New Zealand Gazette – 1995 – No. 91

Page 2779

✨ Financial Statements Notes



1 SEPTEMBER NEW ZEALAND GAZETTE 2779

TRUSTPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1995

NOTE 1: STATEMENT OF ACCOUNTING POLICIES

The financial statements presented here are for the line business and energy business of the reporting entity TrustPower Limited.

The financial statements have been prepared in accordance with regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1994.

The financial statements have been prepared on the basis of historical cost with the following specific accounting policies.

(a) Fixed Assets

All fixed assets are stated at cost to the company less accumulated depreciation where applicable.

Costs for internally constructed assets comprise direct labour, materials and a proportion of production overheads based on a normal level of activity.

(b) Depreciation

Depreciation is provided on all fixed assets, other than freehold land, at rates calculated to allocate the assets cost over their estimated useful life.

Depreciation is charged as follows:

  • Dams, Headworks & Canals: 1% straight line
  • Reticulation Network: 3-5.5% straight line
  • Buildings: 1-2.5% straight line
  • Plant & Equipment & Motor Vehicles: value or 5.5-7% straight line

Gains and losses on disposal of fixed assets are taken into account in determining the operating result for the period.



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✨ LLM interpretation of page content

🏭 TrustPower Limited Financial Performance Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Performance, Revenue, Income Tax, Retained Earnings, Dividends, TrustPower