✨ Financial Statements
2592
NEW ZEALAND GAZETTE
No. 89
ScanPOWER LTD
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 MARCH 1995
Accounting Entity
The Financial Statements are those of the Energy Business of ScanPOWER Limited. The period reported is 1 April 1994 to 31 March 1995.
These Financial Statements are prepared in accordance with Regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1994. The Financial Statements have not been prepared for the purpose of the Financial Reporting Act 1993, or the Energy Companies Act 1992.
Principal Activities
The Energy Business operates a energy business activity, as defined by the Regulation 2 of the Electricity (Information Disclosure) Regulations 1994, in and around the Southern Hawkes Bay area.
Accounting Convention
The Financial Statements are based on the general principles of historical cost accounting, including the going concern concept and the accrual basis of accounting. These policies have been followed on a consistent basis.
Methodology of Separation of Business
ScanPOWER Limited has generally followed the Electricity Disclosure Guidelines as issued by the Ministry of Commerce dated 23 June 1994 with the exceptions noted below.
The Guidelines were issued by the Energy Policy Group of the Ministry of Commerce as guidance to assist Electricity Companies to comply with the Electricity (Information Disclosure) Regulations 1994.
The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied.
a) Recognition of Income
Electricity sales include all amounts billed during the financial period as determined by meter readings or assessed meter readings. An accrual is also made for the estimate of electricity used but unbilled at the end of the financial period. The gross value of electricity sales as determined by this method is then disclosed by the line and energy components in the relevant statements.
b) Accounts Receivable
Accounts receivable are stated at expected realisable value.
c) Inventories
Inventories are valued at the lower of “weighted average cost” or net realisable value.
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VUW Te Waharoa —
NZ Gazette 1995, No 89
NZLII —
NZ Gazette 1995, No 89
✨ LLM interpretation of page content
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Annual Report of ScanPOWER Limited
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