New Zealand Gazette – 1995 – No. 95

Page 2963

✨ Financial Statements



6 SEPTEMBER NEW ZEALAND GAZETTE 2963

WESTPOWER LIMITED

STATEMENT OF ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 1995

Westpower Limited is a line owner in accordance with the Electricity (Information Disclosure) Regulations 1994. Regulation 6 requires the line owner to prepare financial statements for the follow businesses:

  • Lines
  • Generation
  • Other

These financial statements have been prepared in accordance with the requirements of the Electricity (Information Disclosure) Regulations 1994. As this is the first year in which the regulations have been in effect, comparative information is not reported.

The measurement base adopted is that of historical cost except for the revaluation of some fixed assets.

(a) Fixed Assets and Depreciation

The Distribution System has been revalued to Optimised Deprival Value by Ernst and Young, Registered Valuer as at 1 May 1993. Additions made subsequent to the revaluation are valued at cost and not depreciated.

The Generation System has been revalued to net current value by Ernst and Young, Registered Valuer at 31 March 1994. Additions made subsequent to the revaluation are valued at cost and depreciated at the rates shown in the Accounting Policies.

Leasehold land is valued at the lessee’s interest in the Government Valuation as at 1 October 1991.

All other fixed assets are valued at cost less accumulated depreciation where applicable.

(i) Distribution Assets are being accounted for using renewal accounting.



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💰 Westpower Limited Statement of Accounting Policies

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Accounting Policies, Financial Statements, Electricity, Westpower Limited