v3.26.1
Contract liabilities
12 Months Ended
Mar. 31, 2026
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.
2026
2025
£m
£m
Current
110
96
Non-current
2,699
2,418
2,809
2,514
Significant changes in the contract liabilities balances during the period are as follows:
2026
2025
£m
£m
As at 1 April
2,514
2,246
Exchange adjustments
(28)
(28)
Revenue recognised that was included in the contract liability balance at the
beginning of the period
(97)
(129)
Increases due to cash received, excluding amounts recognised as revenue
during the period
420
425
At 31 March
2,809
2,514