New Zealand Gazette – 1995 – No. 100

Page 3154

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 100

NELSON ELECTRICITY LIMITED

STATEMENT OF ACCOUNTING POLICIES

ENTITY STATEMENT

The Nelson City Council corporatised its electrical distribution assets on 1 September 1993 in the name of Nelson Electricity Limited.

As at 1 December 1991 the Council leased the distribution assets to Citipower Limited (a fully owned subsidiary of Capital Power Limited) for a period of ten years. At the time of the formation of Nelson Electricity Limited the lease was transferred to the new company.

The balance date has been changed from 30 June to 31 March to align with the Electricity (Information Disclosures) Regulations.

ACCOUNTING POLICIES

  1. Authority

    These financial statements have been prepared in accordance with Regulation 6 of the Electricity (Information Disclosure) Regulations 1994.

  2. Measurement Base

    Reliance has been placed on the fact that Nelson Electricity Limited remains a going concern and that its funds will continue to be available to maintain operations. The measurement base adopted is historical cost.

  3. Matching of Expenses and Revenue

    Accrual accounting has been employed in matching expenses and related revenues.

  4. Line Business

    As the company is a line business with no energy trading activities, all the costs, revenues, assets and liabilities have been allocated to the line business.

  5. Depreciation

    Depreciation has been provided on all major assets, excluding land, on the following bases and at the following rates calculated.

    On the straight line basis:

    • Buildings ... 2% per annum
    • Distribution System ... 4% per annum

    On the diminishing value basis:

    • Motor Vehicle ... 20% per annum

  6. Financial Instruments

    The Company is party to financial instrument arrangements as part of its everyday operations. These financial instruments include cash and bank, accounts receivable, accounts payable, investments, and loans which have all been recognised in the financial statements.



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🏭 Certification of Financial Statements for Nelson Electricity Limited (continued from previous page)

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Financial Statements, Certification, Electricity, Nelson Electricity Limited