New Zealand Gazette – 1995 – No. 82

Page 2295

✨ Financial Statements Notes



18 AUGUST

NEW ZEALAND GAZETTE

2295

  1. Depreciation rates used are:

Generation system:

  • Powerhouses and buildings 1% on cost price
  • Dams, headworks etc. 1% on cost price
  • Transmission lines 5% on diminishing value
  • Generating equipment and plant 10% on diminishing value

Other assets:

  • Buildings (concrete) 1% on cost price
  • Buildings (wooden) 2% on cost price
  • Reticulation system (global) 5% on cost price
  • Reticulation system (from 1.4.87) 5% on diminishing value
  • Substation equipment 7.5% on diminishing value
  • Metering equipment 10% on diminishing value
  • Plant 10% on diminishing value
  • Motor vehicles, office, communications and test equipment 20% on diminishing value

Note: These rates apply to the larger portion of Marlborough Electric’s assets. Assets purchased after 31 March 1993 have been depreciated in accord with the new determinations issued by the Inland Revenue Department.

  1. Electricity Sales

Sales are derived from amounts billed to customers within the financial year and adjustment is made for meters not read at the beginning and end of the year.

  1. Taxation.

The taxation charge is the estimated liability payable in respect of the accounting profit for the year adjusted for non assessable income and non deductible costs and including any adjustments in respect of prior years. Deferred taxation is not recognised as the timing differences are not expected to reverse within the foreseeable future.

D. CHANGES IN ACCOUNTING POLICIES

All policies have been applied on bases consistent with those used in the previous period.

2. NET PROFIT BEFORE TAXATION

NETWORK YEAR ENDED 31 MARCH 1995 GENERATION YEAR ENDED 31 MARCH 1995 ENERGY YEAR ENDED 31 MARCH 1995 TOTAL BUSINESS YEAR ENDED 31 MARCH 1995
The net profit before taxation has been determined after:
Charging as expense $ $ $ $
Audit Fees Paid to Principal Auditor 14,500 1,000 8,000 23,500
Fees Paid for Other Services Provided by the Principal Auditor 13,338 13,338
Directors Fees 49,089 3,699 18,355 71,143
Depreciation 1,132,398 544,799 165,580 1,842,777
Interest on Term Loans 648,391 44,443 73,681 766,515
Crediting
Interest on Investments 58,092 50,291 87,996 196,379


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✨ LLM interpretation of page content

💰 Notes to Financial Statements of Marlborough Electric Limited (continued from previous page)

💰 Finance & Revenue
Financial Statements, Accounting Policies, Depreciation, Electricity, Marlborough