✨ Financial Statements Notes




18 SEPTEMBER NEW ZEALAND GAZETTE 3251

HOROWHENUA ENERGY LIMITED (ELECTRICITY RETAIL BUSINESS) - Annual Report 1995

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1995 (continued)

SPECIFIC ACCOUNTING POLICIES

The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:

(a) Fixed assets

The company has two classes of fixed assets:

  • Plant and equipment
  • Vehicles

All fixed assets are recorded at cost.

(b) Depreciation

Depreciation is provided on a diminishing value (DV) basis on all tangible fixed assets at rates calculated to allocate the assets' cost or valuation less estimated residual value, over their estimated useful lives.

Depreciation rates are:

  • Plant and equipment 10 to 20%
  • Vehicles 25%

(c) Receivables

Receivables are stated at their estimated realisable value.

(d) Financial Instruments

The company has no financial instruments with off balance sheet risk.

(e) Comparative Figures

The comparative figures cover trading of Horowhenua Electric Power Board for the month of April 1993, and, following the transfer of its assets and liabilities under the Energy Companies Act 1922 (Horowhenua Energy Limited) Vesting Order 1993, dated 30 April 1993, for the eleven months trading as Horowhenua Energy Limited to 31 March 1994.



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✨ LLM interpretation of page content

🏭 Horowhenua Energy Limited Annual Report 1995 (continued from previous page)

🏭 Trade, Customs & Industry
1 August 1995
Audit Report, Financial Statements, Certification, Electricity Regulations, Shareholders' Funds, Current Liabilities, Fixed Assets, Current Assets