New Zealand Gazette – 1996 – No. 98

Page 2545

✨ Financial Statement



2 SEPTEMBER
NEW ZEALAND GAZETTE
2545

Electro Power Limited

Line Business

Statement of Accounting Policies

  1. BASIS OF REPORTING

    These financial statements have been prepared in accordance with the requirements of Regulation 6 of the Electricity (Information Disclosure) Regulations 1994.

  2. GENERAL ACCOUNTING POLICIES

    The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historical cost basis are followed by the Company. Accrual accounting is used to match expenses and revenues. Reliance is placed on the fact that the Company is a going concern.

  3. PARTICULAR ACCOUNTING POLICIES

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

    (a) Income Recognition

    i.  Electricity sales:

    Electricity sales recognise actual amounts billed during the financial year, together with an adjustment for the value of unread meters, both at the beginning and end of the financial year.

ii. Capital contributions from consumers:

    Capital contributions received from consumers are included as income in the Statement of Financial Performance.

    (b) Fixed Assets

    Fixed assets are valued at the cost at which they were purchased from the Palmerston North City Council on 31 December 1992, adjusted for subsequent additions, disposals and depreciation.

    (c) Depreciation

    Depreciation is calculated to write off the cost of the fixed assets over their expected useful lives.

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✨ LLM interpretation of page content

🏭 Financial statement disclosure for the Line Business and Electricity Retailing Business (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statement, Disclosure, Line Business, Electricity Retailing