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New Zealand Gazette – 1997 – No. 135

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✨ Financial Statements

22 SEPTEMBER NEW ZEALAND GAZETTE 3169

CENTRALPOWER LIMITED

Line Business and Electricity Retailing

Notes to the Financial Statements

For the Year Ended 31 March 1997

1. Statement of Accounting Policies

Basis of Reporting

The financial statements presented here are for the reporting entities, being the Line Business and Electricity Retailing businesses of CentralPower Limited and Company. On 17 December 1996 Electro Power Limited merged with CentralPower Limited. The financial statements are presented on the basis that the merger between CentralPower Limited and Electro Power Limited occurred on 1 April 1996.

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

Measurement Base

The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on a historical cost basis are followed by the Company with the exception that certain fixed assets have been revalued.

a) Income Recognition

Electricity sales represent customer usage during the reported period. An allowance (which is not expected to vary by greater than 10% from actual billings), has been made for unbilled electricity sales (unread meters and unbilled line charges).

b) Investments

Short term deposits are stated at cost.

Long-term investments are stated at cost, and investments held for resale are stated at the lower of cost and net realisable value.

Investments in associated companies are accounted for on an equity basis.

c) Fixed Assets

Land and buildings are initially recorded at cost. Land and buildings are subsequently revalued to net current value or, where the land and building are for resale, to the lower of cost and net realisable value as determined by an independent valuer.

Network assets are revalued to Optimised Deprival Value (ODV) as determined by an independent valuer.

All other fixed assets are recorded at cost.

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VUW Te Waharoa — NZ Gazette 1997, No 135

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✨ LLM interpretation of page content

🌾 CentralPower Limited Financial Statements (continued from previous page)

Domain🌾 Primary Industries & Resources
KeywordsElectricity, Financial Statements, Line Business, Electricity Retailing, Accounting Policies, Income Recognition, Investments, Fixed Assets

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