“the Act” means the Water Industry Act 1991;

“applicable turnover” means the turnover of a water enterprise in the preceding business year, or in a case to which regulation 3(4) applies, in the period referred to in that regulation, determined in accordance with the Schedule to these Regulations; and where a business year or a period under regulation 3(4) does not equal 12 months the applicable turnover shall be the amount which bears the same proportion to the applicable turnover during that business year as 12 months does to that period;

“appointed business” means the business of carrying out the activities which are necessary for a water enterprise to fulfil its functions as a relevant undertaker;

“business year” means a period of more than six months in respect of which a water enterprise or, if applicable, the business of which it forms part, prepares or is required to prepare its regulatory accounts;

“regulatory accounts” means regular accounting and other information supplied by the water enterprise to the F1Water Services Regulation Authority to enable F2it to compare the financial position and performance of the appointed businesses of all water enterprises.