New Zealand Gazette – 1995 – No. 97

Page 3040

✨ Financial Statements Notes



3040 No. 97

NEW ZEALAND GAZETTE

Wairoa Power Limited - Lines Business

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1995

1. STATEMENT OF ACCOUNTING POLICIES

Reporting Entity

The Financial Statements are those of the Line Business of Wairoa Power Limited. The period reported is 1 April 1994 to 31 March 1995.

These Financial Statements are prepared in accordance with Regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1994. The Financial Statements have not been prepared for the purpose of the Financial Reporting Act 1993, or the Energy Companies Act 1992.

Principal Activities

The Line Business operates a line business activity, as defined by regulation 2 of the Electricity (Information Disclosure) Regulations 1994, in the Wairoa District.

Measurement Base

The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historical cost basis are followed by the Company, with the exception that certain assets have been revalued.

Methodology of Separation of Business

Wairoa Power Limited has complied with the methodology set out in the Electricity Disclosure Guidelines as issued by the Ministry of Commerce dated 23 June 1994, except for:

  • Costs and revenues associated with line contracting services have been excluded from the line business to comply with the Electricity (Information Disclosure) Regulations 1994 which conflict with the guidelines.
  • Disconnection fees are included as revenue to the line business.
  • Costs incurred for billing services are included as line business costs.
  • Meter reading costs have been split evenly between the line business and other businesses.

Specific Accounting Policies

The following specific accounting policies which materially affect the measurement of financial performance and financial position have been applied.

a) Fixed Assets

The Company has four classes of fixed assets:

  • Freehold Land
  • Freehold Buildings
  • Distribution Lines
  • Other Plant & Equipment

All fixed assets are initially recorded at cost.



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🏭 Notes to Financial Statements for Wairoa Power Limited (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Financial Statements, Line Business, Wairoa Power Limited