✨ Financial Statements Notes
NEW ZEALAND GAZETTE
No. 152
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 (CONTINUED)
(f) Inventories
Inventories held for the extension and replacement of the network reticulation system are valued at cost determined on a FIFO basis. Provision is made for obsolescence where applicable.
(g) Goodwill
Goodwill representing the excess arising on the issue of shares for the carrying value of net assets transferred from South Canterbury Electric Power Board and Timaru Electricity is being amortised on a straight line basis over five years commencing 1 April 1994.
Other goodwill, if any, is amortised over the period of expected benefit. The carrying value of goodwill is reviewed annually by the Directors and adjusted where it is considered necessary.
(h) Fixed Assets
All fixed assets are initially recorded at cost. Network reticulation system assets are subsequently revalued to net current value as determined by an independent valuer using the optimised deprival valuation method. Other Fixed assets are stated at cost less an allowance for depreciation.
Change in Accounting Policy
In previous years the network reticulation assets were stated at cost less an allowance for depreciation. To better reflect the value of these assets the Directors have determined that the net current value be stated for this class of assets. The initial valuation on this basis was done as at 31 March 1996. As a result of this change the value of fixed assets has increased by $39,888,555 and total shareholders’ equity has increased by the same amount.
(i) Financial Instruments
Financial instruments carried in the Statement of Financial Position include cash and bank balances, receivables and trade creditors. These instruments are generally carried at their estimated fair value. For example receivables are carried net of the related provision for doubtful debts. The particular recognition methods are disclosed in the notes for each item.
(j) Goods and Services Tax (GST)
The financial statements have been prepared on a GST exclusive basis.
(k) Changes in Accounting Policies
As described in note 1 (h) there has been a change in the accounting policy adopted for fixed assets. Apart from this, there have been no other changes in accounting policies, which have been applied on bases consistent with previous years.
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VUW Te Waharoa —
NZ Gazette 1996, No 152
NZLII —
NZ Gazette 1996, No 152
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Alpine Energy Limited Financial Statements
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