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New Zealand Gazette – 1995 – No. 91

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✨ Financial Statements and Accounting Policies

1 SEPTEMBER NEW ZEALAND GAZETTE

2755

TOP ENERGY LIMITED

STATEMENT OF ACCOUNTING POLICIES

FOR THE 12 MONTHS ENDED 31 MARCH 1995

9. Depreciation

Land, infrastructure distribution system and work-in-progress assets are not depreciated. As noted below, other fixed assets are depreciated on a straight line or diminishing value (DV) basis that has regard to their historical cost, estimated useful life and expected residual value:

Asset Type	Depreciation Rate
Non-infrastructure Distribution Assets	2.50% Cost
Buildings	2.00% Cost
Plant, Equipment and Furniture	10.00% Cost
Plant and Equipment - Electronic	10.00-20.00% Cost
Chainsaws	33.33% Cost
Computer Software	33.33% Cost
Motor Vehicles	20.00% DV

10. Long Term Debt

A debt restructuring provision, created by the Bay of Islands Electric Power Board to recognise that its long term debt rates were materially higher than market rates prevailing at the time of vesting, was vested in the Company on 1 May 1993.

As the Company intends to restructure its long term debt when financial conditions are appropriate, the cost of so doing has been reassessed at Balance Date.

Continued...

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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

💰 Statement of Accounting Policies for Top Energy Limited

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Depreciation, Long Term Debt, Financial Restructuring

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