✨ Financial Statements
2844
NEW ZEALAND GAZETTE
No. 120
Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 1997
1 Statement of Accounting Polices
Reporting Entity
Powerco Limited is a company registered under the Companies Act 1993. The group consists of Powerco Limited, its subsidiary and its associates.
The following activities are the principal activities undertaken by Powerco Limited throughout the financial year:
- Distribution and retailing of electricity and value added services.
- Distribution and retailing of gas and value added services.
- Hydro electricity generation
These financial statements have been prepared to comply with the provisions of Section 44 of the Energy Companies Act 1992, the Companies Act 1993, the Financial Reporting Act 1993.
Measurement Basis
The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the Group, with the exception that certain fixed assets have been revalued.
Specific Accounting Policies
The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:
a) Basis of Consolidation
The consolidated financial statements include those of Powerco Limited and its wholly owned subsidiary, Taranaki Energy Limited. All significant inter-company transactions and balances are eliminated on consolidation. In the parent company financial statements investments in subsidiaries are stated at cost.
b) Associate Companies
These are companies in which the group holds substantial shareholdings and exercises significant influence in commercial and financial policy decisions.
Associate companies have been reflected in the consolidated financial statements on an equity accounting basis which shows the group’s share of profits in the consolidated statement of financial performance and its share of post acquisition increases or decreases in net assets, in the consolidated statement of financial position.
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VUW Te Waharoa —
NZ Gazette 1997, No 120
NZLII —
NZ Gazette 1997, No 120
✨ LLM interpretation of page content
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Powerco Limited Statement of Movements in Equity
(continued from previous page)
🏭 Trade, Customs & Industry31 March 1997
Financial Statements, Equity, Operating Surplus, Revaluation, Deferred Taxation, Shareholder Contributions, Share Repurchase, Dividends, Reserves Transfers