The Company has adopted the Berkshire Hathaway Energy code of business conduct, which details the commitment to ethics and compliance with the law, provides reporting mechanisms for known or suspected ethical or legal violations, and establishes minimum standards of behaviour expected of all employees. The following tables set out the remaining contractual maturities of the company's financial liabilities by type. Details of the income tax expense are provided in Note 11 to the financial statements. Stage 2: for financial instruments where there has been a significant increase in credit risk since initial recognition but they are not credit-impaired, the Company recognises an allowance for the lifetime ECL. The directors intend that the Company will continue to implement its well-justified business plan during the remainder of the ED1 price control and by delivering the strategic objectives linked to the Core Principles, the Company will continue to develop its business by efficiently investing in the network and improving the quality of supply and service provided to customers. Financial liabilities are classified into one of the following two categories:-
Amortisation is recognised on a straight-line basis over their estimated useful lives.. An intangible asset with an indefinite useful life is tested for impairment at least annually and whenever there is an indication that the asset may be impaired. Notes to the Financial Statements for the Year Ended 31 December 2018 (continued)
The classification of financial assets and financial liabilities by accounting categorisation for the period ending 31 December 2017 was as follows: Independent Auditor's Report to the Members of Northern Powergrid (Yorkshire) plc The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Network Revenue Manager Northern Powergrid. Effective for periods beginning or after 1 January 2020 Distinctions between operating leases and finance leases are removed for lessee accounting, and are replaced by a model where right-of-use asset and a corresponding liability have to be recognised for all leases by lessees except for short term leases and leases of low-value assets.
Included within the net book value of land and buildings above is GBP983,000 (2017 - GBP1,104,000) in respect of freehold land and buildings and GBP752,000 (2017 - GBP808,000) in respect of long leasehold land and buildings.
The Company has invested more time at the start of the quotations process (including offering customers the option of a site visit) to avoid delays later on, and remains confident it will achieve the 30% reduction by the end of the ED1 period.
The following have been applied for the first time from 1 January 2018 and have had an effect on the financial statements: The Company's immediate parent is Yorkshire Electricity Group. (f) Financial impact of initial application of IFRS 9 Statement of Financial Position as at 31 December 2018 Northern Powergrid Metering Limited is also a controller of a limited amount of personal data (including MPANs and Meter Point Registration Numbers for gas meters) in circumstances where it provides a smart or conventional meter to your energy supplier for installation in your property. There are no plans to change the existing business model. See (b) below. Opinion on other matter prescribed by the Companies Act 2006 The capital structure of the Company consists of net debt (borrowings as detailed in note 19 offset by equity of the Company (comprising issued capital, reserves and retained earnings as detailed in notes 17 and 18). Specifically, IFRS 9 requires that the changes in the fair value of the financial liability that is attributable to changes in the credit risk of that liability be presented in other comprehensive income, unless the recognition of the effects of changes in the liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Income constitutes recharges for use of management personnel and purchases are lease and servicing payments for fleet vehicles. The vehicle leases have terms between 2 and 7 years.
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