v3.24.1.1.u2
Contract liabilities
12 Months Ended
Mar. 31, 2024
Contract liabilities [abstract]  
Contract liabilities 23. Contract liabilities
Contract liabilities primarily relate to the advance consideration received from customers for construction contracts, mainly in relation to
connections, for which revenue is recognised over the life of the asset.
2024
2023
£m
£m
Current
127
252
Non-current
2,119
1,754
2,246
2,006
Significant changes in the contract liabilities balances during the period are as follows:
2024
2023
£m
£m
As at 1 April
2,006
1,472
Exchange adjustments
(27)
54
Revenue recognised that was included in the contract liability balance at the beginning of the period
(252)
(292)
Increases due to cash received, excluding amounts recognised as revenue during the period
519
772
At 31 March
2,246
2,006