New Zealand Gazette – 1998 – No. 106

Page 2581

✨ Financial Statements Notes



5 AUGUST

NEW ZEALAND GAZETTE

2581

WAIPA POWER LIMITED - LINE BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1998

1 STATEMENT OF ACCOUNTING POLICIES

General Accounting Policies

The financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1994 (the Regulations) on an historical cost basis, as modified by the revaluation of certain assets.

Particular Accounting Policies

The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied:

a) Network Charges

Income from Network charges includes an estimated amount for accrued sales from meters unread as at 31 March 1998.

b) Investments

Investments are stated at the lower of cost plus accrued interest and net realisable value.

c) Fixed Assets

The Company has five classes of fixed assets as follows:

  • Freehold Land
  • Freehold Buildings
  • Reticulation Assets
  • Motor Vehicles
  • Plant and Equipment

The Reticulation Assets were revalued on an optimised depreciated replacement cost basis by independent valuers on 1 April 1995 and subsequently will be revalued every 3 years. Additions to the Reticulation Assets since revaluation are stated at cost.

Assets constructed by the company are capitalised at direct cost plus a proportion of indirect overheads.

All other fixed assets are recorded at cost less accumulated depreciation.

d) Infrastructure Asset

The Infrastructure asset comprises the reticulation network.

Expenditure on the infrastructure asset which increases the operating capability of, or which enhances or develops, the network is capitalised.

Expenditure incurred to maintain the operating capability of the infrastructure asset is charged as maintenance.

e) Capital Contributions

Contributions towards the cost of additions to the Reticulation Assets are recognised as income when received.



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✨ LLM interpretation of page content

🏭 Certification of Financial Statements and Performance Measures by Waipa Power Limited (continued from previous page)

🏭 Trade, Customs & Industry
23 June 1998
Financial Statements, Performance Measures, Electricity, Information Disclosure, Waipa Power Limited