✨ Financial Statements Notes
2886 NEW ZEALAND GAZETTE No. 93
WAIPA POWER LIMITED - ELECTRICITY RETAILING
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1995
1 STATEMENT OF ACCOUNTING POLICIES
General Accounting Policies
The financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1994 (the Regulations) on an historical cost basis. As this is the first year that the regulations have been in effect, comparative information is not required, and therefore no comparative information has been prepared.
Particular Accounting Policies
The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied:
a) Electricity Sales
Sales of electricity includes an estimated amount for accrued sales from meters unread as at 31 March 1995.
b) Investments
Investments are stated at the lower of cost plus accrued interest and net realisable value.
c) Fixed Assets
The Board has four classes of fixed assets as follows:
- Freehold Land
- Freehold Buildings
- Motor Vehicles
- Plant and Equipment
Fixed assets are recorded at cost less accumulated depreciation.
d) Depreciation
Depreciation has been charged at rates in accordance with those prescribed by the Inland Revenue Department for tax deduction purposes.
Depreciation on Assets purchased during the year has been charged on a monthly basis from month of purchase.
- Buildings 1 - 4% SL
- Motor Vehicles 20 - 25% DV
- Plant, Furniture and Equipment 10 - 25% DV
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VUW Te Waharoa —
NZ Gazette 1995, No 93
NZLII —
NZ Gazette 1995, No 93
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Notes to Financial Statements for Waipa Power Limited
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