New Zealand Gazette – 1997 – No. 84

Page 2043

✨ Electricity Financial Statements



8 AUGUST
NEW ZEALAND GAZETTE
2043

THE POWER COMPANY LIMITED
LINE & OTHER BUSINESS
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 MARCH 1997

1.0 GENERAL ACCOUNTING POLICIES

The general policies adopted in the preparation of these financial statements are:

  • Unless otherwise stated, the measurement base adopted is historical cost.
  • Reliance is placed on the assumption that the Company is a going concern.
  • Accrual accounting is used to match revenues with related expenses.

2.0 SPECIAL PURPOSE FINANCIAL STATEMENTS

These financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1994 (“the regulations”), and amendments.

These financial statements relate to the Company’s Line Business incorporating the conveyance of electricity, ownership of works for conveyance of electricity and provision of line function services in accordance with Section 6 of the Regulations.

Activities as defined in Section 6(3) of the Regulations are undertaken and are shown as the Other Business. This includes Metering Systems Limited, the Monowai Power House, external contracting activities and street lighting services.

3.0 PARTICULAR ACCOUNTING POLICIES

The Power Company’s 25% interest in United Electricity Limited has been excluded from these accounts. The interest in PowerNet Limited has been accounted for on a line by line consolidation of revenue and expenses after the elimination of all significant inter-company transactions. External Contracting Activities have then been split out and shown under the heading Other Business. Metering Systems Limited is a wholly owned subsidiary of The Power Company which specialises in high tech meter systems. Metering Systems Limited has been accounted for on a consolidation basis using the purchase method and shown under the heading Other Business.



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✨ LLM interpretation of page content

🏭 Electricity Information Disclosure by The Power Company Limited (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Accounting Policies, Line Business, Other Business