✨ Financial Statements
16 SEPTEMBER
NEW ZEALAND GAZETTE
2995
EnergyDirect Corporation Limited
ELECTRICITY BUSINESS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 1996
Note 1: Statement Of Accounting Policies
Reporting Entity
The financial statements have been extracted from the accounts of EnergyDirect Corporation Limited and its associate Pacific Energy Limited using the methodology required by the Electricity (Information Disclosure) Regulations 1994.
EnergyDirect Corporation is a public company registered under the Companies Act 1993.
Electricity (Information Disclosure) Regulations 1994
The methodology used to allocate costs, revenues, assets and liabilities has been publicly disclosed in accordance with Section 19 of the Electricity (Information Disclosure) Regulations 1994.
Where practicable, all costs, revenues, assets and liabilities have been directly allocated to the appropriate Lines or Energy businesses. Other costs, revenues, assets and liabilities are allocated using the allocation bases as publicly disclosed.
All cash and cash investments, dividend provisions, tax prepayments and land and building assets, other than substation and generation land and buildings, are retained within the parent company and are not allocated to the electricity business.
Both Lines and Energy business activities lease space from the parent company at commercial rents set by independent valuation, in accordance with the relative floor areas occupied by each business activity.
Property rates and other property outgoings are passed on by the parent company on a normal commercial basis.
Measurement Base
The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed, with the exception that certain fixed assets have been revalued. Accrual accounting is used to match revenues and expenses. Reliance is placed on the fact that the Corporation is a going concern.
Specific Accounting Policies
The following specific accounting policies which materially affect the measurement of operating surplus and of financial position have been applied:
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VUW Te Waharoa —
NZ Gazette 1996, No 119
NZLII —
NZ Gazette 1996, No 119
✨ LLM interpretation of page content
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Statement of Financial Position of EnergyDirect Corporation Limited
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