New Zealand Gazette – 1998 – No. 133

Page 3241

✨ Electricity Financial Statements



4 SEPTEMBER NEW ZEALAND GAZETTE 3241

ELECTRICITY ASHBURTON LIMITED

ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

Statutory Base

Electricity Ashburton Limited is a Co-operative company registered under the Co-operative Companies Act 1996.

These financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1994 from the consolidated financial statements of parent company Electricity Ashburton Limited and the wholly owned subsidiary Ashburton Refrigeration (1997) Limited as at 31 March 1998.

LINE AND ENERGY AND OTHER BUSINESS ACTIVITIES - STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 MARCH 1998

Measurement Base

The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on a modified historic cost basis have been followed.

Accounting Policies Common To All Activities

a) Depreciation

Depreciation has been provided on all tangible fixed assets other than freehold land on the following basis and at the following rates which amortise the cost of the asset over their economic lives.

Fixed Assets:

  • Buildings
    • concrete 1% straight line
    • brick 2% straight line
    • wooden 2.5% straight line
  • Motor Vehicles 18% to 31.2 % diminishing value
  • Plant & Equipment 10% to 60.0% diminishing value

Depreciation has been charged on a monthly basis on assets acquired and which became operational during the month.

b) Income Taxation

The income taxation expense charged against the operating surplus for the year is the estimated liability in respect of that operating surplus and is calculated after allowance for permanent differences. Deferred Taxation is calculated on the comprehensive basis using the liability method (see Note 3). Future tax benefits attributable to tax losses or timing differences are only realised when there is virtual certainty of realisation.

c) Valuation of Assets

Land is stated at cost, all other fixed assets (except distribution assets) are stated at cost less accumulated depreciation.

All distribution system assets were revalued on an Optimised Deprival Value (ODV) basis by Coopers & Lybrand as at 1 April 1997.



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✨ LLM interpretation of page content

🏭 Electricity Information Disclosure for Ashburton Limited (continued from previous page)

🏭 Trade, Customs & Industry
10 August 1998
Electricity, Financial Statements, Audit, Ashburton Limited