✨ Financial Statements Notes
25 SEPTEMBER NEW ZEALAND GAZETTE 3801
TOP ENERGY LIMITED
NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS
STATEMENT OF ACCOUNTING POLICIES
FOR THE 12 MONTHS ENDED 31 MARCH 1998
STATEMENT OF ACCOUNTING POLICIES
The financial statements are those of the Line and Energy Trading businesses of Top Energy Limited. Top Energy Limited is owned 100% by the Bay of Islands Electric Power Trust and these organisations are in a “Prescribed Business Relationship” as defined by Regulation 3(1)(a)(ii) of the Electricity (Information Disclosure) Regulations 1994.
The period reported is 1 April 1997 to 31 March 1998.
These financial statements are prepared in accordance with Regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1994. The financial statements have not been prepared for the purpose of the Financial Reporting Act 1993, or the Energy Companies Act 1992.
GENERAL ACCOUNTING POLICIES
The general accounting policies recognised as appropriate for the measurement and reporting of results and financial position under the historic cost method, as modified by revaluation of the distribution system, have been followed in the preparation of these financial statements.
Methodology of Separation of Business
Top Energy Limited has generally followed the Electricity Disclosure Guidelines dated 23 June 1994, as issued by the Ministry of Commerce, with the exceptions in the Allocations Methodologies Disclosure which is available on request in accordance with Regulation 19.
PARTICULAR ACCOUNTING POLICIES
The following particular accounting policies, which significantly affect the measurement of financial performance and financial position, have been applied.
1 Sales
Sales shown in the Statement of Financial Performance comprise the amounts received and receivable by the Company for electricity and goods and services supplied to customers in the ordinary course of business. Sales are stated exclusive of Goods and Services Tax collected from customers.
2 Capital Contributions
Funds received from customers, as a contribution towards the cost of uneconomic supply facilities, are recognised in the statement of financial performance as soon as any obligations attaching to the contributions have been met.
Where within 10 years of receipt a customer’s circumstances change such that a part or all of the contribution is refunded then a separately established reserve has been set up for this purpose.
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VUW Te Waharoa —
NZ Gazette 1998, No 158
NZLII —
NZ Gazette 1998, No 158
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Notes to the Special Purpose Financial Statements for Top Energy Limited
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Accounting Policies, Sales, Capital Contributions, Top Energy Limited