New Zealand Gazette – 1995 – No. 100

Page 3145

✨ Financial Statements



15 SEPTEMBER NEW ZEALAND GAZETTE 3145

CITIPOWER LIMITED
NOTES (continued)

(g) Operating lease payments, where the lessors effectively retain substantially all the risks and benefits of ownership of the leased items are charged as expenses in the period in which they are incurred. In the case of the lease of Nelson City Council's distribution system, the cost of improvements to leasehold distribution equipment is partially recoverable from the lessor as betterment, in accordance with the terms of the lease agreement. The balance is expensed in the statement of financial performance. The cost of improvements to leasehold property is capitalised (except costs to improve the distribution system which is charged to the Nelson City Council as betterment), disclosed as leasehold improvements and amortised over the unexpired period of the lease or the estimated useful life of the improvements whichever is shorter.

(h) Citipower Limited is party to financial instrument arrangements as part of its everyday operations, which have been recognised in these financial statements. There are no off-balance sheet exposures. These financial instruments include cash and bank, accounts receivable, short term investments and accounts payable and accruals. Revenues and expenses in relation to all financial instruments are recognised in the Statement of Financial Performance.

CHANGES IN ACCOUNTING POLICIES

There have been no changes in accounting policies. All policies have been applied on a basis consistent with those used in previous years.

3. SHARE CAPITAL

AUTHORISED, ISSUED AND PAID-UP CAPITAL
100 Ordinary Shares of $1.00 each

Shareholders

Capital Power Limited

Wellington City Council

4. ACCOUNTS PAYABLE AND ACCRUALS

Consumer Deposits
Trade Creditors
Nelson City Council Participation Fee Payable
Capital Power Limited Management Fee Payable

5. INTEREST

Interest on Loans

Line Business Energy Business Total
31-Mar-95 31-Mar-95 31-Mar-95
$('000) $('000) $('000)
0 100 100
0 99 99
0 1 1
$('000) $('000) $('000)
0 48 48
387 978 1,365
251 0 251
367 0 367
1,005 1,026 2,031

| 68 | 68 | 136 |



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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for the 12 months ended 31 March 1995 (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Citipower Limited, Electricity Supply, Nelson City Council