New Zealand Gazette – 1996 – No. 158

Page 4165

✨ Financial Statements Notes

MercuryEnergy

MERCURY ENERGY LIMITED & SUBSIDIARIES

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 1996 continued

Specific Accounting Policies

The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:

(a) Basis of Consolidation - Purchase method
The consolidated financial statements include the holding company and its subsidiaries, accounted for by using the purchase method. All significant inter-company transactions are eliminated on consolidation.

(b) Recognition of Revenue
Income from electricity sales includes the value of units assessed as being recorded on meters as at 31 March 1996, but for which invoices had not been rendered.

Land
Buildings
Distribution System
Generation Plant and Buildings
Plant and Equipment

 All fixed assets, other than the distribution system are recorded at cost less accumulated depreciation.  The distribution system has been revalued to its Optimised Deprival Value.

(d) Depreciation
Depreciation is provided to allocate the assets cost over their estimated useful lives as follows:

 Buildings on Freehold Land          Straight line basis over 50 years
 Leasehold Improvements             Over the term of the lease
 Generation Plant                 Straight line basis over 10 years
 Other Plant and Equipment          Diminishing Value method at 20% per annum
 Computer Hardware and Software     Straight line basis over 3 years
 Distribution System                The depreciation shown in the Line Activities Accounts of $16.235 million is as per the Statutory Accounts and was calculated on a straight line basis over 25 years using the historical cost of the assets.  The ODV depreciation for the year would have been $20.270 million.

NEW ZEALAND GAZETTE

30 OCTOBER

4165

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VUW Te Waharoa — NZ Gazette 1996, No 158

NZLII — NZ Gazette 1996, No 158

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

💰 Financial Statements and Notes (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Accounting Policies, Consolidation, Revenue Recognition, Fixed Assets, Depreciation

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