New Zealand Gazette – 1995 – No. 89

Page 2593

✨ Financial Statements



30 AUGUST NEW ZEALAND GAZETTE 2593

d) Fixed Assets

Fixed Assets are shown at cost less accumulated depreciation except for land.

e) Comparative Figures

The figures in the Financial Statements have been prepared on the following basis:

1995 refers to the accounting year from 1 April 1994 to 31 March 1995
“Period” refers to the period 8 May 1993 to 31 March 1994 (the first period of operation as ScanPOWER) i.e. period excluding the previous Dannevirke Electric Power Board figures.

f) Depreciation

Depreciation has been charged as follows:

Asset Group Depreciation Rate:

Air Conditioners 9.75% CP
Motor Vehicles 15.00% CP
Other Assets 10.00% CP

g) Taxation

The income tax expense charged against the profit for the year is the estimated liability in respect of that profit and is calculated after allowance for permanent differences.

The company uses the liability method of accounting for deferred taxation and applies this on a comprehensive basis. Future tax benefits attributable to tax losses or timing differences are only recognised when there is virtual certainty of realisation.

h) Investments and Cash

Investments are valued at cost. Cash is defined as the day to day cash management funds including short term deposits.

i) Annual Leave, Long Service Leave and Bonus Accruals

These have been valued as the actual liabilities of ScanPOWER as at 31 March 1995.

j) Financial Instrument Policy

The company places its cash deposits with high-credit quality financial institutions.

The company does not normally require deposits from customers except for, those who have been disconnected. No other form of security or collateral is required to support financial instruments with credit risk.



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✨ LLM interpretation of page content

🏭 Annual Report of ScanPOWER Limited (continued from previous page)

🏭 Trade, Customs & Industry
Electricity retail, Financial statements, Annual report, Directors' report, Auditor's report, Accounting policies