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New Zealand Gazette – 1996 – No. 133

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✨ Electricity Financial Statements

30 SEPTEMBER NEW ZEALAND GAZETTE 3241

TOP ENERGY LIMITED

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

STATEMENT OF ACCOUNTING POLICIES

FOR THE 12 MONTHS ENDED 31 MARCH 1996

8 Depreciation

Land, infrastructure distribution system and work-in-progress assets are not depreciated. As noted below, other fixed assets are depreciated on a straight line (Cost) or diminishing value (DV) basis that has regard to their historical cost, estimated useful life and expected residual value:

Non-infrastructure Distribution Assets ... 2.50% Cost
Buildings ... 2.00% Cost
Plant, Equipment and Furniture ... 10.00% Cost
Plant and Equipment - Electronic ... 10.00 - 20.00% Cost
Chainsaws ... 33.33% Cost
Computer Software ... 33.33% Cost
Motor Vehicles ... 20.00% DV

9 Long Term Debt

A debt restructuring provision, created by the Bay of Islands Electric Power Board to recognise that its long term debt rates were materially higher than market rates prevailing at the time of vesting, was vested in the Company on 1 May 1993.

As the Company intends to restructure its remaining long term debt when financial conditions are appropriate, the cost of so doing has been reassessed at Balance Date.

10 Financial Instruments

All financial instruments are recognised in the statement of financial position. The Directors have not entered into any off-balance sheet instruments. All financial instruments including cash, bank, accounts receivable and accounts payable are recognised at cost, with the exception of long-term debt which is adjusted.

Long-term debt has been taken up at cost plus a provision for debt restructuring in order to allow for the fact that the debt was incurred when interest rates were higher than at the present time. The debt is reassessed each year to adjust the balance owing for the cost of converting the debt to a fair market value.

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VUW Te Waharoa — NZ Gazette 1996, No 133

NZLII — NZ Gazette 1996, No 133

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Electricity Information Disclosure for Top Energy Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Financial Statements, Accounting Policies, Depreciation, Long Term Debt, Financial Instruments, Top Energy Limited

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