New Zealand Gazette – 1995 – No. 86

Page 2493

✨ Financial Statements Notes



25 AUGUST

NEW ZEALAND GAZETTE

2493

HAWKE'S BAY POWER DISTRIBUTION LIMITED AND SUBSIDIARY

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1995

1 ACCOUNTING ENTITY

These financial statements have been derived from the consolidated financial statements of Hawke's Bay Power Distribution Limited and Subsidiary as required by Regulation 6(5) of the Electricity (Information Disclosure) Regulations 1994. The statements reflect the financial performance and financial position of the "lines business" and "other businesses" as defined and required by the Regulations for the year ended 31 March 1995.

These financial statements have been prepared in accordance with the Electricity Disclosure Guidelines as issued by the Ministry of Commerce dated 23 June 1994 and are presented solely for the purpose of complying with regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1994. They have not been prepared for the purpose of the Financial Reporting Act 1993, or the Energy Companies Act 1992.

2 STATEMENT OF ACCOUNTING POLICIES

Measurement System

The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the Company.

Particular Accounting Policies

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

a) Other Investments

Other investments are stated at cost.

b) Fixed Assets

All fixed assets are initially recorded at cost.

Fixed assets are depreciated on the following basis:

  • Distribution System
    • Pre 31 March, 1987 4% of cost price
    • Post 1 April, 1987 5 - 10% diminishing value
  • Buildings 1% of cost price
  • Motor Vehicles 20% diminishing value
  • Plant and Equipment 10 - 20% diminishing value

All assets purchased and/or constructed since 16 December, 1991 have been depreciated at the above rates increased by 25%.

c) Receivables

Receivables are stated at their estimated realisable value.

d) Inventories

Inventories are stated at the lower of average cost and net realisable value.



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✨ LLM interpretation of page content

🏭 Notes to Financial Statements for Hawkes Bay Power Distribution Limited (continued from previous page)

🏭 Trade, Customs & Industry
10 August 1995
Financial Statements, Accounting Policies, Electricity Regulations, Hawkes Bay Power