National Grid 2015 Annual Report Download - page 123
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16. Inventories and current intangible assets
Inventories represent assets that we intend to use in order to generate revenue in the short term, either by selling the asset itself
(forexample fuel stocks) or by using it to fulfil a service to a customer or to maintain our network (consumables).
Inventories are stated at the lower of weighted average cost and net realisable value.
Where applicable, cost comprises direct materials and direct labour costs as well as those overheads that have been incurred in bringing
the inventories to their present location and condition.
Emission allowances, principally relating to the emissions of carbon dioxide in the UK and sulphur and nitrous oxides in the US, are
recorded as intangible assets within current assets and are initially recorded at cost and subsequently at the lower of cost and net realisable
value. Where emission allowances are granted by relevant authorities, cost is deemed to be equal to the fair value at the date of allocation.
Receipts of such grants are treated as deferred income, which is recognised in the income statement as the related charges for emissions
are recognised or on impairment of the related intangible asset. A provision is recorded in respect of the obligation to deliver emission
allowances and emission charges are recognised in the income statement in the period in which emissions are made.
2015
£m
2014
£m
Fuel stocks 112 74
Raw materials and consumables 152 128
Work in progress 13 13
Current intangible assets – emission allowances 63 53
340 268
There is a provision for obsolescence of £28m against inventories as at 31 March 2015 (2014: £29m).
Financial Statements
NATIONAL GRID ANNUAL REPORT AND ACCOUNTS 2014/15 121