New Zealand Gazette – 1996 – No. 178

Page 4666

✨ Financial Statements



4666
NEW ZEALAND GAZETTE
No. 178

THE POWER COMPANY LIMITED
LINE & ENERGY BUSINESS
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 MARCH 1996

1.0 GENERAL ACCOUNTING POLICIES

The general policies adopted in the preparation of these financial statements are:

  • Unless otherwise stated, the measurement base adopted is historical cost.
  • Reliance is placed on the assumption that the Company is a going concern.
  • Accrual accounting is used to match revenues with related expenses.

2.0 SPECIAL PURPOSE FINANCIAL STATEMENTS

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

These financial statements relate to the Company’s Line Business incorporating the conveyance of electricity, ownership of works for conveyance of electricity and provision of line function and street lighting services in accordance with Section 6 of the Regulations.

Activities as defined in Section 6(3) of the Regulations are undertaken and are shown as the Energy Business.

This is the first year that the Energy Business has been required to be disclosed separately from the Line Business. Comparative figures include both Line and Energy Activities.

3.0 PARTICULAR ACCOUNTING POLICIES

The Power Company’s 25% interest in United Electricity Limited has been excluded from these accounts. The interest in PowerNet Limited has been accounted for on a line by line consolidation of revenue and expenses after the elimination of all significant inter-company transactions. Metering Systems Limited is a wholly owned subsidiary of The Power Company which specialises in high tech meter systems. Metering Systems Limited has been accounted for on a consolidation basis using the purchase method.

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✨ LLM interpretation of page content

💰 Financial Performance Statement for The Power Company Limited (continued from previous page)

💰 Finance & Revenue
Financial Performance, Income, Cost of Sales, Gross Profit, Overheads, Expenses, Depreciation, Taxation, Net Profit

💰 Statement of Accounting Policies for The Power Company Limited

💰 Finance & Revenue
Accounting Policies, Historical Cost, Going Concern, Accrual Accounting, Special Purpose Financial Statements, Electricity (Information Disclosure) Regulations 1994