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New Zealand Gazette – 1995 – No. 91

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✨ Financial Statements

2754 NEW ZEALAND GAZETTE No. 91

TOP ENERGY LIMITED

STATEMENT OF ACCOUNTING POLICIES

FOR THE 12 MONTHS ENDED 31 MARCH 1995

7. Fixed Assets

Fixed assets held by the former Bay of Islands Electric Power Board were vested in the Company, Top Energy Limited, on 1 May 1993 under the Energy Companies Act 1992.

Fixed assets were vested at book value as at 1 May 1993, and represent “cost” to the Company.

The cost of fixed assets purchased after 1 May 1993 is the value of the consideration given to acquire the assets and the value of other directly attributable costs which have been incurred in bringing the assets to the location and condition necessary for their intended service.

Capital work-in-progress includes materials, and a portion of direct labour and production overhead appropriate to the state of completion attained.

The Energy Trading Business uses a portion of fixed assets owned by the Line Business. The cost for these is charged to the Energy Trading Business on a rental basis.

8. Renewal Accounting - Distribution Network

Assets comprising the distribution network system are reported using the renewal accounting method and are stated at the vested “cost”. These infrastructural assets include all items directly involved in the delivery of electricity, but exclude assets such as substation land, buildings, transformers, circuit breakers and load management control equipment. All expenditure which extends or enhances the infrastructure is capitalised. Expenditure incurred in maintaining the infrastructure’s capacity is treated as an expense in the period in which it is incurred.

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VUW Te Waharoa — NZ Gazette 1995, No 91

NZLII — NZ Gazette 1995, No 91

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✨ LLM interpretation of page content

💰 Certification of Financial Statements, Performance Measures and Statistics (continued from previous page)

Domain💰 Finance & Revenue
Dated25 August 1995
KeywordsFinancial Statements, Performance Measures, Statistics, Energy Delivery, Electricity Disclosure

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