New Zealand Gazette – 1997 – No. 107

Page 2501

✨ Financial Statements Notes



27 AUGUST NEW ZEALAND GAZETTE 2501

WAITOMO ENERGY SERVICES LIMITED

Line Business Activity

Notes to the Financial Statements

For the Year Ending 31st March 1997

NOTE 1:
NATURE OF COMPANY’S BUSINESS

The Company’s core business is the distribution, generation and retail of electricity and associated services.

STATUTORY BASE

Waitomo Energy Services was incorporated under the Companies Act 1955 in accordance with the Energy Companies Act 1992. The assets of the Company were transferred from the Waitomo Electric Power Board in accordance with an Order in Council dated 7th May 1993. All assets were transferred at net book value as at 31st March 1993. The Company has since re-registered under the Companies Act 1993.

STATEMENT OF ACCOUNTING POLICIES

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

The general accounting policies recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed except where revaluation of assets are incorporated, and other items disclosed in the accounting policies listed below.

Accrual accounting is used to match expenses with revenues. Reliance is placed on the fact that the Company is a going concern. The accounts are prepared in accordance with the Companies Act 1993 and the Financial Reporting Act 1993.

(a) Debtors
Debtors are stated at their estimated realisable value.

(b) Fixed Assets
The Company has five classes of fixed assets:

  • Freehold Land
  • Freehold Buildings
  • Motor Vehicles, Plant and Equipment
  • Distribution System
  • Generation Assets

Land and Buildings were revalued by Hughes Valuations on 31st March 1997 based on estimated market value.

Generation assets are valued at cost except the headworks, these were revalued by Grant Samuel on 31st March 1997 to an estimated net present value as at 31st March 1997. This valuation is lower than the depreciated replacement cost of the assets as calculated by Worleys.



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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Waitomo Energy Services Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Business Activity, Statutory Base, Accounting Policies, Debtors, Fixed Assets, Land, Buildings, Motor Vehicles, Plant and Equipment, Distribution System, Generation Assets