✨ Financial Accounting Policies
2758 NEW ZEALAND GAZETTE No. 115
(e) Depreciation
Fixed assets are depreciated on the basis of cost price less estimated residual value over the period of their estimated useful life.
Rates used are:
| Buildings | - | 1% SL - 4% DV |
| Furniture, Fittings & EDP Equipment | - | 10% DV - 50% DV |
| Motor Vehicles | - | 20% DV - 25% DV |
| Network Assets | - | 1% SL - 22% DV |
(f) Receivables
Receivables are stated in their estimated realisable value.
(g) Inventories
Inventories are stated at the lower of cost at weighted average cost price, and net realisable value.
(h) Income Tax
The income tax expense charged against the profit for the year is the estimated liability in respect of that profit and is calculated after allowance for permanent differences. The Company uses the liability method of accounting for deferred taxation and applies this on a comprehensive basis. Future tax benefits attributable to tax losses or timing differences are only recognised where there is virtual certainty of realisation.
(i) Work In Progress
The cost of work in progress includes the cost of direct material and direct labour used in putting replacement and new systems in their present location and condition.
(j) Goods And Services Tax
These accounts have been prepared on a GST exclusive basis with the exception of Sundry Debtors and Creditors which are GST inclusive.
2.0 REVENUE
1999
Revenue to Line Business for Goods & Services Provided to Other
Revenue from Line/Access Charges Invoiced to Consumers by Electricity Retailers 19,512,659
Revenue from Line/Access Charges to Final Consumer 1,135,725
AC Rental Rebates 613,908
Income from Interest on Short-Term Investments 109,712
Other Income 726,777
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VUW Te Waharoa —
NZ Gazette 1999, No 115
NZLII —
NZ Gazette 1999, No 115
✨ LLM interpretation of page content
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Financial Performance Statement for The Power Company Limited
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💰 Finance & RevenueFinancial Statement, Accounting Policies, Line Business, Power Company Limited