✨ Financial Statements Notes
2694
NEW ZEALAND GAZETTE
No. 109
HAWKE’S BAY POWER DISTRIBUTION LIMITED AND SUBSIDIARY
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1998
1 ENTITY STATEMENT
These financial statements have been derived from the consolidated financial statements of Hawke’s Bay Power Distribution Limited and Subsidiary as required by Regulation 6(5) of the Electricity (Information Disclosure) Regulations 1994. The statements reflect the financial performance and financial position of the lines and other businesses as defined and required by the Regulations for the year ended 31 March 1998.
These financial statements have been prepared in accordance with the Electricity Disclosures Guidelines as issued by the Ministry of Commerce dated 11 July 1994 and are presented solely for the purpose of complying with regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1994. They have not been prepared for the purpose of the Financial Reporting Act 1993, or the Energy Companies Act 1992.
2 STATEMENT OF ACCOUNTING POLICIES
Measurement System
The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the Company.
Particular Accounting Policies
The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied;
a) Other Investments
Other investments are stated at cost.
b) Fixed Assets
All fixed assets are initially recorded at cost.
c) Depreciation
Depreciation is provided on a straight line basis on all tangible fixed assets other than freehold land, at rates calculated to allocate the assets’ cost or valuation less any residual value, over their estimated useful lives.
Major depreciation periods are -
Distribution system 50 years
Transformers 40 years
Metering Equipment 10-40 years
Freehold Buildings 60-100 years
Motor Vehicles 5-10 years
Plant and Equipment 5-10 years
Office Furniture and Equipment 4-20 years
d) Receivable
Receivable are stated at their estimated realisable value.
e) Inventories
Inventories are stated at the lower of average cost and net realisable value.
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VUW Te Waharoa —
NZ Gazette 1998, No 109
NZLII —
NZ Gazette 1998, No 109
✨ LLM interpretation of page content
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Audit Certification of Hawke’s Bay Power Distribution Limited Financial Statements
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🏭 Trade, Customs & Industry14 July 1998
Audit, Financial Statements, Certification, Electricity, Regulations, Hawke’s Bay