New Zealand Gazette – 1995 – No. 95

Page 2938

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

No. 95

ROTORUA ELECTRICITY LIMITED

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1995.

NOTE

e. Income Tax

The Company adopts the comprehensive liability method of tax effect accounting whereby the income tax expense shown in the profit and loss account is based on the profit before tax adjusted for any permanent differences.

Timing differences arise when the period in which the items are included in determining accounting profit differ from the periods in which they are included in determining the assessable income. Income tax on timing differences is set aside to the deferred taxation or future tax benefit account at current rates where there is virtual certainty of realisation.

f. These financial statements have been prepared on a G.S.T. exclusive basis.

CHANGES IN ACCOUNTING POLICIES

There have been no major changes to the accounting policies used in the preparation of these financial statements. All policies have been applied on a basis consistent with previous years as applied by Rotorua Area Electricity Authority, with the exception that the accrual of unbilled meters now includes GST. The value of the GST included in the accrual was $243,283 as at 31 March 1995. This has been allocated as follows:

| Lines Business | $121,325 |
| Other | $121,958 |

2. VALUE OF GENERATION

The value of generation is the avoided cost of purchasing that quantity of energy from Electricorp at current wholesale rates. For the financial year ending 31 March 1995 the value was apportioned as follows:

| Lines Business | $1,967,107 |
| Energy Trading | $5,203,921 |

3. OTHER INCOME

The net amount of other income is after crediting:
Financial Income -
Interest and Other 14,301 208,722 16,529
Sales of Shares 106,773 1,558,320 123,407
Contracting 1,210,600
Sundry 1,209 114,627 26,010
Capital Contributions 385,381
Asset Revaluation Reserve 17,886 -261,047
Adjustment
140,169 186,619
Less Costs 111,850 2,800,310 137,103
Net Income To Profit & Loss 28,319 938,387 49,515


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✨ LLM interpretation of page content

💰 Certification of Financial Statements for Rotorua Electricity Ltd (continued from previous page)

💰 Finance & Revenue
6 August 1995
Audit, Financial Statements, Electricity, Certification, Rotorua Electricity Ltd