New Zealand Gazette – 1996 – No. 91

Page 2378

✨ Financial Statements Notes



2378 NEW ZEALAND GAZETTE No. 91

CENTRALPOWER LIMITED

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1996

NOTE 1. STATEMENT OF ACCOUNTING POLICIES

The financial statements presented here are for the reporting entities, being the Energy and Line businesses of CentralPower Limited and Group.

The financial statements have been prepared in accordance with the requirements of the Electricity (Information Disclosure) Regulations 1994.

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

a) Income Recognition

Electricity sales represent customer usage during the reported period. An allowance (which is not expected to vary by greater than ten percent from actual billings), has been made for unbilled electricity sales (unread meters and unbilled line charges).

b) Investments

Associated Companies

Investments in associated companies are accounted for on an equity basis.

c) Fixed Assets

CentralPower has five classes of fixed assets:

  • Network lines and equipment
  • Freehold land
  • Freehold buildings
  • Plant and equipment
  • Motor vehicles

All fixed assets are initially recorded at cost. Network lines and equipment are revalued to optimised deprivation value (ODV) as determined by an independent valuer. Land and buildings are subsequently revalued to net current value or where the land and building are for resale, to the lower of cost and net realisable value as determined by an independent valuer.



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✨ LLM interpretation of page content

🏭 CentralPower Limited Financial Performance (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Revenue, Expenses, Net Profit, Taxation, Energy, Lines