New Zealand Gazette – 1996 – No. 107

Page 2772

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

No. 107

HAWKE'S BAY POWER DISTRIBUTION LIMITED AND SUBSIDIARY

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1996

1 ACCOUNTING ENTITY

These financial statements have been derived from the consolidated financial statements of Hawke's Bay Power Distribution Limited and Subsidiary as required by Regulation 6(5) of the Electricity (Information Disclosure) Regulations 1994. The statements reflect the financial performance and financial position of the “lines business” and “other businesses” as defined and required by the Regulations for the year ended 31 March 1996.

These financial statements have been prepared in accordance with the Electricity Disclosure Guidelines as issued by the Ministry of Commerce dated 23 June 1994 and are presented solely for the purpose of complying with regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1994. They have not been prepared for the purpose of the Financial Reporting Act 1993, or the Energy Companies Act 1992.

2 STATEMENT OF ACCOUNTING POLICIES

Measurement System

The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the Company.

Particular Accounting Policies

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

a) Fixed Assets

All fixed assets are initially recorded at cost.

b) Depreciation

Depreciation is provided on a straight line basis on all tangible fixed assets other than freehold land, at rates calculated to allocate the assets’ cost or valuation less any residual value, over their estimated useful lives.

Major depreciation periods are -

  • Distribution system 50 years
  • Transformers 40 years
  • Freehold Buildings 60-100 years
  • Motor Vehicles 5-10 years
  • Plant and Equipment 5-10 years
  • Office Furniture and Equipment 4-20 years

c) Receivables

Receivables are stated at their estimated realisable value.

d) Inventories

Inventories are stated at the lower of average cost and net realisable value.



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🏭 Hawke's Bay Power Distribution Ltd Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
6 September 1996
Electricity, Financial Statements, Information Disclosure, Hawke's Bay Power Distribution Ltd