✨ Financial Statements
4 SEPTEMBER NEW ZEALAND GAZETTE 3263
THE POWER COMPANY LIMITED
LINE & OTHER BUSINESS
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 MARCH 1998
1.0 GENERAL ACCOUNTING POLICIES
The general policies adopted in the preparation of these financial statements are:
➢ Unless otherwise stated, the measurement base adopted is historical cost.
➢ Reliance is placed on the assumption that the Company is a going concern.
➢ Accrual accounting is used to match revenues with related expenses.
2.0 SPECIAL PURPOSE FINANCIAL STATEMENTS
These financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1994 ("the regulations"), and amendments.
These financial statements relate to the Company's Line Business incorporating the conveyance of electricity, ownership of works for conveyance of electricity and provision of line function services in accordance with Section 6 of the Regulations.
Activities as defined in Section 6(3) of the Regulations are undertaken and are shown as the Other Business. This includes Metering Systems Limited, the Monowai Power House, external contracting activities and street lighting services.
3.0 PARTICULAR ACCOUNTING POLICIES
The Power Company's 23% interest in United Electricity Limited has been excluded from these accounts. The interest in PowerNet Limited has been accounted for on a line by line consolidation of revenue and expenses after the elimination of all significant inter-company transactions. External Contracting Activities have then been split out and shown under the heading Other Business. Metering Systems Limited is a wholly owned subsidiary of The Power Company which specialises in high tech meter systems. Metering Systems Limited has been accounted for on a consolidation basis using the purchase method and shown under the heading Other Business.
3.1 Costs, Revenue, Assets and Liabilities
Costs, Revenues, Assets and Liabilities where appropriate have been directly attributed to the Line or Other Business. Overhead expenditure, assets and liabilities in relation to External Contracting Activities have been allocated on the percentage of total revenue, and all other Costs (with the exception of the Subvention Payment), Revenue, Assets and Liabilities have been allocated on the basis outlined in the Disclosure Regulations.
3.2 Fixed Assets
At 31 March 1998 all assets including Network Assets are recorded at cost less accumulated depreciation.
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VUW Te Waharoa —
NZ Gazette 1998, No 134
NZLII —
NZ Gazette 1998, No 134
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Financial Statements for The Power Company Ltd
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