New Zealand Gazette – 1998 – No. 121

Page 2919

✨ Financial Statements



21 AUGUST NEW ZEALAND GAZETTE 2919

Statement of Accounting Policies

Reporting Entity

Enerco New Zealand Limited ("Enerco") is a company registered under the Companies Act 1993 and is listed on the New Zealand Stock Exchange.

Special Purpose Financial Statements

The financial statements have been prepared for the Gas (Information Disclosure) Regulations 1997. These financial statements should be read in conjunction with the annual report of Enerco for the year ended 31 March 1998.

The avoided cost methodology has been employed by Enerco to determine the allocation of the assets, liabilities, revenues and costs.

The avoided cost methodology defines Enerco’s distribution business as its core activity. An assessment has then been made as to what assets, liabilities revenues and costs could be avoided by the distribution business.

Those costs that can be avoided are allocated to the other business activities of Enerco and those costs that could not be avoided are allocated to the distribution business.

A full description of the avoidable cost methodology employed by Enerco is publicly available as required by Regulation 21 of the Gas (Information Disclosure) Regulations 1997.

Measurement Base

The measurement system adopted is that of historical cost except for the revaluation of certain fixed assets.

Particular Accounting Policies

Accounts Receivable

Accounts receivable are valued at their expected realisable value. Any individual debt that is considered to be irrecoverable has been written off during the financial year. Hire Purchase debtors exclude unearned interest calculated using the “rule of 78” method.

Fixed Assets

All fixed assets are revalued at least once every three years by independent valuers in accordance with SSAP 28. Any subsequent fixed asset additions are recorded at cost until the next revaluation.



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✨ LLM interpretation of page content

🌾 Financial Statements by Pipeline Owners (continued from previous page)

🌾 Primary Industries & Resources
Financial Statements, Assets, Liabilities, Enerco New Zealand Limited