New Zealand Gazette – 1997 – No. 114

Page 2662

✨ Financial Statements Notes



2662 NEW ZEALAND GAZETTE No. 114

MAINPOWER NEW ZEALAND LTD

Notes to and Forming Part of the Financial Statements

For The Year Ended 31 March 1997

Statement of Accounting Policies Specific to all MainPower’s Business Activities.

Reporting Entity

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

The separate business activities disclosed by MainPower New Zealand Ltd comprise the Lines Business including the management of Kaiapoi Electricity Ltd’s distribution system, and other business activities including Energy Trading, Power System Contracting and other energy related business.

Measurement Base

The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed with the exception of certain items for which specific accounting policies are identified.

Specific Accounting Policies

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

1.1 Fixed Assets

The Lines Business has six classes of fixed assets:

  • Distribution system including Globo
  • Freehold land and buildings
  • Motor vehicles
  • Plant and equipment
  • Office furniture and equipment
  • Intangible assets

The Contracting Division has three classes of fixed assets:

  • Motor vehicles
  • Plant and equipment
  • Office furniture and equipment

All fixed assets are initially recorded at the transfer cost to the Lines and Contracting Business when the Company was incorporated on 1 May 1993.

Freehold land and buildings are revalued annually. Valuations are at net current value as determined by Williams & Associates Ltd, an independent valuer.

The Energy Trader has no fixed assets.

1.2 Depreciation

Depreciation is provided on all tangible fixed assets other than freehold land at rates calculated to allocate the assets’ cost or valuation less estimated residual value, over their estimated useful lives. Globo Distribution assets and freehold buildings are depreciated on a straight line basis, all other assets are depreciated on a diminishing value basis.



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🏭 Notes to and Forming Part of the Financial Statements for MainPower New Zealand Ltd (continued from previous page)

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Financial Statements, Accounting Policies, Fixed Assets, Depreciation, MainPower New Zealand Ltd