New Zealand Gazette – 1996 – No. 152

Page 4037

✨ Financial Statements



21 OCTOBER NEW ZEALAND GAZETTE 4037

ALPINE ENERGY LIMITED

FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH THE ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1996

1. STATEMENT OF ACCOUNTING POLICIES

These financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1994.

Financial information is presented for the line business and other business activities the Company is involved with that are described within section 6(3) of the Electricity (Information Disclosure) Regulations 1994.

Comparative figures are not presented because amendments to the Electricity (Information Disclosure) Regulations 1994 and changes in interpretation of those Regulations have resulted in the 1996 figures being prepared on a different basis to the 1995 figures.

The financial statements have been prepared on the basis of historical cost, with the exception of certain items for which specific accounting policies are identified.

(a) Customer Contributions

Contributions from customers, in relation to the construction of new lines for the network, and contributions from district councils, towards the costs of replacing overhead lines with underground cables, are accounted for as income in the year in which they are received.

(b) Capital and Operating Expenditure

Capital expenditure relates to expenditure incurred in the creation of a new asset and expenditure incurred on existing reticulation system assets to the extent the system is enhanced.

Operating expenditure relates to expenditure which restores an asset closer to its original condition and includes expenditure incurred in maintaining and operating the fixed assets of the Company.

(c) Depreciation

Depreciation is charged in accordance with rates determined by the Inland Revenue Department as follows:

  • Globo Distribution System: 5% on net book value 1/4/87
  • Network Reticulation System: 5 to 26.4% on diminishing value
  • Buildings: 1 to 2.5% of cost
  • Motor Vehicles: 20 to 31.2% on diminishing value
  • Plant and Office Equipment: 8 to 60% on diminishing value

Depreciation for taxation purposes recognises that:

  • Additions to the network reticulation system exclude any allocation of indirect costs.
  • Only 80% of the book value of the Globo distribution system at 1 April 1987 is depreciable.

(d) Taxation

The taxation charge is the estimated liability payable in respect of the accounting profit for the year, adjusted for non assessable income and non deductible costs and including any adjustments in respect of prior years. Deferred taxation is not recognised as the timing differences are not expected to reverse within the foreseeable future.

(e) Accounts Receivable

Accounts receivable are stated at estimated realisable value after making provision for doubtful debts. Bad debts are written off during the period in which they are identified.



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🏭 Alpine Energy Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Performance, Alpine Energy, Electricity, Disclosure Regulations