New Zealand Gazette – 1995 – No. 112

Page 3554

✨ Financial Accounting Policies



3554 NEW ZEALAND GAZETTE No. 112

WEL ENERGY GROUP LIMITED

LINES BUSINESS

(d) Inventories

Inventories are valued at the lower of weighted average cost and net realisable value. Work in Progress is valued at cost comprising direct labour, materials, freight and a proportion of production overheads based on a normal level of activity.

(e) Fixed Assets

The distribution system is revalued by independent valuers every three years based on a depreciated replacement cost basis. Additions to the distribution system are stated at cost.

Land and buildings are revalued by independent valuers every three years on the basis of open market value for existing use.

Cost for internally constructed assets comprise direct labour, materials, freight, and a proportion of production overheads based on a normal level of activity.

All other fixed assets are recorded at cost less accumulated depreciation.

(f) Depreciation of Fixed Assets

Depreciation of the distribution system and buildings is provided for on a straight line basis over their estimated useful lives as follows:

| Buildings | 3% |
| Distribution system | 4% |

Depreciation of other fixed assets is provided for on a diminishing value basis as follows:

| Furniture | 20 - 25% |
| Plant and Equipment | 20 - 25% |
| Vehicles | 20 - 25% |



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✨ LLM interpretation of page content

🏭 Financial Performance Statement for WEL Energy Group Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Performance, Revenue, Expenses, Profit, Taxation, Dividends, WEL Energy Group Limited