✨ Financial Statements
Note: These rates apply to the larger portion of Marlborough Electrics assets. Assets purchased after 31 March 1993 have been depreciated in accord with the new determinations issued by the Inland Revenue Department.
(f) RESEARCH AND INVESTIGATION EXPENDITURE
Research and investigation costs are charged to expense in the year in which they are incurred. Development expenditure is capitalised to the extent that future benefits are expected to accrue.
(g) EMPLOYEE ENTITLEMENTS
Employee entitlements to salaries and wages, annual and long service leave and other benefits are recognised when they accrue to employees.
(h) FINANCIAL INSTRUMENTS
Financial instruments carried in the statement of financial position include cash and bank balances, receivables trade creditors and borrowings. 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.
(i) CHANGES IN ACCOUNTING POLICIES
There have been no changes in accounting policies during the year. All policies have been applied on bases consistent with those used in the prior year.
2. NET PROFIT BEFORE TAXATION
The operating surplus before taxation has been determined after:
| 1995/1996 | 1995/1995 | |
|---|---|---|
| MONOPOLY BUSINESS (Network) $ | GENERATION $ | |
| Charging as expense | ||
| Audit Fees Paid to Principal Auditor | 23,500 | |
| Fees Paid for Other Services Provided by the Principal Auditor | 75,698 | |
| Directors Fees | 86,199 | |
| Other Remuneration to Directors | 176,668 | |
| Depreciation | 1,199,238 | 526,588 |
| Interest on Term Debt | 753,166 | 90,352 |
| Research Expenditure | 456,445 | |
| Bad Debts Written Off | ||
| Increase in Estimated Bad Debts | ||
| Donations (Educational Grants) | 13,980 | |
| Rental Expense on Operating Leases | 7,933 | |
| Loss on Sale of Fixed Assets |
Crediting
| Interest on Investments | 53,053 | 89,193 | 147,384 | 289,630 | 58,092 | 50,291 | 87,996 | 196,379 |
Research expenditure includes an amount of $275,252 relating to hydro investigation expenditure previously capitalised in respect of projects which will now not be proceeded with.
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VUW Te Waharoa —
NZ Gazette 1996, No 97
NZLII —
NZ Gazette 1996, No 97
✨ LLM interpretation of page content
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Certification of Financial Statements by Marlborough Electric Limited
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🏭 Trade, Customs & IndustryFinancial Statements, Certification, Electricity Disclosure, Marlborough Electric Limited