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New Zealand Gazette – 1998 – No. 106

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✨ Financial Statements Notes

2594

NEW ZEALAND GAZETTE
WAIPA POWER LIMITED - OTHER 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.

Particular Accounting Policies

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

a) Electricity Sales

Sales of electricity 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
Motor Vehicles
Plant and Equipment
Generation

Fixed assets are recorded at cost less accumulated depreciation.

d) Depreciation

Depreciation has been provided on fixed assets using the straight line method at rates which amortise the cost less estimated residual value over their economic lives.
Depreciation on assets purchased during the year has been charged on a monthly basis from month of purchase.

The maximum depreciation rates are:
Buildings                                3.0%
Motor Vehicles                          20.0%
Computers Equipment & Software            20.0%
Plant, Furniture and Equipment            10.0%
Generation                               6.6%

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VUW Te Waharoa — NZ Gazette 1998, No 106

NZLII — NZ Gazette 1998, No 106

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✨ LLM interpretation of page content

🏭 Notes to Financial Statements of Waipa Power Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Accounting Policies, Electricity Sales, Investments, Fixed Assets, Depreciation, Waipa Power Limited

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