✨ Financial Statements
2916 NEW ZEALAND GAZETTE No. 95
MAINPOWER NEW ZEALAND LTD
Notes to and Forming Part of the Financial Statements
For The Year Ended 31 March 1995
Statement of Accounting Policies Specific to all Mainpower’s Business Activities.
Reporting Entity
The financial statements have been prepared in accordance with the Electricity (Information Disclosure) Regulations 1994.
The separate business activities disclosed by MainPower New Zealand Ltd comprise the Lines Business including the management of Kaiapoi Electricity Ltd’s distribution system, and other business activities including Energy Trading, Power System Contracting and other energy related business.
Measurement Base
The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed with the exception of certain items for which specific accounting policies are identified.
Specific Accounting Policies
The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:
1.1 Fixed Assets
The Lines Business has six classes of fixed assets:
Distribution system
Freehold land and buildings
Motor vehicles
Plant and equipment
Office furniture and equipment
Intangible assets
The Contracting Division has three classes of fixed assets:
Motor vehicles
Plant and equipment
Office furniture and equipment
All fixed assets are initially recorded at the transfer cost to the Lines and Contracting Business when the Company was incorporated on 1 May 1993.
Freehold land and buildings are revalued annually. Valuations are at net current value as determined by Williams & Associates Ltd, an independent valuer.
The Energy Trader has no fixed assets.
1.2 Depreciation
Depreciation is provided on a diminishing value basis on all tangible fixed assets other than Globo Distribution Assets and freehold land and buildings at rates calculated to allocate the assets’ cost or valuation less estimated residual value, over their estimated useful lives.
Major depreciation rates for the Lines Business are:
Freehold buildings 1% to 2.5%
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VUW Te Waharoa —
NZ Gazette 1995, No 95
NZLII —
NZ Gazette 1995, No 95
✨ LLM interpretation of page content
🏭 MainPower New Zealand Ltd Financial Statements Notes
🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, MainPower, Electricity, Fixed Assets, Depreciation
- Williams & Associates Ltd, Independent Valuer