✨ Financial Statements Notes
NEW ZEALAND GAZETTE
No. 129
POWERCO LIMITED
Notes to the Financial Statements
for the year ended 31 March 1999
- Statement of Accounting Polices
Reporting Entity
Powerco Limited is a company registered under the Companies Act 1993. The group consists of Powerco Limited, its subsidiaries and its associate.
The following activities were the principal activities undertaken by Powerco Limited during the financial year:
- Distribution and retailing of electricity and value added services.
- Distribution and retailing of gas and value added services.
- Hydro electricity generation
As a result of the enactment of the Electricity Industry Reform Act during the year, the directors made the decision to dispose of the company energy retail and generation activities.
The disposal of these business assets, including relevant employees, has now been completed. The impact of these transactions have been fully recognised in these financial statements.
These financial statements have been prepared to comply with the provisions of The Electricity (Information Disclosure) Regulations 1999, Section 44 of the Energy Companies Act 1992, the Companies Act 1993, and the Financial Reporting Act 1993.
Measurement Basis
The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the Group, with the exception that certain fixed assets have been revalued.
Specific Accounting Policies
The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:
a) Basis of Consolidation
The consolidated financial statements include those of Powerco Limited and its wholly owned subsidiary, Egmont Electricity Limited. All significant inter-company transactions and balances are eliminated on consolidation. In the parent company financial statements investments in subsidiaries are stated at cost.
b) Associate Companies
These are companies in which the group holds substantial shareholdings and exercises significant influence in commercial and financial policy decisions.
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VUW Te Waharoa —
NZ Gazette 1999, No 129
NZLII —
NZ Gazette 1999, No 129
✨ LLM interpretation of page content
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Notes to the Financial Statements for Powerco Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Electricity, Gas, Hydro Generation, Disposal, Regulations