✨ Financial Statements Notes
NEW ZEALAND GAZETTE
6 SEPTEMBER 2917
MAINPOWER NEW ZEALAND LTD
Notes to and Forming Part of the Financial Statements
For The Year Ended 31 March 1995
1.2 Depreciation (Cont.)
| Depreciation Rates | |
|---|---|
| Motor Vehicles | 20% to 26% |
| Plant and equipment | 10% to 40% |
| Office furniture and equipment | 20% to 25% |
| Distribution system (Globo) | 5% |
| Distribution System (Other) | 5% to 12.5% |
Major depreciation rates for the Contracting Division are:
| Depreciation Rates | |
|---|---|
| Motor Vehicles | 20% to 26% |
| Plant and equipment | 10% to 40% |
| Office furniture and equipment | 20% to 25% |
Gains and losses on disposal of fixed assets are taken into account in determining the operating result for the year.
1.3 Income Tax
The taxation expense charged against the profit for the year is the estimated liability in respect of that profit and is calculated after allowance for permanent differences and timing differences not expected to reverse in future periods. This is the partial basis for the calculation of deferred taxation.
The company follows the liability method of accounting for deferred taxation. Future taxation benefits attributable to losses carried forward or timing differences are recognised in the financial statements only where there is virtual certainty of realisation.
1.4 Goods and Services Tax
All items in the Statement of Financial Performance are net of Goods and Services Tax except for Receivables and Accounts Payable which are shown in the Statement of Financial Position inclusive of GST.
1.5 Allocation of Costs, Revenues, Assets and Liabilities
The allocation of costs, revenues, assets and liabilities differ from that contained in the Electricity (Information Disclosure) Regulations 1994. In accordance with regulation 19 of Electricity (Information Disclosure) Regulations 1994 MainPower New Zealand Ltd has publicly disclosed those variations.
1.6 Business Accounting Separation
Lines Business
The Lines business provides and maintains the electricity distribution network throughout the North Canterbury and Kaikoura regions and manages the distribution network of Kaipoi Electricity Ltd
Other Business Activities
-
Energy Business
Includes the trading of energy purchased on behalf of and consumed by the Company’s energy trading customers connected to the Company’s network and Kaipoi Electricity’s network together with customers connected to network’s outside MainPower’s traditional area of supply. -
Contracting Business
The Company’s power systems contracting activities have been separated from its other businesses and transactions are treated as if the Contracting business were operating as an independent and separate entity.
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VUW Te Waharoa —
NZ Gazette 1995, No 95
NZLII —
NZ Gazette 1995, No 95
✨ LLM interpretation of page content
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MainPower New Zealand Ltd Financial Statements Notes
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🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, MainPower, Electricity, Fixed Assets, Depreciation, Income Tax, Goods and Services Tax, Business Accounting Separation