New Zealand Gazette – 1996 – No. 121

Page 3040

✨ Financial Statements and Accounting Policies



3040 NEW ZEALAND GAZETTE No. 121

SCANPOWER LTD

STATEMENT OF ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 1996

SCANPOWER Limited (“SCANPOWER”) is a public company registered under the Companies Act 1955. These Financial statements have been prepared in accordance with Regulations 6(2)and 6(3) of the Electricity (Information Disclosure) Regulations 1994.The financial statements comprise separate Statements of Financial Performance and Financial Position for the Line and Energy Businesses as required by Clause 6(2)(3) of the Electricity (Information Disclosure) Regulations 1994. These businesses operate in and around the Southern Hawkes Bay area. 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, with the exception that certain fixed assets have been revalued.

Methodology of Separation of Businesses

SCANPOWER has generally followed the Electricity Disclosure Guidelines and Pricing Methodologies as issued by the Energy Policy Group of the Ministry of Commerce in 1994. In respect of discounts they are allocated to each business based on the profits generated by those businesses

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

a) Income Recognition

Electricity sales include all amounts billed during the financial period as determined by meter readings or assessed meter readings. An accrual is also made for the estimate of electricity used but unbilled at the end of the financial period. The gross value of electricity sales as determined by this method is then disclosed by the line and energy components in the relevant statements.

b) Receivables

Receivables are stated at their estimated realisable value.

c) Inventories

Inventories are valued at the lower of “weighted average cost”, and net realisable value.

d) Comparative Figures

These figures are based on a twelve month period beginning in April and ending in March.



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✨ LLM interpretation of page content

🏭 Financial Performance Measures for Scanpower Limited (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Performance, Revenue, Expenses, Taxation, Efficiency, Energy Delivery, Circuit Length, System Length, Transformer Capacity, Maximum Demand, Electricity Supply, Faults, Interruptions