New Zealand Gazette – 1998 – No. 159

Page 3822

✨ Financial Statements and Accounting Policies

3822 NEW ZEALAND GAZETTE No. 159

WESTPOWER LIMITED

STATEMENT OF ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 1998

Westpower Limited is a line owner in accordance with the Electricity (Information Disclosure) Regulations 1994. Regulation 6 requires the line owner to prepare financial statements for the follow businesses:

Lines
Generation
Other

These financial statements have been prepared in accordance with the requirements of the Electricity (Information Disclosure) Regulations 1994.

The measurement base adopted is that of historical cost except for the revaluation of some fixed assets.

(a) Fixed Assets and Depreciation

The Distribution System has been revalued to Optimised Deprival Value at 31 March 1998. The revaluation has been performed based on the methodology used by Ernst and Young, Registered Valuer as at 31 March 1996. Additions made subsequent to the revaluation are valued at cost and not depreciated except for the assets owned by the subsidiary Haast Electricity Limited on which depreciation is charged.

The Generation System has been revalued to net current value by Ernst and Young, Registered Valuer at 31 March 1996. Additions made subsequent to the revaluation are valued at cost and depreciated at the rates shown in the Accounting Policies.

Leasehold land is valued at the lessee's interest in the Government Valuation as at 1 September 1997.

All other fixed assets are valued at cost less accumulated depreciation where applicable.

(i) Distribution Assets (excluding Haast Electricity Limited) are being accounted for using renewal accounting.

The distribution assets of Haast Electricity Limited are depreciated at the following rate which writes off the cost of the assets over their expected economic lives.

Distribution System 2.5%CP

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VUW Te Waharoa — NZ Gazette 1998, No 159

NZLII — NZ Gazette 1998, No 159

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✨ LLM interpretation of page content

🏭 Certification of Financial Statements by Westpower Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated31 August 1998
KeywordsFinancial Statements, Certification, Audit, Electricity, Westpower Limited

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