are funded prudently (i.e. to a level in excess of the current expected cost of
\nproviding benefits). The next actuarial valuation of the DB Scheme will be carried out by the Trustee's actuarial advisors,
\nAon, at a date no later than 31 March 2028. Such valuations are required by law to take place at intervals of no more than
\nthree years. Following each valuation, the Trustees and the Northern Powergrid Group must agree the contributions
\nrequired (if any) such that the DB Scheme is fully funded over time on the basis of suitably prudent assumptions.
\nAt the latest funding valuation as at 31 March 2025, the funding surplus was assessed to be \u00a32.3 million. In light of this,
\nthe Company are not currently paying any deficit contributions. The next actuarial valuation will be at 31 March 2028 and
\nis expected to be completed by 30 June 2029, by which time a new contribution schedule will be agreed.
\nThe contributions payable by the Northern Powergrid Group to the DB Scheme in respect of future benefits which are
\naccruing, reduced from 46.1% to 24.9% of pensionable pay with effect from 1 January 2026. These contributions were
\ndetermined as part of the 31 March 2025 actuarial valuation and will remain in place until such a time as a new schedule of
\ncontributions is agreed between the Trustees and the Company as part of the 31 March 2028 valuation.
\nThe Northern Powergrid Group's total contributions to the DB Scheme for the next financial year are expected to be \u00a34.7
\nmillion.
\nThe Trust Deed provides the Northern Powergrid Group with an unconditional right to a refund of surplus assets assuming
\nthe gradual settlement of plan liabilities over time. Furthermore, in the ordinary course of business the Trustees have no
\nright to unilaterally wind up, or otherwise augment the benefits due to members of the DB Scheme. Based on these rights,
\nany net surplus in the plan is recognised in full.
\nProfile of the scheme
\nThe Defined Benefit Obligation (DBO) includes benefits for current employees, former employees and current pensioners.
\nThe overall duration of the DB Scheme's obligation was assessed to be about 12 years based on the results of the 31 March
\n2025 funding valuation. This is the weighted-average time over which benefit payments are expected to be made.
\nAt 31 March 2025, broadly, about 22% of the liabilities are attributable to current employees (duration about 17 years), 5%
\nto former employees (duration about 16 years) and 73% to current pensioners (duration about 10 years). We anticipate that
\nthe overall duration of the Scheme\u2019s obligation will have remained around 12 years at 31 December 2025, due to the
\nminimal movements in yields.
\n
\n\n\n25 Pension and other schemes (continued)
\nInvestment objectives for the DB Scheme
\nThe Trustees aim to achieve the DB Scheme's investment objectives through investing partly in a diversified mix of
\ngrowth assets which, over the long term, are expected to grow in value by more than low risk assets like cash and gilts.
\nThis is done with a broad liability driven investing framework that uses cash, gilts and other hedging instruments like
\nswaps in a capital efficient way. In combination this efficiently captures the Trustees' risk tolerances and return objectives
\nrelative to the DB Scheme's liabilities.
\nInvestment objectives for the DB Scheme
\nThe Trustees aim to achieve the DB Scheme's investment objectives through investing partly in a diversified mix of
\ngrowth assets which, over the long term, are expected to grow in value by more than low risk assets like cash and gilts.
\nThis is done with a broad liability driven investing framework that uses cash, gilts and other hedging instruments like
\nswaps in a capital efficient way. In combination this efficiently captures the Trustees' risk tolerances and return objectives
\nrelative to the DB Scheme's liabilities.
\nThe Company and Trustees have agreed a long-term strategy for reducing investment risk as and when appropriate. This
\nincludes the use of Liability Driven Investment (LDI) to more closely match the nature and duration of the DB Scheme's
\nliabilities through the use of derivatives such as swaps and repurchase agreements. The portfolio is designed to hedge a
\nproportion of the interest rate and inflation risk inherent in the DB Scheme's liabilities. The target hedging level is
\ncurrently 99% (2024: 99%) of the DB Scheme's liabilities as measured on the basis used for the funding valuation.
\nThe Trustees ensure certain benefits which are payable on death before retirement.
\nRisks
\nVolatile asset returns
\nThe DBO is calculated using a discount rate set with reference to corporate bond yields. If assets underperform this
\ndiscount rate, this will create an element of deficit. The DB scheme currently holds a proportion (20%) of its assets in
\nreturn-seeking assets, which, although expected to outperform corporate bonds in the long term, create volatility and risk
\nin the short term.
\nMitigation
\nThe allocation to return-seeking assets is monitored to ensure it remains appropriate given the DB scheme's long-term
\nobjectives. The Trustees regularly review the strategy from return-seeking assets and have diversified return-seeking assets
\nfrom equities into Reinsurance, Listed Infrastructure and Insurance-linked securities to reduce overall risk.
\nChanges in bond yields
\nA decrease in corporate bond yields will increase the value placed on the DBO for accounting purposes, although this will
\nbe partially offset by an increase in the value of the DB Scheme's bond holdings.
\nMitigation
\nThe DB scheme currently holds a substantial proportion of its assets (80%) as bonds, Asset Backed Securities, and
\nLiability Driven Investment (LDI), which provide a significant hedge against falling bond yields (falling yields which
\nincrease the DBO will also increase the value of the bond assets). There are some differences in the credit quality of bonds
\nheld by the DB Scheme and the bonds analysed to decide the DBO discount rate, such that there remains some risk should
\nyields on different quality bond/swap assets diverge.
\nInflation risk
\nA significant proportion of the DBO is indexed in line with price inflation (specifically UK Retail Price Index) and higher
\ninflation will lead to a higher DBO.
\nMitigation
\nThe DB Scheme currently aims to invest around 42% in LDI (included in the 80% bond allocation above) which provides
\na hedge against higher-than-expected inflation increases on the DBO (rising inflation will increase both the DBO and the
\nvalue of the LDI portfolio).
\nLife expectancy risk
\nThe majority of the DB scheme\u2019s obligations are to provide benefits for the life of the member, so increases in life
\nexpectancy will result in an increase in the liabilities.
\n
\n\n\n25 Pension and other schemes (continued)
\nMitigation
\nThe DB Scheme regularly reviews actual experience of its membership against the actuarial assumptions underlying the
\nfuture benefit projections and carries out detailed analysis when setting an appropriate scheme specific mortality
\nassumption.
\nOther risks
\nThere are a number of other risks associated with the DB Scheme including operational risks (such as paying out the
\nwrong benefits), legislative risks (such as the government increasing the burden on pension schemes through new
\nlegislation) and other demographic risks (such as a higher proportion of members dying than assumed with a dependant
\neligible to receive a survivor's pension from the DB Scheme).
\n
\n\n\n25 Pension and other schemes (continued)
\nLegislative risk
\nThe risk that new legislation, or clarification to existing legislation, increases the benefits due to members. In June 2023,
\nthe High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others
\nrelating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. On 2
\nSeptember 2025, the Government published draft amendments to the Pensions Scheme Bill which would give affected
\npension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the
\nnecessary standards. The draft legislation will need to be agreed by both Houses of Parliament before it passes into law.
\nFollowing the publication of draft legislation, the Directors do not expect the Virgin Media ruling to give rise to any
\nadditional liabilities and so the DBO has not been adjusted and continues to reflect the benefits currently being
\nadministered
\nReporting at 31 December 2025
\nFor the purposes of this disclosure, the current and future pension costs of the Northern Powergrid Group have been
\nassessed by Aon, a qualified independent actuary, using the assumptions set out below, which the actuary has confirmed
\nrepresent a reasonable best estimate of those costs. The review has been based on the same membership and other data as
\nat 31 March 2025. The board of Northern Powergrid Holdings Company has accepted the advice of the actuary and
\nformally approved the use of these assumptions for the purpose of calculating the pension cost of the Northern Powergrid
\nGroup.
\nThe results of the latest funding valuation at 31 March 2025 have been adjusted to 31 December 2025. Those adjustments
\ntake account of experience over the period since 31 March 2025, changes in market conditions, and differences in the
\nfinancial and demographic assumptions. The present value of the DBO and the related current service cost were measured
\nusing the Projected Unit Credit Method.
\nFor schemes closed to new members, such as the DB Scheme, the current service cost (as a percentage of pensionable pay)
\ncalculated under the Projected Unit Credit Method is expected to increase as the members of the DB Scheme approach
\nretirement.
\nPrincipal actuarial assumptions
\nThe significant actuarial assumptions used to determine the present value of the defined benefit obligation at the statement
\nof financial position date are as follows:
\n31 December
\n2025
\n%
\n31 December
\n2024
\n%
\nDiscount rate
\n5.50 5.50
\nFuture salary increases
\n2.95 3.30
\nFuture pension increases
\n2.60 2.85
\nInflation - RPI
\n2.70 3.05
\nInflation- CPI
\n2.35 2.70
\nProportion of pension exchanged for additional cash at retirement
\n10.00 10.00
\nThe financial assumptions reflect the nature and term of the DB Scheme's liabilities.
\nPost retirement mortality assumptions
\n31 December
\n2025
\nYears
\n31 December
\n2024
\nYears
\nLife expectancy for male currently aged 60
\n26.60 26.00
\nLife expectancy for female currently aged 60
\n28.40 28.00
\nLife expectancy at 60 for male currently aged 45
\n27.70 26.90
\nLife expectancy at 60 for female currently aged 45
\n29.30 29.30
\n
\n\n\n25 Pension and other schemes (continued)
\nReconciliation of scheme assets and liabilities to assets and liabilities recognised
\nThe amounts recognised in the statement of financial position are as follows:
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nFair value of scheme assets
\n974,700 989,600
\nPresent value of scheme liabilities (878,500) (850,900)
\nDefined benefit pension scheme surplus
\n96,200 138,700
\nScheme assets
\nChanges in the fair value of scheme assets are as follows:
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nFair value at start of year
\n989,600 1,098,300
\nInterest income
\n53,000 48,900
\nRe-measurement (loss) on scheme assets
\n(11,800) (101,800)
\nEmployer contributions
\n8,700 9,200
\nContributions by scheme participants
\n400 400
\nBenefits paid
\n(62,200) (62,900)
\nAdministrative expenses paid (3,000) (2,500)
\nFair value at end of year
\n974,700 989,600
\n
\n\n\n\n\n\n25 Pension and other schemes (continued)
\nAnalysis of assets
\nThe major categories of scheme assets are as follows:
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nDeveloped market equity
\n- 72,000
\nEmerging market equity
\n- 2,100
\nProperty
\n106,000 103,100
\nReinsurance
\n54,300 70,000
\nListed infrastructure
\n50,000 47,000
\nInvestment grade corporate bonds
\n- 100,700
\nOther debt (non-investment grade)
\n- 153,600
\nFixed interest gilts
\n- 8,100
\nLiability driven investments
\n332,000 342,100
\nAsset backed securities
\n72,500 -
\nAbsolute return bonds
\n330,200 -
\nCash and cash equivalents including derivatives 29,700 90,900
\n974,700 989,600
\nThe pension scheme has not invested in any of the Company's own financial instruments or in properties or other assets
\nused by the Company.
\nScheme liabilities
\nChanges in the present value of scheme liabilities are as follows:
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nPresent value at start of year
\n(850,900) (949,700)
\nCurrent service cost
\n(3,700) (4,400)
\nActuarial (losses)/gains arising from changes in demographic assumptions
\n(26,300) 2,700
\nActuarial gains arising from changes in financial assumptions
\n23,800 80,900
\nActuarial losses arising from experience adjustments
\n(38,000) (500)
\nInterest cost
\n(45,200) (42,400)
\nBenefits paid
\n62,200 62,900
\nContributions by scheme participants (400) (400)
\nPresent value at end of year
\n(878,500) (850,900)
\n
\n\n\n\n\n\n25 Pension and other schemes (continued)
\nAmounts recognised in the income statement
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nCurrent service cost
\n3,700 4,400
\nAdministrative expenses
\n3,000 2,500
\nNet interest (7,800) (6,500)
\nAmounts recognised (1,100) 400
\nCosts included in cost of qualifying assets (1,070) (2,030)
\nTotal recognised in the income statement
\n(2,170) (1,630)
\nAmounts taken to the Statement of Comprehensive Income
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nActuarial losses/(gains) arising from changes in demographic assumptions
\n26,300 (2,700)
\nActuarial gains arising from changes in financial assumptions
\n(23,800) (80,900)
\nActuarial losses arising from experience adjustments
\n38,000 500
\nReturn on plan assets in excess of that recognised in net interest 11,800 101,800
\nAmounts recognised in the Statement of Comprehensive Income
\n52,300 18,700
\nSensitivity analysis
\nSignificant actuarial assumptions for determination of the defined benefit obligation are discount rate, inflation, and
\nmortality. The sensitivity analyses below have been determined based on reasonably possible changes of the respective
\nassumptions occurring at the end of the reporting period, while holding all other assumptions constant:
\n31 December
\n2025
\n31 December
\n2024
\nAdjustment to discount rate
\n+ 0.1%
\n\u00a3 000
\n0.0%
\n\u00a3 000
\n- 0.1%
\n\u00a3 000
\n+ 0.1%
\n\u00a3 000
\n0.0%
\n\u00a3 000
\n- 0.1%
\n\u00a3 000
\nPresent value of total obligation
\n868,900 878,500 888,200 840,800 850,900 861,100
\n31 December
\n2025
\n31 December
\n2024
\nAdjustment to rate of inflation
\n+ 0.1%
\n\u00a3 000
\n0.0%
\n\u00a3 000
\n- 0.1%
\n\u00a3 000
\n+ 0.1%
\n\u00a3 000
\n0.0%
\n\u00a3 000
\n- 0.1%
\n\u00a3 000
\nPresent value of total obligation
\n883,700 878,500 869,800 860,700 850,900 845,200
\n31 December
\n2025
\n31 December
\n2024
\nAdjustment to mortality age rating
\nassumption
\n+ 1 Year
\n\u00a3 000
\nNone
\n\u00a3 000
\n- 1 Year
\n\u00a3 000
\n+ 1 Year
\n\u00a3 000
\nNone
\n\u00a3 000
\n- 1 Year
\n\u00a3 000
\nPresent value of total obligation
\n911,300 878,500 844,800 880,400 850,900 820,500
\n
\n\n\n\n\n\n25 Pension and other schemes (continued)
\nThe sensitivity analysis presented above may not be representative of the actual change in defined benefit obligation as it
\nis unlikely that the changes in assumptions would occur in isolation of one another as some of the assumptions may be
\ncorrelated.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag2": {
"value": "\nThe average monthly number of persons employed by the Group (including directors) during the year, analysed by
\ncategory was as follows:
\n2025
\nNo.
\n2024
\nNo.
\nDistribution
\n1,571 1,451
\nEngineering contracting
\n187 175
\nOther 15 13
\n1,773 1,639
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag3": {
"value": "\n8 Directors' remuneration
\nThe directors' remuneration for the year was as follows:
\n2025
\n\u00a3
\n2024
\n\u00a3
\nHighest paid
\nShort-term employee benefits
\n122,209 117,907
\nPost retirement benefits - defined benefit
\n4,003 -
\nPost retirement benefits - defined contribution
\n- 4,748
\nOther long-term benefits 13,234 -
\n139,446 122,655
\nTotal
\nShort-term employee benefits
\n267,078 273,558
\nPost retirement benefits - defined benefit
\n- 13,674
\nPost retirement benefits - defined contribution
\n11,650 12,101
\nOther long-term benefits 13,234 16,500
\n291,962 315,833
\nPost retirement benefits
\nNo. of Directors who were members of a defined contribution scheme in the year
\n2 2
\nNo. of Directors who were members of a defined benefit scheme in the year
\n1 1
\n2025
\n\u00a3
\n2024
\n\u00a3
\nKey personnel remuneration
\nShort-term employee benefits
\n1,370,041 1,325,119
\nPost retirement benefits - defined benefit
\n26,831 26,050
\nPost retirement benefits - defined contribution
\n116,317 115,373
\nOther long-term benefits 255,039 50,000
\n1,768,228 1,516,542
\n2025
\n\u00a3
\n2024
\n\u00a3
\nTotal directors and key personnel:
\nShort-term employee benefits
\n1,637,119 1,598,677
\nPost retirement benefits - defined benefit
\n26,831 39,724
\nPost retirement benefits - defined contribution
\n127,967 127,474
\nOther long-term benefits 268,273 66,500
\n2,060,190 1,832,375
\nOther key personnel includes a number of senior functional managers who, whilst not board directors, have authority and
\nresponsibility for planning, directing and controlling activities of the Group. The total director and key personnel
\nremuneration for the year amounts \u00a32.6 million (2024: \u00a31.8 million).
\n
\n\n\n\nDirectors' advances, credits and guarantees
\nDuring the year, 1 directors (2024: 2) and 2 key personnel (2024: 2) utilised the services provided by Northern Transport
\nFinance Limited. The amounts included in lease receivables owed by these directors and key personnel were \u00a360,305
\n(2024: \u00a361,912).
\nRemuneration of key management personnel
\nRemuneration of key management personnel is disclosed in Note 7.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag4": {
"value": "\n9 Auditor's remuneration
\nThe auditor's remuneration for the year was as follows:
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nFees payable to the auditor for audit of the Company's annual accounts
\n232 50
\nFees payable to the auditor for the audit of the Company's subsidiaries
\n1,360 303
\nAgreed upon procedures - regulatory reporting 88 -
\nTotal audit fees
\n1,680 353
\nCurrent year audit fees include \u00a30.93 million (2024: \u00a30.35 million) in respect of the audit of these financial statements and
\n\u00a30.66 million of additional fees in respect of the audit of the financial statements for year ended 31 December 2024.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag5": {
"value": "\n
\n\n
10 Income tax
\n
Tax charged in the income statement
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
Current taxation
\n
UK corporation tax
\n
34,980 65,132
\n
UK corporation tax adjustment to prior periods (508) (2,406)
\n
34,472 62,726
\n
Deferred taxation
\n
Arising from origination and reversal of temporary differences
\n
13,365 8,560
\n
Deferred tax expense from unrecognised temporary difference from prior period 901 2,243
\n
Total deferred taxation
\n
14,266 10,803
\n
Tax expense in the income statement
\n
48,738 73,529
\n
\n\n\n
\n\n\n\n
\n\n
10 Income tax (continued)
\n
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024: higher than)
\n
than the standard rate of corporation tax in the UK of 25% (2024 - 25%)
\n
The differences are reconciled below:
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
Profit before tax
\n
183,933 281,247
\n
Corporation tax at standard rate
\n
45,983 70,312
\n
Tax effect of result of joint venture entities
\n
(241) (193)
\n
Decrease in current tax from adjustment for prior periods
\n
(508) (2,406)
\n
Permanent differences (including non-taxable dividends)
\n
(1,935) (1,262)
\n
Pension contributions recognised in other comprehensive income
\n
2,450 2,200
\n
Increase in deferred tax from adjustment for prior periods
\n
901 2,243
\n
Non-deductible interest
\n
2,250 2,250
\n
Other tax effects for reconciliation between accounting profit and tax
\n
(income)/expense (162) 385
\n
Total tax charge
\n
48,738 73,529
\n
Finance Act 2025 confirmed that the corporation tax rate will remain at 25% from 1 April 2025 as previously enacted.
\n
Deferred tax balances are therefore measured at 25% at 31 December 2025.
\n
There is no uncertainty over the acceptable income tax treatment. Should any uncertainties arise the Company will apply
\n
adopted amendments to IFRIC 23
\n
Amounts recognised in other comprehensive income
\n
2025
\n
Before tax
\n
\u00a3 000
\n
Tax (expense)
\n
benefit
\n
\u00a3 000
\n
Net of tax
\n
\u00a3 000
\n
Loss on cash flow hedges
\n
(4,923) 1,231 (3,692)
\n
Remeasurement of post employment benefit obligations (52,300) 15,525 (36,775)
\n
(57,223) 16,756 (40,467)
\n
2024
\n
Before tax
\n
\u00a3 000
\n
Tax (expense)
\n
benefit
\n
\u00a3 000
\n
Net of tax
\n
\u00a3 000
\n
Loss on cash flow hedges
\n
(1,369) 342 (1,027)
\n
Remeasurement of post employment benefit obligations (18,700) 6,875 (11,825)
\n
(20,069) 7,217 (12,852)
\n
\n\n\n
\n\n\n\n
\n\n
10 Income tax (continued)
\n
Deferred tax
\n
Group
\n
Deferred tax movement during the year:
\n
At 1 January
\n
2025
\n
\u00a3 000
\n
Recognised in
\n
income
\n
\u00a3 000
\n
Recognised in
\n
other
\n
comprehensive
\n
income
\n
\u00a3 000
\n
At
\n
31 December
\n
2025
\n
\u00a3 000
\n
Accelerated tax depreciation
\n
134,676 11,582 - 146,258
\n
Pension benefit obligations
\n
34,430 2,503 (13,075) 23,858
\n
Other items
\n
2,182 181 (1,231) 1,132
\n
Holdover relief 3 - - 3
\n
171,291 14,266 (14,306) 171,251
\n
At 1
\n
January
\n
2024
\n
\u00a3 000
\n
Reclassification
\n
\u00a3 000
\n
Recognised
\n
in income
\n
\u00a3 000
\n
Recognised
\n
in other
\n
comprehensive
\n
income
\n
\u00a3 000
\n
At
\n
31
\n
December
\n
2024
\n
\u00a3 000
\n
Accelerated tax depreciation
\n
132,530 (6,061) 8,207 - 134,676
\n
Pension benefit obligations
\n
30,929 6,061 2,115 (4,675) 34,430
\n
Other items
\n
2,043 - 481 (342) 2,182
\n
Holdover relief 3 - - - 3
\n
165,505 - 10,803 (5,017) 171,291
\n
A reclassification has been processed in the year which has moved deferred tax in relation to pension benefit obligations
\n
capitalised from pension benefit obligations to accelerated depreciation.
\n
The other items of \u00a31.1 million (2024: \u00a32.2 million liability) includes the deferred tax impact of cash flow hedges,
\n
provisions and employee benefits which are deductible on a paid basis. Within pension benefit obligations the movement
\n
in the year represents pension costs on the movement in retirement benefit obligation/asset. A proportion of the movement
\n
has been capitalised in property, plant and equipment.
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"Tag6": {
"value": "\n10 Income tax
\nTax charged in the income statement
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nCurrent taxation
\nUK corporation tax
\n34,980 65,132
\nUK corporation tax adjustment to prior periods (508) (2,406)
\n34,472 62,726
\nDeferred taxation
\nArising from origination and reversal of temporary differences
\n13,365 8,560
\nDeferred tax expense from unrecognised temporary difference from prior period 901 2,243
\nTotal deferred taxation
\n14,266 10,803
\nTax expense in the income statement
\n48,738 73,529
\n
\n\n\n\n10 Income tax (continued)
\nThe tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024: higher than)
\nthan the standard rate of corporation tax in the UK of 25% (2024 - 25%)
\nThe differences are reconciled below:
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nProfit before tax
\n183,933 281,247
\nCorporation tax at standard rate
\n45,983 70,312
\nTax effect of result of joint venture entities
\n(241) (193)
\nDecrease in current tax from adjustment for prior periods
\n(508) (2,406)
\nPermanent differences (including non-taxable dividends)
\n(1,935) (1,262)
\nPension contributions recognised in other comprehensive income
\n2,450 2,200
\nIncrease in deferred tax from adjustment for prior periods
\n901 2,243
\nNon-deductible interest
\n2,250 2,250
\nOther tax effects for reconciliation between accounting profit and tax
\n(income)/expense (162) 385
\nTotal tax charge
\n48,738 73,529
\nFinance Act 2025 confirmed that the corporation tax rate will remain at 25% from 1 April 2025 as previously enacted.
\nDeferred tax balances are therefore measured at 25% at 31 December 2025.
\nThere is no uncertainty over the acceptable income tax treatment. Should any uncertainties arise the Company will apply
\nadopted amendments to IFRIC 23
\nAmounts recognised in other comprehensive income
\n2025
\nBefore tax
\n\u00a3 000
\nTax (expense)
\nbenefit
\n\u00a3 000
\nNet of tax
\n\u00a3 000
\nLoss on cash flow hedges
\n(4,923) 1,231 (3,692)
\nRemeasurement of post employment benefit obligations (52,300) 15,525 (36,775)
\n(57,223) 16,756 (40,467)
\n2024
\nBefore tax
\n\u00a3 000
\nTax (expense)
\nbenefit
\n\u00a3 000
\nNet of tax
\n\u00a3 000
\nLoss on cash flow hedges
\n(1,369) 342 (1,027)
\nRemeasurement of post employment benefit obligations (18,700) 6,875 (11,825)
\n(20,069) 7,217 (12,852)
\n
\n\n\n\n10 Income tax (continued)
\nDeferred tax
\nGroup
\nDeferred tax movement during the year:
\nAt 1 January
\n2025
\n\u00a3 000
\nRecognised in
\nincome
\n\u00a3 000
\nRecognised in
\nother
\ncomprehensive
\nincome
\n\u00a3 000
\nAt
\n31 December
\n2025
\n\u00a3 000
\nAccelerated tax depreciation
\n134,676 11,582 - 146,258
\nPension benefit obligations
\n34,430 2,503 (13,075) 23,858
\nOther items
\n2,182 181 (1,231) 1,132
\nHoldover relief 3 - - 3
\n171,291 14,266 (14,306) 171,251
\nAt 1
\nJanuary
\n2024
\n\u00a3 000
\nReclassification
\n\u00a3 000
\nRecognised
\nin income
\n\u00a3 000
\nRecognised
\nin other
\ncomprehensive
\nincome
\n\u00a3 000
\nAt
\n31
\nDecember
\n2024
\n\u00a3 000
\nAccelerated tax depreciation
\n132,530 (6,061) 8,207 - 134,676
\nPension benefit obligations
\n30,929 6,061 2,115 (4,675) 34,430
\nOther items
\n2,043 - 481 (342) 2,182
\nHoldover relief 3 - - - 3
\n165,505 - 10,803 (5,017) 171,291
\nA reclassification has been processed in the year which has moved deferred tax in relation to pension benefit obligations
\ncapitalised from pension benefit obligations to accelerated depreciation.
\nThe other items of \u00a31.1 million (2024: \u00a32.2 million liability) includes the deferred tax impact of cash flow hedges,
\nprovisions and employee benefits which are deductible on a paid basis. Within pension benefit obligations the movement
\nin the year represents pension costs on the movement in retirement benefit obligation/asset. A proportion of the movement
\nhas been capitalised in property, plant and equipment.
\n
\n\n\n",
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"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"Tag11": {
"value": "\n
\n11 Property, plant and equipment
\n\n
Group
\n
Land and
\n
buildings
\n
\u00a3 000
\n
Distribution
\n
system
\n
\u00a3 000
\n
Metering
\n
equipment
\n
\u00a3 000
\n
Furniture,
\n
fittings
\n
and
\n
equipment
\n
\u00a3 000
\n
Motor
\n
vehicles
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
Cost
\n
At 1 January 2024
\n
6,534 4,294,557 547,325 94,066 - 4,942,482
\n
Additions
\n
- 228,463 40,301 7,419 - 276,183
\n
Disposals - (10,221) (11,293) - - (21,514)
\n
As at 31 December 2024
\n
6,534 4,512,799 576,333 101,485 - 5,197,151
\n
sample
\n
At 1 January 2025
\n
6,534 4,512,799 576,333 101,485 - 5,197,151
\n
Additions
\n
- 267,974 8,639 12,366 19,219 308,198
\n
Disposals - (17,565) (25,246) - (3,436) (46,247)
\n
At 31 December 2025 6,534 4,763,208 559,726 113,851 15,783 5,459,102
\n
Depreciation
\n
At 1 January 2024 6,534 1,388,381 276,774 84,062 - 1,755,751
\n
At 1 January 2024
\n
6,534 1,388,381 276,774 84,062 - 1,755,751
\n
Charge for year
\n
- 99,393 49,967 3,722 - 153,082
\n
Eliminated on disposal - (10,221) (11,248) - - (21,469)
\n
As at 31 December 2024
\n
6,534 1,477,553 315,493 87,784 - 1,887,364
\n
sample
\n
At 1 January 2025
\n
6,534 1,477,554 315,493 87,784 - 1,887,365
\n
Charge for the year
\n
2 104,314 46,141 3,953 3,596 158,006
\n
Eliminated on disposal (589) (17,565) (25,246) - (1,038) (44,438)
\n
At 31 December 2025 5,947 1,564,303 336,388 91,737 2,558 2,000,933
\n
Carrying amount
\n
At 31 December 2024
\n
- 3,035,246 260,840 13,701 - 3,309,787
\n
At 31 December 2025
\n
587 3,198,905 223,338 22,114 13,225 3,458,169
\n
\n\n\n
\n\n\n\n
\n11 Property, plant and equipment (continued)
\n\n
Expenditure recognised in the carrying amount of property, plant and equipment in the course of construction was as
\n
follows:
\n
31
\n
December
\n
2025
\n
\u00a3 000
\n
31
\n
December
\n
2024
\n
\u00a3 000
\n
Distribution system 189,010 187,867
\n
Contractual commitments for the acquisition of property, plant and equipment were as follows:
\n
31
\n
December
\n
2025
\n
\u00a3 000
\n
31
\n
December
\n
2024
\n
\u00a3 000
\n
Distribution system 56,681 35,543
\n
\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag12": {
"value": "\nGroup
\nLand and
\nbuildings
\n\u00a3 000
\nDistribution
\nsystem
\n\u00a3 000
\nMetering
\nequipment
\n\u00a3 000
\nFurniture,
\nfittings
\nand
\nequipment
\n\u00a3 000
\nMotor
\nvehicles
\n\u00a3 000
\nTotal
\n\u00a3 000
\nCost
\nAt 1 January 2024
\n6,534 4,294,557 547,325 94,066 - 4,942,482
\nAdditions
\n- 228,463 40,301 7,419 - 276,183
\nDisposals - (10,221) (11,293) - - (21,514)
\nAs at 31 December 2024
\n6,534 4,512,799 576,333 101,485 - 5,197,151
\nsample
\nAt 1 January 2025
\n6,534 4,512,799 576,333 101,485 - 5,197,151
\nAdditions
\n- 267,974 8,639 12,366 19,219 308,198
\nDisposals - (17,565) (25,246) - (3,436) (46,247)
\nAt 31 December 2025 6,534 4,763,208 559,726 113,851 15,783 5,459,102
\nDepreciation
\nAt 1 January 2024 6,534 1,388,381 276,774 84,062 - 1,755,751
\nAt 1 January 2024
\n6,534 1,388,381 276,774 84,062 - 1,755,751
\nCharge for year
\n- 99,393 49,967 3,722 - 153,082
\nEliminated on disposal - (10,221) (11,248) - - (21,469)
\nAs at 31 December 2024
\n6,534 1,477,553 315,493 87,784 - 1,887,364
\nsample
\nAt 1 January 2025
\n6,534 1,477,554 315,493 87,784 - 1,887,365
\nCharge for the year
\n2 104,314 46,141 3,953 3,596 158,006
\nEliminated on disposal (589) (17,565) (25,246) - (1,038) (44,438)
\nAt 31 December 2025 5,947 1,564,303 336,388 91,737 2,558 2,000,933
\nCarrying amount
\nAt 31 December 2024
\n- 3,035,246 260,840 13,701 - 3,309,787
\nAt 31 December 2025
\n587 3,198,905 223,338 22,114 13,225 3,458,169
\n
\n\n\n\nExpenditure recognised in the carrying amount of property, plant and equipment in the course of construction was as
\nfollows:
\n31
\nDecember
\n2025
\n\u00a3 000
\n31
\nDecember
\n2024
\n\u00a3 000
\nDistribution system 189,010 187,867
\nContractual commitments for the acquisition of property, plant and equipment were as follows:
\n31
\nDecember
\n2025
\n\u00a3 000
\n31
\nDecember
\n2024
\n\u00a3 000
\nDistribution system 56,681 35,543
\n
\n\n\n\nGroup
\nFleet
\n\u00a3 000
\nProperty
\n\u00a3 000
\nLand
\n\u00a3 000
\nTotal
\n\u00a3 000
\nCost or valuation
\nAt 1 January 2024
\n17,617 3,838 1,923 23,378
\nAdditions
\n2,623 1,744 - 4,367
\nDisposals (2,400) (435) - (2,835)
\nAt 31 December 2024 17,840 5,147 1,923 24,910
\ns
\nAt 1 January 2025
\n17,840 5,147 1,923 24,910
\nAdditions
\n3,177 1,088 - 4,265
\nDisposals (4,953) (603) - (5,556)
\nAt 31 December 2025 16,064 5,632 1,923 23,619
\nDepreciation
\nAt 1 January 2024
\n9,896 2,034 219 12,149
\nCharge for year
\n2,926 593 64 3,583
\nEliminated on disposal (2,400) (435) - (2,835)
\nAt 31 December 2024 10,422 2,192 283 12,897
\ns
\nAt 1 January 2025
\n10,422 2,192 283 12,897
\nCharge for the year
\n2,691 671 64 3,426
\nEliminated on disposal (4,953) (603) - (5,556)
\nAt 31 December 2025 8,160 2,260 347 10,767
\nCarrying amount
\nAt 31 December 2025
\n7,904 3,372 1,576 12,852
\nAt 31 December 2024
\n7,418 2,955 1,640 12,013
\n
\n\n\n\nGroup
\nSoftware
\ndevelopment
\n\u00a3 000
\nTotal
\n\u00a3 000
\nCost or valuation
\nAt 1 January 2024
\n164,041 164,041
\nAdditions 15,203 15,203
\nAt 31 December 2024 179,244 179,244
\ns
\nAt 1 January 2025
\n179,244 179,244
\nAdditions 19,477 19,477
\nAt 31 December 2025 198,721 198,721
\nAmortisation
\nAt 1 January 2024
\n113,435 113,435
\nAmortisation charge 11,509 11,509
\nAt 31 December 2024
\n124,944 124,944
\ns
\nAt 1 January 2025
\n124,944 124,944
\nAmortisation charge 17,227 17,227
\nAt 31 December 2025 142,171 142,171
\nCarrying amount
\nAt 31 December 2025
\n56,550 56,550
\nAt 31 December 2024
\n54,300 54,300
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag15": {
"value": "\n
\n12 Right of use assets
\n\n
Group
\n
Fleet
\n
\u00a3 000
\n
Property
\n
\u00a3 000
\n
Land
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
Cost or valuation
\n
At 1 January 2024
\n
17,617 3,838 1,923 23,378
\n
Additions
\n
2,623 1,744 - 4,367
\n
Disposals (2,400) (435) - (2,835)
\n
At 31 December 2024 17,840 5,147 1,923 24,910
\n
s
\n
At 1 January 2025
\n
17,840 5,147 1,923 24,910
\n
Additions
\n
3,177 1,088 - 4,265
\n
Disposals (4,953) (603) - (5,556)
\n
At 31 December 2025 16,064 5,632 1,923 23,619
\n
Depreciation
\n
At 1 January 2024
\n
9,896 2,034 219 12,149
\n
Charge for year
\n
2,926 593 64 3,583
\n
Eliminated on disposal (2,400) (435) - (2,835)
\n
At 31 December 2024 10,422 2,192 283 12,897
\n
s
\n
At 1 January 2025
\n
10,422 2,192 283 12,897
\n
Charge for the year
\n
2,691 671 64 3,426
\n
Eliminated on disposal (4,953) (603) - (5,556)
\n
At 31 December 2025 8,160 2,260 347 10,767
\n
Carrying amount
\n
At 31 December 2025
\n
7,904 3,372 1,576 12,852
\n
At 31 December 2024
\n
7,418 2,955 1,640 12,013
\n
\n\n\n
\n\n\n\n21 Obligations under leases
\nGroup
\nLease liability
\nLease commitments relate to fleet vehicles from Vehicle Lease and Service Limited, a joint venture, with terms of up to 7
\nyears and land and buildings with terms of up to 50 years.
\nThe total future value of minimum lease payments is as follows:
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nWithin one year
\n3,515 3,285
\nIn two to five years
\n8,516 7,870
\nIn over five years 3,475 3,504
\nTotal lease payment
\n15,506 14,659
\nUnearned interest
\n(1,620) (2,085)
\nTotal lease liability
\n13,885 12,574
\nThe discounted amount due within one year totalled \u00a33.52 million (2024: \u00a33.23 million).
\nUnearned interest is future interest on leases not yet earned at the balance sheet date.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag18": {
"value": "\n
\n\n
\n
13 Intangible assets
\n
\n
Group
\n
Software
\n
development
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
Cost or valuation
\n
At 1 January 2024
\n
164,041 164,041
\n
Additions 15,203 15,203
\n
At 31 December 2024 179,244 179,244
\n
s
\n
At 1 January 2025
\n
179,244 179,244
\n
Additions 19,477 19,477
\n
At 31 December 2025 198,721 198,721
\n
Amortisation
\n
At 1 January 2024
\n
113,435 113,435
\n
Amortisation charge 11,509 11,509
\n
At 31 December 2024
\n
124,944 124,944
\n
s
\n
At 1 January 2025
\n
124,944 124,944
\n
Amortisation charge 17,227 17,227
\n
At 31 December 2025 142,171 142,171
\n
Carrying amount
\n
At 31 December 2025
\n
56,550 56,550
\n
At 31 December 2024
\n
54,300 54,300
\n
\n\n\n\n
\n
As at year-end, the amount of contractual commitments for the acquisition of intangible assets amounted to \u00a35.1 million
\n
(2024: \u00a35.2 million).
\n
The majority of the costs classified under intangible assets relate to the development and implementation of IT software
\n
systems. These systems are integral to the Company's operations, enhancing efficiency and supporting the management of
\n
our energy distribution network.
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag19": {
"value": "\n
\n13 Intangible assets
\n\n
Group
\n
Software
\n
development
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
Cost or valuation
\n
At 1 January 2024
\n
164,041 164,041
\n
Additions 15,203 15,203
\n
At 31 December 2024 179,244 179,244
\n
s
\n
At 1 January 2025
\n
179,244 179,244
\n
Additions 19,477 19,477
\n
At 31 December 2025 198,721 198,721
\n
Amortisation
\n
At 1 January 2024
\n
113,435 113,435
\n
Amortisation charge 11,509 11,509
\n
At 31 December 2024
\n
124,944 124,944
\n
s
\n
At 1 January 2025
\n
124,944 124,944
\n
Amortisation charge 17,227 17,227
\n
At 31 December 2025 142,171 142,171
\n
Carrying amount
\n
At 31 December 2025
\n
56,550 56,550
\n
At 31 December 2024
\n
54,300 54,300
\n
\n\n\n\n
As at year-end, the amount of contractual commitments for the acquisition of intangible assets amounted to \u00a35.1 million
\n(2024: \u00a35.2 million).
\nThe majority of the costs classified under intangible assets relate to the development and implementation of IT software
\nsystems. These systems are integral to the Company's operations, enhancing efficiency and supporting the management of
\nour energy distribution network.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag20": {
"value": "\n
\n\n
\n
\n
\n
\n
14 Investments
\n
Investment in
\n
joint ventures
\n
\u00a3 000
\n
Share in other
\n
undertakings
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
At 1 January 2024
\n
3,612 21 3,633
\n
Profit from investments
\n
739 - 739
\n
Dividends paid by investments (1,083) - (1,083)
\n
At 31 December 2024
\n
3,268 21 3,289
\n
Profit from investments
\n
1,229 - 1,229
\n
Dividends paid by investments (1,083) - (1,083)
\n
At 31 December 2025
\n
3,414 21 3,435
\n
\n\n\n\n
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n\n14 Investments (continued)
\nMore information on the joint venture can be found on page 97.
\n
\n\n\n
\n\n
Group subsidiaries
\n
Details of the Group subsidiaries as at 31 December 2025 are as follows:
\n
\n\n
\n\n\n
\n14 Investments (continued)
\n\n
Name of subsidiary Principal activity
\n
Registered office and country
\n
of incorporation
\n
Proportion of
\n
ownership interest
\n
and voting rights
\n
held
\n
2025 2024
\n
CE Electric Services Limited Dormant
\n
England and Wales
\n
100% 100%
\n
Central PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
East PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
Eastern PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
Infrastructure North Limited Dormant
\n
England and Wales
\n
100% 100%
\n
Integrated Utility Services
\n
Limited
\n
Engineering contracting
\n
England and Wales
\n
100% 100%
\n
IUS Limited Dormant
\n
England and Wales
\n
100% 100%
\n
Midlands PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
NEDL Limited Dormant
\n
England and Wales
\n
100% 100%
\n
North East PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
North Eastern PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
North PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
North West PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
North Western PowerGrid
\n
Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Electric Distribution
\n
Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Electric Properties
\n
Limited (02522939)*
\n
Property holdings &
\n
management company
\n
England and Wales
\n
100% 100%
\n
Northern Electric Share Scheme
\n
Trustee Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Electricity (North East)
\n
Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Electricity (Yorkshire)
\n
Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Electricity Limited Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Electricity Networks
\n
Company (North East) Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Electricity Networks
\n
Company (Yorkshire) Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Electricity Networks
\n
Company Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Electrics Limited Dormant
\n
England and Wales
\n
100% 100%
\n
\n\n
\n\n\n
\n14 Investments (continued)
\n\n
Name of subsidiary Principal activity
\n
Registered office and country
\n
of incorporation
\n
Proportion of
\n
ownership interest
\n
and voting rights
\n
held
\n
2025 2024
\n
Northern Energy Funding
\n
Company Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Powergrid Metering
\n
Limited
\n
Meter asset provider
\n
England and Wales
\n
100% 100%
\n
Northern Powergrid (Northeast)
\n
plc
\n
Distribution of
\n
electricity
\n
England and Wales
\n
100% 100%
\n
Northern Powergrid (North West)
\n
Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Power Networks
\n
Company (North East) Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Power Networks
\n
Company (Yorkshire) Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Power Networks
\n
Company Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Transport Finance
\n
Limited
\n
Car finance company
\n
England and Wales
\n
100% 100%
\n
Northern Utility Services Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (Central) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (East) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (Eastern) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (Midlands) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (North East) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (North Eastern)
\n
Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (North West) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (North Western)
\n
Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (North) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (Northern) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (South East) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (South Eastern)
\n
Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (South West) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (South Western)
\n
Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
\n\n
\n\n\n
\n14 Investments (continued)
\n\n
Name of subsidiary Principal activity
\n
Registered office and country
\n
of incorporation
\n
Proportion of
\n
ownership interest
\n
and voting rights
\n
held
\n
2025 2024
\n
PowerGrid (South) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (Southern) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (West) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (Western) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
PowerGrid (Yorkshire) Limited Dormant
\n
England and Wales
\n
100% 100%
\n
South East PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
South Eastern PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
South PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
South West PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
South Western Powergrid Dormant
\n
England and Wales
\n
100% 100%
\n
Southern PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
West PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
Western PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
YEDL Limited Dormant
\n
England and Wales
\n
100% 100%
\n
Yorkshire Electricity Distribution
\n
Limited
\n
Dormant
\n
England and Wales
\n
100% 100%
\n
Yorkshire PowerGrid Limited Dormant
\n
England and Wales
\n
100% 100%
\n
Northern Electric Finance plc** Finance company
\n
England and Wales
\n
100% 100%
\n
*These companies have taken advantage of s479A Companies Act exemption from audit.
\n
**These companies are indirectly owned subsidiaries, with the rest of the above being directly owned.
\n
All dormant companies have taken advantage of s480 (dormant entities) exemption from audit.
\n
The class of shares related to the above companies are ordinary shares.
\n
Unless otherwise stated the registered office of the above companies is: Lloyds Court, 78 Grey Street, Newcastle upon
\n
Tyne, Tyne and Wear, NE1 6AF.
\n
\n\n
\n\n\n14 Investments (continued)
\nGroup joint ventures
\nDetails of the Group joint ventures as at 31 December 2025 are as follows:
\nName of Joint-ventures Principal activity Registered office
\nProportion of
\nownership interest and
\nvoting rights held by
\nthe Group
\n2025 2024
\nVehicle Lease and Service
\nLimited
\nTransport services Centre for Advanced Industry,
\n3rd Floor, Coble Dene, North
\nShields, NE29 6DE
\nEngland and Wales
\n50% 50%
\nVLS Limited Dormant Centre for Advanced Industry,
\n3rd Floor, Coble Dene, North
\nShields, NE29 6DE
\nEngland and Wales
\n50% 50%
\nThe class of shares related to the joint ventures above are ordinary shares.
\nSummarised financial information in respect of the Group's joint venture is set out below:
\nJoint ventures and associates are not strategic to the Group\u2019s activities.
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nCurrent assets
\n33,996 31,231
\nNon-current assets
\n10,604 9,497
\nCurrent liabilities
\n(15,706) (14,690)
\nNon-current liabilities
\n(22,060) (19,506)
\nNet assets
\n6,834 6,532
\nGroup's share of net assets
\n3,417 3,268
\nRevenue
\n21,208 20,453
\nProfit for the year
\n1,791 1,478
\nGroups share of profit for the year
\n896 739
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag21": {
"value": "\n
\n\n
\n
\n
14 Investments
\n
Investment in
\n
joint ventures
\n
\u00a3 000
\n
Share in other
\n
undertakings
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
At 1 January 2024
\n
3,612 21 3,633
\n
Profit from investments
\n
739 - 739
\n
Dividends paid by investments (1,083) - (1,083)
\n
At 31 December 2024
\n
3,268 21 3,289
\n
Profit from investments
\n
1,229 - 1,229
\n
Dividends paid by investments (1,083) - (1,083)
\n
At 31 December 2025
\n
3,414 21 3,435
\n
\n\n\n\n
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag22": {
"value": "\n
\n\n
14 Investments
\n
Investment in
\n
joint ventures
\n
\u00a3 000
\n
Share in other
\n
undertakings
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
At 1 January 2024
\n
3,612 21 3,633
\n
Profit from investments
\n
739 - 739
\n
Dividends paid by investments (1,083) - (1,083)
\n
At 31 December 2024
\n
3,268 21 3,289
\n
Profit from investments
\n
1,229 - 1,229
\n
Dividends paid by investments (1,083) - (1,083)
\n
At 31 December 2025
\n
3,414 21 3,435
\n
\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag23": {
"value": "\n14 Investments
\nInvestment in
\njoint ventures
\n\u00a3 000
\nShare in other
\nundertakings
\n\u00a3 000
\nTotal
\n\u00a3 000
\nAt 1 January 2024
\n3,612 21 3,633
\nProfit from investments
\n739 - 739
\nDividends paid by investments (1,083) - (1,083)
\nAt 31 December 2024
\n3,268 21 3,289
\nProfit from investments
\n1,229 - 1,229
\nDividends paid by investments (1,083) - (1,083)
\nAt 31 December 2025
\n3,414 21 3,435
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag26": {
"value": "\nGroup subsidiaries
\nDetails of the Group subsidiaries as at 31 December 2025 are as follows:
\n
\n\n\nName of subsidiary Principal activity
\nRegistered office and country
\nof incorporation
\nProportion of
\nownership interest
\nand voting rights
\nheld
\n2025 2024
\nCE Electric Services Limited Dormant
\nEngland and Wales
\n100% 100%
\nCentral PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nEast PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nEastern PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nInfrastructure North Limited Dormant
\nEngland and Wales
\n100% 100%
\nIntegrated Utility Services
\nLimited
\nEngineering contracting
\nEngland and Wales
\n100% 100%
\nIUS Limited Dormant
\nEngland and Wales
\n100% 100%
\nMidlands PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nNEDL Limited Dormant
\nEngland and Wales
\n100% 100%
\nNorth East PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nNorth Eastern PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nNorth PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nNorth West PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nNorth Western PowerGrid
\nLimited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Electric Distribution
\nLimited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Electric Properties
\nLimited (02522939)*
\nProperty holdings &
\nmanagement company
\nEngland and Wales
\n100% 100%
\nNorthern Electric Share Scheme
\nTrustee Limited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Electricity (North East)
\nLimited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Electricity (Yorkshire)
\nLimited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Electricity Limited Dormant
\nEngland and Wales
\n100% 100%
\nNorthern Electricity Networks
\nCompany (North East) Limited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Electricity Networks
\nCompany (Yorkshire) Limited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Electricity Networks
\nCompany Limited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Electrics Limited Dormant
\nEngland and Wales
\n100% 100%
\n
\n\n\nName of subsidiary Principal activity
\nRegistered office and country
\nof incorporation
\nProportion of
\nownership interest
\nand voting rights
\nheld
\n2025 2024
\nNorthern Energy Funding
\nCompany Limited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Powergrid Metering
\nLimited
\nMeter asset provider
\nEngland and Wales
\n100% 100%
\nNorthern Powergrid (Northeast)
\nplc
\nDistribution of
\nelectricity
\nEngland and Wales
\n100% 100%
\nNorthern Powergrid (North West)
\nLimited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Power Networks
\nCompany (North East) Limited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Power Networks
\nCompany (Yorkshire) Limited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Power Networks
\nCompany Limited
\nDormant
\nEngland and Wales
\n100% 100%
\nNorthern Transport Finance
\nLimited
\nCar finance company
\nEngland and Wales
\n100% 100%
\nNorthern Utility Services Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (Central) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (East) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (Eastern) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (Midlands) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (North East) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (North Eastern)
\nLimited
\nDormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (North West) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (North Western)
\nLimited
\nDormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (North) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (Northern) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (South East) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (South Eastern)
\nLimited
\nDormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (South West) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (South Western)
\nLimited
\nDormant
\nEngland and Wales
\n100% 100%
\n
\n\n\nName of subsidiary Principal activity
\nRegistered office and country
\nof incorporation
\nProportion of
\nownership interest
\nand voting rights
\nheld
\n2025 2024
\nPowerGrid (South) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (Southern) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (West) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (Western) Limited Dormant
\nEngland and Wales
\n100% 100%
\nPowerGrid (Yorkshire) Limited Dormant
\nEngland and Wales
\n100% 100%
\nSouth East PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nSouth Eastern PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nSouth PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nSouth West PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nSouth Western Powergrid Dormant
\nEngland and Wales
\n100% 100%
\nSouthern PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nWest PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nWestern PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nYEDL Limited Dormant
\nEngland and Wales
\n100% 100%
\nYorkshire Electricity Distribution
\nLimited
\nDormant
\nEngland and Wales
\n100% 100%
\nYorkshire PowerGrid Limited Dormant
\nEngland and Wales
\n100% 100%
\nNorthern Electric Finance plc** Finance company
\nEngland and Wales
\n100% 100%
\n*These companies have taken advantage of s479A Companies Act exemption from audit.
\n**These companies are indirectly owned subsidiaries, with the rest of the above being directly owned.
\nAll dormant companies have taken advantage of s480 (dormant entities) exemption from audit.
\nThe class of shares related to the above companies are ordinary shares.
\nUnless otherwise stated the registered office of the above companies is: Lloyds Court, 78 Grey Street, Newcastle upon
\nTyne, Tyne and Wear, NE1 6AF.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag28": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag35": {
"value": "\n15 Inventories
\nGroup Company
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nRaw materials and consumables
\n42,567 28,536 - -
\nVehicle inventory 1,226 852 - -
\n43,793 29,388 - -
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag36": {
"value": "\n
\n16 Trade and other receivables
\n\n
Group Company
\n
31 December
\n
2025
\n
\u00a3 000
\n
31 December
\n
2024
\n
\u00a3 000
\n
31 December
\n
2025
\n
\u00a3 000
\n
31 December
\n
2024
\n
\u00a3 000
\n
Distribution use of system receivables and
\n
accrued income*
\n
57,090 75,264 - -
\n
Trade receivable
\n
25,690 23,067 - 67
\n
Lease receivable
\n
- 3,934 - -
\n
Loss allowance (5,551) (5,458) - -
\n
Net trade receivables
\n
77,229 96,807 - 67
\n
Receivables from related parties
\n
236,384 68,769 172,958 70,998
\n
Social security and other taxes
\n
2,459 - 1,770 443
\n
Prepayments
\n
8,198 7,594 272 235
\n
Other receivables 15,215 5,084 3,088 -
\n
339,485 178,254 178,088 71,743
\n
Non-current lease receivables - 8,052 - -
\n
339,485 186,306 178,088 71,743
\n
\n\n
\n\n\n
\n16 Trade and other receivables (continued)
\n* All accrued income relates to distribution revenue.
\nThe average credit period on receivables is 30 days. No interest is charged on outstanding trade receivables.
\nWithin Distribution use of system receivables and accrued income above is \u00a332.3 million of distribution accrued income
\n(2024: \u00a343.7 million).
\nTrade receivables include work in progress, representing recoverable amounts due from third parties for damage to our
\nnetwork that have not yet been invoiced.
\nMore information on receivables from related parties can be found within Note 2 and Note 31.
\nThe Group always measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss.
\nThe expected credit losses on trade receivables are estimated using a provision matrix by reference to past default
\nexperience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to
\nthe debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current
\nas well as the forecast direction of conditions at the reporting date.
\nThere has been no change in the estimation techniques or significant assumptions made during the current reporting
\nperiod.
\nAs the Company\u2019s historical credit loss experience does shows significantly different loss patterns for different customer
\nsegments, the provision for loss allowance based on past due status is distinguished as follows:
\n\u2022 Distribution businesses: DUoS receivables, damages receivables, and other receivables;
\n\u2022 Metering: contracted meters, contracted churn, and non-contracted churn; and
\n\u2022 Engineering contracting: construction contracts receivables.
\n\n
31 December
\n
2025
\n
\u00a3 000
\n
31 December
\n
2024
\n
\u00a3 000
\n
At 1 January
\n
5,458 8,150
\n
Amounts utilised/written off in the year
\n
(604) (3,542)
\n
Amounts recognised in the income statement 697 850
\n
At 31 December
\n
5,551 5,458
\n
\n\n
The loss allowance is made on amount due net of VAT which would be recoverable from His Majesty's Revenue and
\nCustoms when the debt is written off.
\nSignificant increase in credit risk
\nIn assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the
\nCompany compares the risk of a default occurring on a financial instrument at the reporting date with the risk of a default
\noccurring on the financial instrument at the date of initial recognition. In making this assessment the Company considers
\nhistorical experience as well as forward-looking information that is available without undue cost or effort.
\nForward-looking information includes the future prospects of the industries in which the Company's debtors operate
\nobtained from economic expert reports, financial analysts, government bodies, relevant think-tanks and other similar
\norganisations. In particular the following information is taken into account when assessing whether credit risk has
\nincreased significantly since initial recognition:
\n
\n\n\n16 Trade and other receivables (continued)
\n\u2022 existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a
\nsignificant decrease in the debtor's ability to meet its debt obligations;
\n\u2022 an actual or expected significant deterioration in the operating results of the debtor;
\n\u2022 significant increases in credit risk on other financial instruments of the same debtor; and
\n\u2022 an actual or expected significant adverse change in the regulatory, economic, or technological environment of the
\ndebtor that results in a significant decrease in the debtor's ability to meet its debt obligations.
\nDistribution use of system receivables
\nThe customers served by the Group\u2019s distribution network are supplied predominantly by a number of electricity supply
\nbusinesses (circa 110) with the E.ON group accounting for approximately 15.5% of distribution revenues in 2025 (2024:
\n16.2%) and British Gas plc accounting for approximately 14.0% of distribution revenues in 2025 (2024: 13.5%). Ofgem
\nunder Code Governance arrangements, set out a framework known as Credit Cover within the Distribution Connection and
\nUse of System Agreement (DCUSA), which sets credit limits for each supply business based on its credit rating (taken
\nfrom a credit agency). If no score is available, then they can build up their credit limit through good payment history. In
\naddition, suppliers can provide other forms of collateral to cover their value at risk (measured as being equivalent to 45
\ndays usage) or if their credit rating alone is not sufficient to cover their value at risk. Acceptable collateral typically is
\nprovided in the form of a parent company guarantee, letter of credit, cash or an escrow account. Included within other
\npayables are customer cash deposits of which there was \u00a32.5m as at 31st December 2025 (2024: \u00a32.5m).
\nProvided the Group has implemented credit control, billing and collection processes in line with Ofgem\u2019s best practice
\nguidelines and can demonstrate compliance with the guidelines or is able to satisfactorily explain departure from the
\nguidelines, any bad debt losses arising from supplier default will be recovered through an increase in future years allowed
\nincome. Included in the Group's use of system (\u201cUoS\u201d) receivables are 0 debtors with a carrying value of \u00a3nil, which have
\nbeen placed into administration (2024: \u00a3nil).
\nOther distribution trade receivables
\nSales of goods and services comprise all income streams which are not classified as DUoS income. Examples of
\nnon-DUoS income streams would be service alterations/disconnections, assessment and design fees, and recovery of
\namounts for damage caused by third parties to the distribution system. The average credit period on sales of goods and
\nservices is 30 days. Interest is not generally charged on the trade receivables paid after the due date.
\nEngineering contracting receivables
\nThe average credit period on Engineering contracting receivables is 30 days. Interest is not generally charged on
\nreceivables paid after due date. Included in the Group\u2019s construction contracts balance are debtors with a carrying amount
\nof \u00a34.7 million (2024: \u00a32.8 million), which are past due at the reporting date for which the Group has provided for an
\nirrecoverable amount of \u00a30.6 million (2024: \u00a30.8 million) based on past experience. The Group does not hold any
\ncollateral over these balances. The average age of these receivables is 74 days (2024: 60 days).
\nIncluded in the Group's construction contracts balance are debtors with a carrying amount of \u00a3nil (2024: \u00a3nil) which are
\npast due at the reporting date for which the Group has not provided as there has not been a significant change in credit
\nquality and the amounts are still considered recoverable. The Group does not hold any collateral over these balances.
\nLease receivables
\nMeter asset provision
\nIncluded in lease receivables are balances relating to the provision of meters through Northern Powergrid Metering
\nLimited with a carrying amount of \u00a315.5 million (2024: \u00a318.3 million). The average credit period on these receivables is
\n30 days. Interest is not generally charged on receivables paid after the due date.
\nThe Group writes off a lease receivable when there is information indicating that the debtor is in severe financial difficulty
\nand there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into
\nbankruptcy proceedings, or when the debtor is over 1 year past due. None of the trade receivables that have been written
\noff are subject to enforcement activities.
\nFor receivables where there is no specific provisions, a provision is made for debts past their due date based on lifetime
\nexpected credit loss determined by reference to past default experience.
\n
\n\n\n16 Trade and other receivables (continued)
\nOperating lease receivables
\nOperating leases relate to the metering assets owned by the Group with lease terms of 10-15 years, these are disclosed in
\nNote 11. The lessee does not have an option to purchase the meters at the expiry of the lease period.
\nThe total future value of minimum lease payments is as follows:
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nWithin one year
\n74,688 84,045
\nIn two to five years
\n155,935 198,959
\nOver five years 167,743 186,288
\n398,366 469,292
\nThe Group's exposure to credit and market risks, including maturity analysis, relating to trade and other receivables is
\ndisclosed in Note 29 \"Financial risk review\".
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag37": {
"value": "\nGroup Company
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nDistribution use of system receivables and
\naccrued income*
\n57,090 75,264 - -
\nTrade receivable
\n25,690 23,067 - 67
\nLease receivable
\n- 3,934 - -
\nLoss allowance (5,551) (5,458) - -
\nNet trade receivables
\n77,229 96,807 - 67
\nReceivables from related parties
\n236,384 68,769 172,958 70,998
\nSocial security and other taxes
\n2,459 - 1,770 443
\nPrepayments
\n8,198 7,594 272 235
\nOther receivables 15,215 5,084 3,088 -
\n339,485 178,254 178,088 71,743
\nNon-current lease receivables - 8,052 - -
\n339,485 186,306 178,088 71,743
\n
\n\n\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nAt 1 January
\n5,458 8,150
\nAmounts utilised/written off in the year
\n(604) (3,542)
\nAmounts recognised in the income statement 697 850
\nAt 31 December
\n5,551 5,458
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag42": {
"value": "\n17 Cash and cash equivalents
\nGroup Company
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nCash at bank
\n509 2,240 - -
\nOther cash and cash equivalents 21,150 11,200 - -
\n21,659 13,440 - -
\nIncluded in other cash and cash equivalents is the money market funds.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag43": {
"value": "\n
\n
\n\n
18 Share capital
\n
Allotted, issued, and fully paid:
\n
The Company has one class of ordinary shares which carries no right to fixed income. Details of cumulative non-equity
\n
preference shares are contained in the borrowings Note 20.
\n
Share value No. of shares
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
Ordinary shares 56 12/13p 127,689,809
\n
72,173 72,173
\n
\n\n
\n
19 Reserves
\n
Group
\n
The changes to each component of equity resulting from items of other comprehensive income for the current year were as
\n
follows:
\n
Cash flow
\n
hedging
\n
reserve
\n
\u00a3 000
\n
Retained
\n
earnings
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
Loss on cash flow hedge (net)
\n
(3,692) - (3,692)
\n
Remeasurements of post employment benefit obligations (net) - (36,775) (36,775)
\n
(3,692) (36,775) (40,467)
\n
There had been no movement on share premium and capital redemption reserve.
\n
Prior period
\n
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as
\n
follows:
\n
Cash flow
\n
hedging
\n
reserve
\n
\u00a3 000
\n
Retained
\n
earnings
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
Loss on cash flow hedge (net)
\n
(1,027) - (1,027)
\n
Remeasurements of post employment benefit obligations - (11,825) (11,825)
\n
(1,027) (11,825) (12,852)
\n
\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag44": {
"value": "\n18 Share capital
\nAllotted, issued, and fully paid:
\nThe Company has one class of ordinary shares which carries no right to fixed income. Details of cumulative non-equity
\npreference shares are contained in the borrowings Note 20.
\nShare value No. of shares
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nOrdinary shares 56 12/13p 127,689,809
\n72,173 72,173
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag45": {
"value": "\n19 Reserves
\nGroup
\nThe changes to each component of equity resulting from items of other comprehensive income for the current year were as
\nfollows:
\nCash flow
\nhedging
\nreserve
\n\u00a3 000
\nRetained
\nearnings
\n\u00a3 000
\nTotal
\n\u00a3 000
\nLoss on cash flow hedge (net)
\n(3,692) - (3,692)
\nRemeasurements of post employment benefit obligations (net) - (36,775) (36,775)
\n(3,692) (36,775) (40,467)
\nThere had been no movement on share premium and capital redemption reserve.
\nPrior period
\nThe changes to each component of equity resulting from items of other comprehensive income for the prior year were as
\nfollows:
\nCash flow
\nhedging
\nreserve
\n\u00a3 000
\nRetained
\nearnings
\n\u00a3 000
\nTotal
\n\u00a3 000
\nLoss on cash flow hedge (net)
\n(1,027) - (1,027)
\nRemeasurements of post employment benefit obligations - (11,825) (11,825)
\n(1,027) (11,825) (12,852)
\n
\n\n\n34 Other reserves
\nAt the Company's Annual General Meeting in August 1994, the shareholders gave approval to on-market purchases of up
\nto 10% of its shares and this was given effect on 21 September 1994 when 12,370,400 shares were purchased. This
\ntransaction resulted in the creation of a capital redemption reserve of \u00a36.2 million. Under section 831(4) of the Companies
\nAct 2006 this reserve is treated as an un-distributable reserve.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag46": {
"value": "\n20 Loans and borrowings
\nGroup Company
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nNon-current loans and borrowings
\n1,307,187 1,119,735 1,117 1,117
\nCurrent loans and borrowings
\n178,556 134,746 8,731 7,005
\n1,485,743 1,254,481 9,848 8,122
\n
\n\n\n
\n20 Loans and borrowings (continued)
\n\n
Group
\n
Carrying value Fair value
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
2025
\n
\u00a3 000
\n
2024
\n
\u00a3 000
\n
Short-term loans
\n
93,682 79,260 93,682 79,260
\n
Amortising loan 2026 - 2.3012%*
\n
61,283 94,920 61,835 96,117
\n
Bond 2035 - 5.125%
\n
153,748 153,647 153,483 150,467
\n
Bond 2049- 2.75%
\n
150,291 150,225 92,428 92,098
\n
Bond 2052 - 3.25%
\n
355,176 355,096 236,728 233,823
\n
Bond 2062 - 1.875%
\n
297,933 297,837 126,181 132,772
\n
European Investment Bank 2027 - 2.564%
\n
120,128 120,128 116,147 111,524
\n
Northern Powergrid (Northeast) plc 2037
\n
5.375% Bond
\n
250,134 - 249,573 -
\n
Cumulative preference shares 3,368 3,368 150,203 140,153
\n
1,485,743 1,254,481 1,280,260 1,036,214
\n
\n\n
The group's exposure to market and liquidity risks, including maturity analysis, relating to loans and borrowings is
\ndisclosed in Note 29 \"Financial risk review\".
\nIncluded within short-term loans is a \u00a375m capital expenditure facility which is 80% swapped at a fixed rate of 2.6005%,
\nwith the remaining 20% floating at SONIA plus 1.75%
\n*2026 \u00a3218m Amortising Loan is 80% swapped at a fixed rate of 2.4455%, with the remaining 20% floating at SONIA
\nplus 1.75%.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag48": {
"value": "\nGroup
\nCarrying value Fair value
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nShort-term loans
\n93,682 79,260 93,682 79,260
\nAmortising loan 2026 - 2.3012%*
\n61,283 94,920 61,835 96,117
\nBond 2035 - 5.125%
\n153,748 153,647 153,483 150,467
\nBond 2049- 2.75%
\n150,291 150,225 92,428 92,098
\nBond 2052 - 3.25%
\n355,176 355,096 236,728 233,823
\nBond 2062 - 1.875%
\n297,933 297,837 126,181 132,772
\nEuropean Investment Bank 2027 - 2.564%
\n120,128 120,128 116,147 111,524
\nNorthern Powergrid (Northeast) plc 2037
\n5.375% Bond
\n250,134 - 249,573 -
\nCumulative preference shares 3,368 3,368 150,203 140,153
\n1,485,743 1,254,481 1,280,260 1,036,214
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag50": {
"value": "\n22 Provisions
\nGroup
\nLegal
\nproceedings
\n\u00a3 000
\nOther
\n\u00a3 000
\nTotal
\n\u00a3 000
\nAt 1 January 2025
\n993 2,391 3,384
\nAdditional provisions
\n2,932 981 3,913
\nProvisions used (1,911) (2,003) (3,914)
\nAt 31 December 2025
\n2,014 1,369 3,383
\nNon-current liabilities
\n- 540 540
\nCurrent liabilities
\n2,014 829 2,843
\nLegal proceedings: Provision has been made to cover costs arising from utility damages, public liability, fines and
\nmotoring third party claims. Settlement is expected substantially within 12 months.
\nThe provisions are not discounted on the grounds of materiality. The impact of discounting is immaterial to the financial
\nstatements, as the effect on the present value of the provision is not significant enough to influence the economic decisions
\nof users of the financial statements. Therefore, the provisions are presented at their nominal value.
\nOther: Primarily consists of a provision for future safe disposal of transformers which contain oil contaminated with
\nPolychlorinated Biphenyls (PCBs), and for an amount to cover claims made under Section 74 of the New Road and Street
\nWorks Act 1991.
\nAlso included within 'other' are pension provisions which relate to the Group's share of expected settlements of liabilities
\nrelating to pension deficit repair of Electricity Association Technology Limited (\"EATL\") and are expected to be settled
\nover a period of approximately one year. As at 31 December 2025 the provision relating to EATL is \u00a30.2 million (2024:
\n\u00a30.2 million).
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag51": {
"value": "\n23 Trade and other payables
\nGroup Company
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nCurrent liabilities
\nPayments on account
\n69,668 71,329 - -
\nTrade payables
\n28,142 16,231 440 1,795
\nAccrued expenses
\n54,154 38,721 3,759 2,909
\nAmounts due to related parties
\n- 30,200 - 30,200
\nSocial security and other taxes
\n- 12,925 106 116
\nOther payables 22,430 19,203 1,238 834
\n174,394 188,609 5,543 35,854
\nNon-current liabilities
\nPayments on account 4,368 6,549 - -
\nNon-current liabilities
\n4,368 6,549 - -
\n
\n\n\n23 Trade and other payables (continued)
\nPayments on Account are primarily advanced customer contributions for which no associated distribution asset has been
\nconstructed or yet to be completed.
\nThe Group's exposure to market and liquidity risks, including maturity analysis, related to trade and other payables is
\ndisclosed in the financial risk review Note 28.
\nIncluded within the Payment on Account line is innovation funding received from the National Energy System Operator
\n(NESO) for the Community DSO project of \u00a310.1 million (2024: \u00a310.5 million). The funding will be released over a
\nperiod of time until 2028. This funding was successfully bid for and is aimed at supporting the development and
\nimplementation of a decentralised system operator model within the community. The performance obligations associated
\nwith this funding include the establishment of infrastructure, engagement with local stakeholders and reporting on project
\nprogress and outcomes across the industry. Based on the latest project schedule, \u00a33.9 million has been classified as current
\nand \u00a36.6 million as non-current as at the reporting date. For the comparative year, the total amount was incorrectly
\nincluded in current other payables. As the Directors do not consider the effect on the prior period financial statements to be
\nmaterial, this has not been adjusted. The related income recognised in the current year was \u00a31.5 million (2024: \u00a31.5
\nmillion).
\nThe directors consider that the carrying amount of other financial liabilities approximates their fair value, calculated by
\ndiscounting future cash flows at market rate at the statement of financial position date. The valuation is based on Level 1
\ninputs. Trade creditors and accruals principally comprise amounts outstanding for trade purchases and on-going costs.
\nInvoices are paid at the end of the month following the date of the invoice. The Group has financial risk management
\npolicies in place to ensure that all payables are paid within the credit timeframe. The standard payment term for trade
\npayables is net monthly.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag53": {
"value": "\n24 Contract Liabilities (Deferred Revenue)
\nGroup
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nOpening balance
\n725,576 702,953
\nAdditions
\n45,257 54,105
\nAmortisation (32,806) (31,482)
\nClosing balance
\n738,027 725,576
\n31 December
\n2025
\n\u00a3 000
\n31 December
\n2024
\n\u00a3 000
\nCurrent
\n34,115 32,181
\nNon-current 703,912 693,395
\n738,027 725,576
\nContract liabilities are deferred customer contributions payments for distribution system assets where work has
\ncommenced or is completed. The Group's policy is to credit the customer contribution to revenue on a straight-line basis,
\nin line with the useful life of the associated distribution system asset.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag291": {
"value": "\n26 Dividends
\n31 December
\n2025
\n31 December
\n2024
\n\u00a3 000 \u00a3 000
\nDividend of \u00a30.33 (2024 - \u00a32.17) per ordinary share
\n35,170 277,400
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag314": {
"value": "0.33",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"Tag315": {
"value": "2.17",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"Tag292": {
"value": "\n27 Net debt reconciliation
\nGroup
\nAt 1 January
\n2025
\n\u00a3 000
\nNet cash flows
\n\u00a3 000
\nOther changes
\n\u00a3 000
\nAt 31
\nDecember
\n2025
\n\u00a3 000
\nCash and cash equivalents
\n13,440 8,219 - 21,659
\nLease liabilities
\n(12,574) (570) - (13,144)
\nBorrowings
\n(1,254,498) (231,245) - (1,485,743)
\n(1,253,632) (223,596) - (1,477,228)
\nAt 1 January
\n2024
\n\u00a3 000
\nNet cash flows
\n\u00a3 000
\nOther changes
\n\u00a3 000
\nAt 31
\nDecember
\n2024
\n\u00a3 000
\nCash and cash equivalents
\n14,760 (1,320) - 13,440
\nLease liabilities
\n(11,626) 3,430 (4,378) (12,574)
\nBorrowings (1,288,352) 35,242 (1,388) (1,254,498)
\n(1,285,218) 37,352 (5,766) (1,253,632)
\nOther changes include accrued interest movement and amortisation of borrowings.
\nInterest and preference dividends paid of \u00a346.6 million (2024: \u00a348.2 million) as shown in the Statement of Cash Flows is
\nnot shown in the reconciliation above as it is approximately equal to the interest expense.
\n
\n\n\n\n\n\n32 Non-cash investing and financing activities
\nThe following items were settled by other entities within the Northern Powergrid Group through the intercompany current
\naccount mechanism.
\n2025
\n\u00a3 000
\n2024
\n\u00a3 000
\nGROUP
\nNon-cash investing activities
\nInterest received 9,784 18,107
\nNon-cash financing activities
\nInterest paid
\n(7,247) (4,289)
\nDividends paid (35,170) (277,400)
\nTotal non-cash financing activities
\n(32,633) (263,582)
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag293": {
"value": "\n28 Classification of financial assets and financial liabilities
\nGroup
\nThe classification of financial assets and financial liabilities by accounting categorisation for the year ended 31 December
\n2025 was as follows:
\nFinancial
\nassets at
\namortised cost
\n\u00a3 000
\nFinancial
\nassets at fair
\nvalue - hedging
\ninstruments
\n\u00a3 000
\nFinancial
\nliabilities at
\namortised cost
\n\u00a3 000
\nCurrent assets
\nTrade and other receivables
\n328,698 - -
\nCash and cash equivalents
\n21,659 - -
\nOther current financial assets (Note 29) - 8,400 -
\n350,357 8,400 -
\nNon-current liabilities
\nLong term lease liabilities
\n- - (10,915)
\nLoans and borrowings - - (1,307,187)
\n- - (1,318,102)
\nCurrent liabilities
\nCurrent portion of long term lease liabilities
\n- - (2,970)
\nTrade and other payables
\n- - (174,394)
\nLoans and borrowings - - (178,556)
\n- - (355,920)
\nTotal financial liabilities
\n- - (1,674,022)
\n
\n\n\n\n\n\n28 Classification of financial assets and financial liabilities (continued)
\nThe classification of financial assets and financial liabilities by accounting categorisation for the period ending 31
\nDecember 2024 was as follows:
\nFinancial
\nassets at
\namortised cost
\n\u00a3 000
\nFinancial
\nassets at fair
\nvalue - hedging
\ninstruments
\n\u00a3 000
\nFinancial
\nliabilities at
\namortised cost
\n\u00a3 000
\nAssets
\nNon-current assets
\nTrade and other receivables
\n8,052 - -
\nOther non-current financial assets (Note 29) - 8,827 -
\n8,052 8,827 -
\nCurrent assets
\nTrade and other receivables
\n170,530 - -
\nCash and cash equivalents
\n13,440 - -
\nOther current financial assets (Note 29) - 4,496 -
\n183,970 4,496 -
\nTotal financial assets
\n192,022 13,323 -
\nLiabilities
\nNon-current liabilities
\nLong term lease liabilities
\n- - (9,632)
\nLoans and borrowings - - (1,119,735)
\n- - (1,129,367)
\nCurrent liabilities
\nCurrent portion of long term lease liabilities
\n- - (2,942)
\nTrade and other payables
\n- - (175,684)
\nLoans and borrowings - - (134,763)
\n- - (313,389)
\nTotal financial liabilities
\n- - (1,442,756)
\nFair values are derived from level 1 inputs.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag295": {
"value": "\n
\n
\n29 Financial risk review
\n\n
Capital management
\n
The Group manages its capital centrally to ensure that entities in the Group will be able to continue as going concerns
\n
while maximising the return to stakeholders through the optimisation of the debt and equity balance. The Group\u2019s overall
\n
strategy remains unchanged from 2020.
\n
The capital structure of the Group consists of net debt (borrowings as detailed in Note 20 offset by equity of the Company
\n
(comprising issued capital, reserves and retained earnings as detailed in Notes 18 and 19).
\n
At 31 December 2025, 99% of the Group's long-term borrowings were at fixed rates (2024: 98%) and the average maturity
\n
for these borrowings was 20 years (2024: 23 years).
\n
During the year all obligations under the various debt covenants have been complied with.
\n
\n\n\n\n\n
\n
Credit risk
\n
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
\n
Group. The Group has adopted a policy of only dealing with creditworthy counterparties. The Group's exposure and the
\n
credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread
\n
amongst approved counterparties. The carrying amount of financial assets recorded in the financial statements, which is
\n
net of impairment losses, represents the Group's maximum exposure to credit risk as no collateral or other credit
\n
enhancements are held.
\n
The Group's income is primarily generated from use of system revenue from electricity suppliers; suppliers are credit
\n
checked by independent ratings agencies. Impaired income from DUoS will be recovered in future periods through system
\n
charges and is therefore of no material risk to the Group. The Group's credit risk exposure is shown below:
\n
Group
\n
2025 Notes
\n
Gross carrying
\n
amount
\n
\u00a3 000
\n
Loss allowance
\n
\u00a3 000
\n
Net carrying
\n
amount
\n
\u00a3 000
\n
Trade and other receivables
\n
16 334,379 (5,551) 328,828
\n
Cash and short-term deposits
\n
17 21,659 - 21,659
\n
Contract assets
\n
16 6,005 - 6,005
\n
Other current financial assets
\n
8,400 - 8,400
\n
370,443 (5,551) 364,892
\n
2024 Notes
\n
Gross carrying
\n
amount
\n
\u00a3 000
\n
Loss allowance
\n
\u00a3 000
\n
Net carrying
\n
amount
\n
\u00a3 000
\n
Trade and other receivables
\n
16 184,171 (5,459) 178,712
\n
Cash and short-term deposits
\n
17 13,440 - 13,440
\n
Contract assets
\n
16 10,286 - 10,286
\n
Other non-current financial assets
\n
8,827 - 8,827
\n
Other current financial assets 4,496 - 4,496
\n
16
\n
221,220 (5,459) 215,761
\n
For trade receivables the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime
\n
ECL. The Group determines the expected credit losses on these items by using a provision matrix, estimated based on
\n
historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current
\n
conditions and estimates of future economic conditions. Accordingly, the credit risk profile of these assets is presented
\n
based on their past due status in terms of the provision matrix. The expected credit loss (ECL) has been assessed as
\n
immaterial for related parties and contract assets.
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
29 Financial risk review (continued)
\n
The carrying amount of the Group\u2019s financial assets at FVTPL as disclosed in Note 28 best represents their respective
\n
maximum exposure to credit risk. The Group holds no collateral over any of these balances.
\n
Amounts due from Group undertakings are regarded as low credit risk as the Group has a strong capacity to meet its
\n
contractual cash flow obligations and maintains an investment grade credit rating.
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n
\n
\n29 Financial risk review (continued)
\n\n
Liquidity risk
\n
Ultimate responsibility of liquidity risk management rests with the board of directors, which has established an appropriate
\n
liquidity risk management framework for the management of the Group's short, medium, and long-term funding and
\n
liquidity management requirements. The Group manages liquidity by maintaining adequate reserves, banking facilities and
\n
reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity
\n
profiles of financial assets and liabilities.
\n
The Group has access to a \u00a3100 million revolving credit facility provided by Barclays Bank plc, Lloyds Bank plc, HSBC
\n
UK Bank plc and Royal Bank of Canada. The facility was renewed in December 2025 for a period of three years, expiring
\n
December 2028, with two 1-year extension options. In addition, the facility includes up to 2 accordion options to request
\n
an increase in the facility by a maximum of \u00a350m. The Group also has access to further short-term borrowing facilities
\n
provided by YEG and to a \u00a322 million overdraft facility provided by Lloyds Bank plc, which is reviewed annually, these
\n
borrowings are repayable on demand.
\n
Maturity analysis for financial liabilities
\n
The following table sets out the remaining undiscounted contractual cash flows of financial liabilities by type.
\n
Group
\n
2025
\n
Less than 3
\n
months
\n
\u00a3 000
\n
3 months -
\n
1 year
\n
\u00a3 000
\n
1-5 years
\n
\u00a3 000
\n
More than
\n
5 years
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
Non-interest bearing
\n
120,289 - 4,368 - 124,657
\n
Short-term interest bearing
\n
6,618 75,694 - - 82,312
\n
Long-term interest bearing - 108,952 292,077 1,841,125 2,242,154
\n
126,907 184,646 296,445 1,841,125 2,449,123
\n
2024
\n
Less than 3
\n
months
\n
\u00a3 000
\n
3 months -
\n
1 year
\n
\u00a3 000
\n
1-5 years
\n
\u00a3 000
\n
More than
\n
5 years
\n
\u00a3 000
\n
Total
\n
\u00a3 000
\n
Non-interest bearing
\n
104,355 - - - 104,355
\n
Short-term interest bearing
\n
4,220 75,632 - - 79,852
\n
Long-term interest bearing - 78,436 341,159 1,752,019 2,171,614
\n
108,575 154,068 341,159 1,752,019 2,355,821
\n
\n\n\n\n\n
\n
Market risk
\n
Market risk is the risk of loss arising from movements in market variables such as interest rates, exchange rates and
\n
commodity prices. Risks are mitigated by utilising appropriate risk management products.
\n
The Group's policy on interest rate risk is designed to limit the Group's exposure to floating interest rates. Consistent with
\n
this policy, at 31 December 2025 the Group had 99% (2024: 98%) of long term debt at fixed rates. Short-term loans under
\n
the multicurrency revolving credit facility are charged at a floating rate of interest at SONIA plus 0.20%. In aggregate,
\n
circa 23% of the amortising long-term loan and the capital expenditure facility loans are at a floating rate of interest at
\n
SONIA plus 1.75% and 1.90% respectively, thus exposing the Group to cash flow interest rate risk. A 1% movement in
\n
interest rates would subject the Group to an approximate change in interest costs of \u00a30.4 million per year. This is
\n
considered an acceptable level of risk. All other loans are at fixed interest rates and expose the Group to fair value interest
\n
rate risk.
\n
The interest rate swaps are settled on a quarterly basis and are based on receiving a floating rate of interest based on
\n
SONIA and paying a fixed rate of 0.8955% on the amortising long-term loans and 0.8505% on the capital expenditure
\n
facility loans. The Group settles the difference between the fixed and floating interest rate on a net basis.
\n
\n\n\n\n\n
\n
\n
Financial risk
\n
\n
The Group is not subject to significant risk relating to foreign exchange.
\n
\n\n\n\n\n
\n
\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
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"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag296": {
"value": "\nCapital management
\nThe Group manages its capital centrally to ensure that entities in the Group will be able to continue as going concerns
\nwhile maximising the return to stakeholders through the optimisation of the debt and equity balance. The Group\u2019s overall
\nstrategy remains unchanged from 2020.
\nThe capital structure of the Group consists of net debt (borrowings as detailed in Note 20 offset by equity of the Company
\n(comprising issued capital, reserves and retained earnings as detailed in Notes 18 and 19).
\nAt 31 December 2025, 99% of the Group's long-term borrowings were at fixed rates (2024: 98%) and the average maturity
\nfor these borrowings was 20 years (2024: 23 years).
\nDuring the year all obligations under the various debt covenants have been complied with.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag297": {
"value": "\nCredit risk
\nCredit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
\nGroup. The Group has adopted a policy of only dealing with creditworthy counterparties. The Group's exposure and the
\ncredit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread
\namongst approved counterparties. The carrying amount of financial assets recorded in the financial statements, which is
\nnet of impairment losses, represents the Group's maximum exposure to credit risk as no collateral or other credit
\nenhancements are held.
\nThe Group's income is primarily generated from use of system revenue from electricity suppliers; suppliers are credit
\nchecked by independent ratings agencies. Impaired income from DUoS will be recovered in future periods through system
\ncharges and is therefore of no material risk to the Group. The Group's credit risk exposure is shown below:
\nGroup
\n2025 Notes
\nGross carrying
\namount
\n\u00a3 000
\nLoss allowance
\n\u00a3 000
\nNet carrying
\namount
\n\u00a3 000
\nTrade and other receivables
\n16 334,379 (5,551) 328,828
\nCash and short-term deposits
\n17 21,659 - 21,659
\nContract assets
\n16 6,005 - 6,005
\nOther current financial assets
\n8,400 - 8,400
\n370,443 (5,551) 364,892
\n2024 Notes
\nGross carrying
\namount
\n\u00a3 000
\nLoss allowance
\n\u00a3 000
\nNet carrying
\namount
\n\u00a3 000
\nTrade and other receivables
\n16 184,171 (5,459) 178,712
\nCash and short-term deposits
\n17 13,440 - 13,440
\nContract assets
\n16 10,286 - 10,286
\nOther non-current financial assets
\n8,827 - 8,827
\nOther current financial assets 4,496 - 4,496
\n16
\n221,220 (5,459) 215,761
\nFor trade receivables the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime
\nECL. The Group determines the expected credit losses on these items by using a provision matrix, estimated based on
\nhistorical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current
\nconditions and estimates of future economic conditions. Accordingly, the credit risk profile of these assets is presented
\nbased on their past due status in terms of the provision matrix. The expected credit loss (ECL) has been assessed as
\nimmaterial for related parties and contract assets.
\n
\n\n\n\n\n\n29 Financial risk review (continued)
\nThe carrying amount of the Group\u2019s financial assets at FVTPL as disclosed in Note 28 best represents their respective
\nmaximum exposure to credit risk. The Group holds no collateral over any of these balances.
\nAmounts due from Group undertakings are regarded as low credit risk as the Group has a strong capacity to meet its
\ncontractual cash flow obligations and maintains an investment grade credit rating.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag301": {
"value": "\nLiquidity risk
\nUltimate responsibility of liquidity risk management rests with the board of directors, which has established an appropriate
\nliquidity risk management framework for the management of the Group's short, medium, and long-term funding and
\nliquidity management requirements. The Group manages liquidity by maintaining adequate reserves, banking facilities and
\nreserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity
\nprofiles of financial assets and liabilities.
\nThe Group has access to a \u00a3100 million revolving credit facility provided by Barclays Bank plc, Lloyds Bank plc, HSBC
\nUK Bank plc and Royal Bank of Canada. The facility was renewed in December 2025 for a period of three years, expiring
\nDecember 2028, with two 1-year extension options. In addition, the facility includes up to 2 accordion options to request
\nan increase in the facility by a maximum of \u00a350m. The Group also has access to further short-term borrowing facilities
\nprovided by YEG and to a \u00a322 million overdraft facility provided by Lloyds Bank plc, which is reviewed annually, these
\nborrowings are repayable on demand.
\nMaturity analysis for financial liabilities
\nThe following table sets out the remaining undiscounted contractual cash flows of financial liabilities by type.
\nGroup
\n2025
\nLess than 3
\nmonths
\n\u00a3 000
\n3 months -
\n1 year
\n\u00a3 000
\n1-5 years
\n\u00a3 000
\nMore than
\n5 years
\n\u00a3 000
\nTotal
\n\u00a3 000
\nNon-interest bearing
\n120,289 - 4,368 - 124,657
\nShort-term interest bearing
\n6,618 75,694 - - 82,312
\nLong-term interest bearing - 108,952 292,077 1,841,125 2,242,154
\n126,907 184,646 296,445 1,841,125 2,449,123
\n2024
\nLess than 3
\nmonths
\n\u00a3 000
\n3 months -
\n1 year
\n\u00a3 000
\n1-5 years
\n\u00a3 000
\nMore than
\n5 years
\n\u00a3 000
\nTotal
\n\u00a3 000
\nNon-interest bearing
\n104,355 - - - 104,355
\nShort-term interest bearing
\n4,220 75,632 - - 79,852
\nLong-term interest bearing - 78,436 341,159 1,752,019 2,171,614
\n108,575 154,068 341,159 1,752,019 2,355,821
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag302": {
"value": "\nMarket risk
\nMarket risk is the risk of loss arising from movements in market variables such as interest rates, exchange rates and
\ncommodity prices. Risks are mitigated by utilising appropriate risk management products.
\nThe Group's policy on interest rate risk is designed to limit the Group's exposure to floating interest rates. Consistent with
\nthis policy, at 31 December 2025 the Group had 99% (2024: 98%) of long term debt at fixed rates. Short-term loans under
\nthe multicurrency revolving credit facility are charged at a floating rate of interest at SONIA plus 0.20%. In aggregate,
\ncirca 23% of the amortising long-term loan and the capital expenditure facility loans are at a floating rate of interest at
\nSONIA plus 1.75% and 1.90% respectively, thus exposing the Group to cash flow interest rate risk. A 1% movement in
\ninterest rates would subject the Group to an approximate change in interest costs of \u00a30.4 million per year. This is
\nconsidered an acceptable level of risk. All other loans are at fixed interest rates and expose the Group to fair value interest
\nrate risk.
\nThe interest rate swaps are settled on a quarterly basis and are based on receiving a floating rate of interest based on
\nSONIA and paying a fixed rate of 0.8955% on the amortising long-term loans and 0.8505% on the capital expenditure
\nfacility loans. The Group settles the difference between the fixed and floating interest rate on a net basis.
\n
\n\n\n\n\n\n
\nFinancial risk
\n\n
The Group is not subject to significant risk relating to foreign exchange.
\n
\n\n\n\n\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag304": {
"value": "\nThe Group is not subject to significant risk relating to foreign exchange.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag305": {
"value": "\n30 Derivatives held for risk management and hedge accounting
\nDerivatives held for risk management
\nDerivatives are financial instruments that derive their value from the price of an underlying item such as interest rates,
\nforeign exchange rates, credit spreads, commodities, equity or other indices. In accordance with Board approved policies,
\nderivatives are transacted to manage our exposure to fluctuations in interest rate. The Group uses derivatives to manage
\nthese risks from our financing portfolio to optimise the overall cost of accessing the debt capital markets.
\nThe following table provides a reconciliation by risk category of components of equity and analysis of other
\ncomprehensive income items (net of tax) resulting from hedge accounting. All derivative financial instruments relate to
\ncash flow hedges.
\n2025 2024
\nAssets
\n\u00a3 000
\nLiabilities
\n\u00a3 000
\nAssets
\n\u00a3 000
\nLiabilities
\n\u00a3 000
\nNon-current
\n- - 8,827 -
\nCurrent 8,400 - 4,496 -
\n8,400 - 13,323 -
\nThe maturity of financial instruments was as follows:
\n3 months to 1
\nyear
\n\u00a3 000
\n1 to 5 years
\n\u00a3 000
\nMore than 5
\nyears
\n\u00a3 000
\nTotal
\n\u00a3 000
\n2025
\nNotional principal
\n105,657 - - 105,657
\nCash flow hedge
\n8,400 - - 8,400
\n114,057 - - 114,057
\n2024
\nNotional principal
\n31,246 105,657 - 136,903
\nCash flow hedge
\n4,496 8,827 - 13,323
\n35,742 114,484 - 150,226
\nAll interest rate swap contracts exchanging floating rate interest amounts for fixed rate interest amounts are designated as
\ncash flow hedges to reduce the Group\u2019s cash flow exposure resulting from variable interest rate borrowings. The interest
\nrate swaps and interest payments on the underlying loan occur simultaneously and the amount accumulated in equity is
\nreclassified to profit or loss over the period that the floating rate interest payments on debt affect profit or loss.
\nThe interest rate swaps are settled on a quarterly basis and are based on receiving a floating rate of interest based on
\nSONIA and paying a fixed rate of 0.8955% on the amortising long-term loans and 0.8505% on the capital expenditure
\nfacility loans. The Group will settle the difference between the fixed and floating interest rate on a net basis.
\nEffectiveness testing
\nThe Group is using regression analysis to assess the effectiveness of the interest rate swap on a retrospective and
\nprospective basis throughout the term of the hedging relationship. The dollar offset method was also performed at
\ninception, showing zero ineffectiveness.
\nNature of the risk being hedged
\n
\n\n\n\n\n\n30 Derivatives held for risk management and hedge accounting (continued)
\nThe Group is hedging the risk of variability in cash flows indexed to SONIA. Further details of the Group's risk
\nmanagement is available in the strategic report, pages 19 to 24, and in financial risk review, Note 29.
\n
\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag307": {
"value": "\n
\n31 Related party transactions
\n\n
Directors' advances, credits and guarantees
\n
During the year, 1 directors (2024: 2) and 2 key personnel (2024: 2) utilised the services provided by Northern Transport
\n
Finance Limited. The amounts included in lease receivables owed by these directors and key personnel were \u00a360,305
\n
(2024: \u00a361,912).
\n
Remuneration of key management personnel
\n
Remuneration of key management personnel is disclosed in Note 7.
\n
\n\n\n\n\n
Group
\n2025
\nSales to
\n\u00a3 000
\nPurchases
\n(from)/to
\n\u00a3 000
\nAmounts
\nowed (to)/
\nfrom
\n\u00a3 000
\nFinance
\n(income)/
\ncost
\n\u00a3 000
\nBorrowings
\nto/(from)
\n\u00a3 000
\nDividends
\npaid
\n\u00a3000
\nIntegrated Utility Services
\n(Eire)
\n- (1,835) - - - -
\nCE Gas Limited
\n960 - - - - -
\nNorthern Powergrid Limited
\n- - 170,708 9,001 - 35,170
\nNorthern Powergrid
\n(Yorkshire) plc
\n40,703 (15,250) (452) (906) - -
\nVehicle Lease and Service
\nLimited
\n65 (6,298) - 965 - -
\nYorkshire Electricity Group
\n- (61) - (2,545) 65,852 -
\nBerkshire Hathaway Energy
\n- (5,456) - - - -
\nNorthern Powergrid
\nHoldings Company
\n482 - - - - -
\n42,210 (28,900) 170,256 6,515 65,852 35,170
\nAmounts owed to the Group by Northern Powergrid Limited include \u00a3170.5 million relating to a receivable arising from
\nunlawfully declared dividends. Further details are provided in the Directors\u2019 Report.
\n
\n\n\n\n\n\n31 Related party transactions (continued)
\n2024
\nSales to
\n\u00a3 000
\nPurchases
\nfrom
\n\u00a3 000
\nAmounts
\nowed
\nfrom/(to)
\n\u00a3 000
\nFinance
\n(income)/
\ncosts
\n\u00a3 000
\nBorrowings
\nto/(from)
\n\u00a3 000
\nDividends
\npaid/
\n(received)
\n\u00a3000
\nIntegrated Utility Services
\n(Eire)
\n1,806 (2,279) 152 - - -
\nCE Gas Limited
\n832 - - - - -
\nNorthern Powergrid Limited
\n- - - - - 277,400
\nNorthern Powergrid
\n(Yorkshire) plc
\n40,028 (13,376) (2,590) (809) - -
\nVehicle Lease and Service
\nLimited
\n61 (4,894) (560) 773 - (1,083)
\nYorkshire Electricity Group
\n- - (490) (13,825) 68,769 -
\nBerkshire Hathaway Energy
\n- - (30,200) - - -
\nNorthern Powergrid
\nHoldings 476 - - - - -
\n43,203 (20,549) (33,688) (13,861) 68,769 276,317
\nIntercompany balances with Yorkshire Electricity Group relate to intercompany current account transactions.
\n
\n\n\n\n\n",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag311": {
"value": "Northern Powergrid Limited",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"Tag312": {
"value": "Berkshire Hathaway Inc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800L7HZMXLTISFT69",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}