New Zealand Gazette – 1997 – No. 117

Page 2746

✨ Financial Statements



MercuryEnergy

Mercury Energy Limited and Subsidiaries

Notes to and forming part of the financial statements for the year ended 31 March 1997 continued

1. STATEMENT OF ACCOUNTING POLICIES continued

b) Recognition of Revenue

Income from electricity sales includes the value of units assessed as being recorded on meters as at 31 March 1997, but for which invoices had not been rendered.

c) Fixed Assets

The Group has the following classes of fixed assets:

  • Freehold Land
  • Freehold Buildings
  • Distribution System
  • Generation Plant and Buildings
  • Other Plant and Equipment
  • Computer Software, Hardware and Telecommunication Equipment
  • Motor Vehicles and Mobile Equipment

All fixed assets, other than the distribution system are recorded at cost less accumulated depreciation. The distribution system has been revalued to its Optimised Deprival Value.

d) Depreciation

Depreciation is provided to allocate the assets' cost over their estimated useful lives as follows:

  • Distribution System Assets
    • Straight line basis over 25 years based on historical cost as per the statutory accounts
    • The ODV depreciation for the year would have been $19.722 million
  • Buildings on Freehold Land
    • Straight line basis over 50 years
  • Leasehold Improvements
    • Straight line basis over 5 years
  • Generation Plant and Buildings
    • Straight line basis over life of the project, 13-20 years
  • Other Plant and Equipment
    • Diminishing value method at 20% per annum
  • Computer Software, Hardware and Telecommunication Equipment
    • Straight line basis over 3-5 years
  • Motor Vehicles and Mobile Equipment
    • Diminishing value method at 20% per annum

NEW ZEALAND GAZETTE

No. 117



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✨ LLM interpretation of page content

🏭 Mercury Energy Limited Statement of financial position (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Equity, Electricity, Mercury Energy Limited, 1997, 1996