✨ Electricity Financial Disclosure
8 AUGUST NEW ZEALAND GAZETTE 2045
THE POWER COMPANY LIMITED
LINE & OTHER BUSINESS
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 MARCH 1997
3.7 WORK IN PROGRESS
The cost of work in progress includes the cost of direct material and direct labour used in putting replacement and new systems in their present location and condition.
3.8 GOODS AND SERVICES TAX
These accounts have been prepared on a GST exclusive basis with the exception of Sundry Debtors and Creditors which are GST inclusive.
4.0 COMMITMENTS
At 31 March 1997, the groups external commitments are estimated at $885,246, being a GIS Mapping System.
Operating Lease Commitments are as follows:
| 31 March 1997 ($000) | 31 March 1996 ($000) | |
|---|---|---|
| Less than one year | 33 | 11 |
| Greater than one year and not | ||
| later than two years | 26 | 11 |
| Later than two years and not | ||
| later than five years | 15 | 6 |
| Later than five years | 2 | 4 |
5.0 CONTINGENT LIABILITIES
PowerNet Limited has a contingent liability of $50,000 in respect of potential liabilities arising from use of system agreements.
PowerNet Limited also has a number of contingent liabilities in respect of guarantees given to contractors. The maximum exposure ranges from $20,000 to $164,000 totalling $1,338,000. PowerNet Limited holds second debenture over the contractors assets.
The Power Company Limited’s exposure would amount to two thirds of these liabilities.
6.0 UNITED ELECTRICITY LIMITED
The Power Company’s 25% interest in United Electricity Limited is $2,507,494.00. Being an exclusively Energy Trading activity, this amount is excluded from these accounts.
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NZ Gazette 1997, No 84
✨ LLM interpretation of page content
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Electricity Information Disclosure by The Power Company Limited
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🏭 Trade, Customs & IndustryElectricity, Financial Statements, Accounting Policies, Line Business, Other Business, Work in Progress, GST, Commitments, Contingent Liabilities, United Electricity Limited