✨ Financial Statements
1 SEPTEMBER NEW ZEALAND GAZETTE
2753
TOP ENERGY LIMITED
STATEMENT OF ACCOUNTING POLICIES
FOR THE 12 MONTHS ENDED 31 MARCH 1995
3. Capital Contributions
Funds received from customers, as a contribution towards the cost of uneconomic supply facilities, are recognised in the statement of financial performance as soon as any obligations attaching to the contributions have been met.
Where within 10 years of receipt, the electricity consumption exceeds that originally forecast, part or all of the contribution is refunded to the customer, from a separately established reserve set up for this purpose.
4. Taxation
The taxation charged against the profit for the year is the estimated liability in respect of that profit after allowance for permanent differences and timing differences not expected to reverse in the foreseeable future. This is the partial basis for the calculation of deferred taxation.
The Company follows the liability method of accounting for deferred taxation. Future taxation benefits attributable to timing differences or to losses carried forward are recognised in the financial statements only where there is virtual certainty that the benefit of the losses will be utilised by the Company.
5. Accounts Receivable
Accounts receivable are stated at estimated realisable value after providing against debts where collection is doubtful.
6. Inventories
Stocks are stated at the lower of cost and net realisable value. Cost is principally determined on a weighted average cost basis and in the case of manufactured goods, includes direct materials, labour and production overheads.
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VUW Te Waharoa —
NZ Gazette 1995, No 91
NZLII —
NZ Gazette 1995, No 91
✨ LLM interpretation of page content
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Certification of Financial Statements, Performance Measures and Statistics
(continued from previous page)
💰 Finance & Revenue25 August 1995
Financial Statements, Performance Measures, Statistics, Energy Delivery, Electricity Disclosure