✨ Financial Statements
2148 NEW ZEALAND GAZETTE No. 90
ALPINE ENERGY LIMITED
FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH THE ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994
(d) Taxation
The taxation charge is the estimated liability payable in respect of the accounting profit for the year, adjusted for non assessable income and non deductible costs and including any adjustments in respect of prior years.
Change in Accounting Policy
In previous years deferred taxation was not recognised as the timing differences were not expected to reverse within the foreseeable future. The effect of this change is to receive a prior year over-provision of $142,000 and to have a deferred tax asset of $135,000 at year end.
(e) Accounts Receivable
Accounts receivable are stated at estimated realisable value after making provision for doubtful debts. Bad debts are written off during the period in which they are identified.
(f) Goodwill
Goodwill representing the excess arising on the issue of shares for the carrying value of net assets transferred from South Canterbury Electric Power Board and Timaru Electricity is being amortised on a straight line basis over five years commencing 1 April 1994.
(g) Fixed Assets
All fixed assets are initially recorded at cost. Network reticulation system assets are subsequently revalued to net current value as determined by an independent valuer using the optimised deprival valuation method. Other Fixed assets are stated at cost less an allowance for depreciation.
(h) Financial Instruments
Financial instruments carried in the Statement of Financial Position include cash and bank balances, receivables and trade creditors. These instruments are generally carried at their estimated fair value. For example receivables are carried net of the related provision for doubtful debts. The particular recognition methods are disclosed in the notes for each item.
(i) Goods and Services Tax (GST)
The financial statements have been prepared on a GST exclusive basis.
(j) Changes in Accounting Policies
As described in notes 1 (e) and (d) there has been a change in the accounting policy adopted for depreciation, and for taxation. Apart from this, there have been no other changes in accounting policies, which have been applied on bases consistent with previous years.
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VUW Te Waharoa —
NZ Gazette 1997, No 90
NZLII —
NZ Gazette 1997, No 90
✨ LLM interpretation of page content
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Alpine Energy Limited Financial Statements
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