New Zealand Gazette – 1995 – No. 82

Page 2278

✨ Financial Statements Notes

2278 NEW ZEALAND GAZETTE No. 82

NOTES TO AND FORMING PART OF THE LINE BUSINESS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 1995

ENTITY STATEMENT: Incorporated on 30 June, 1991, Electricity Invercargill Limited as a Local Authority Trading Enterprise, purchased the electricity distribution undertaking of the Invercargill City Council and commenced trading on 1 July, 1991. United Electricity Limited (in which Electricity Invercargill Limited has a 25% interest) purchased the electricity retailing activities on 1 November, 1993. PowerNet Limited, owned 50/50 with The Power Company, assumed complete responsibility for the day to day management of the Electricity Invercargill Limited network on 1 March, 1994. The Line Business is the consolidation of Electricity Invercargill Limited’s share in PowerNet Limited, and Electricity Invercargill Limited.

NOTE 1. STATEMENT OF ACCOUNTING POLICIES

GENERAL ACCOUNTING POLICIES

The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a modified historical cost basis are followed by the Company in the preparation of this report. The reporting requirements set down in the Electricity (Information Disclosure) Regulations 1994 have been complied with. Accrual accounting is used to match expenses and revenues and reliance is placed on the fact that the Company is a going concern.

PARTICULAR ACCOUNTING POLICIES

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

(a) Basis of Consolidation

Electricity Invercargill Limited’s 25% interest in United Electricity Limited has been excluded from these accounts. The interest in PowerNet Limited has been accounted for with a line by line consolidation of revenue and expenses and the elimination of all significant inter-company transactions. The company’s share of profits and losses in PowerNet Limited is reflected in the Consolidated Operating Statement and Balance Sheet.

(b) Costs and Revenue

Costs and Revenue are those directly attributable to the Line Business of Electricity Invercargill Limited.

(c) Fixed Assets

At 31 March 1995, Network Assets are recorded at optimised deprival value, “Other Assets” at depreciated cost.

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VUW Te Waharoa — NZ Gazette 1995, No 82

NZLII — NZ Gazette 1995, No 82

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💰 Notes to and Forming Part of the Line Business Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
Dated4 August 1995
KeywordsFinancial Statements, Accounting Policies, Consolidation, Revenue, Fixed Assets

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