New Zealand Gazette – 1999 – No. 132

Page 3163

✨ Financial Statements



21 SEPTEMBER NEW ZEALAND GAZETTE 3163

SCANPOWER LIMITED

STATEMENT OF ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 1999

SCANPOWER Limited ("SCANPOWER") is a public company registered under the Companies Act 1993. These financial statements have been prepared in accordance with the Electricity (Information Disclosure) Regulations 1999. The financial statements comprise separate Statements of Financial Position, Financial Performance, Cash Flows and Movements in equity for the Line and Other Businesses as required by the Regulations. These businesses operate in and around the Southern Hawkes Bay area. The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the Company, with the exception that certain fixed assets have been revalued.

Methodology and Separation of Businesses

SCANPOWER has generally followed the guidelines in the Electricity Information Disclosure Handbook issued by the Energy Markets Policy Group of the Ministry of Commerce.

The financial statements have been prepared on the basis of historical cost with the exception of certain items for which specific accounting policies are identified.

a) Goods and Services Tax (GST)

The statement of financial performance and statement of cash flows have been prepared so that all components are stated exclusive of GST. All items in the statement of financial position are stated net of GST, with the exception of receivables and payables which include GST invoiced.

b) Operating Revenue

Sales revenue represents revenue earned for the sale of the company’s products and services net of returns, trade allowances and taxes paid. Other revenue includes interest income on investments and dividends received.

c) Receivables

Receivables are carried at anticipated realisable value. An estimate is made for doubtful receivables based on a review of all outstanding amounts at year end. Bad debts are written off during the year in which they are identified.

d) Inventories

Inventories are valued at the lower of weighted average cost and net realisable value.

e) Fixed Assets

All fixed assets are initially recorded at cost. Freehold land and buildings are subsequently revalued to net current value by an independent valuer. Fixed assets within these classes are revalued on a cyclical basis. The revaluations are conducted on a systematic basis so that each individual asset is revalued every three years.



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✨ LLM interpretation of page content

🏭 Certificate of Financial Statements and Performance Measures by SCANPOWER LIMITED (continued from previous page)

🏭 Trade, Customs & Industry
10 September 1999
Audit, Financial Statements, Performance Measures, Electricity, SCANPOWER LIMITED, Accounting Records, Information Disclosure, Cash Flows, Operating Activities, Investing Activities, Financing Activities