✨ Financial Statements and Accounting Policies
8 OCTOBER NEW ZEALAND GAZETTE 3473
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 MARCH 1999
These Financial Statements are for the reporting entity King Country Energy Limited Lines Business.
The Financial Statements have been prepared in accordance with the requirements of the Electricity (Information Disclosure) Regulations 1999 and the Financial Reporting Act 1993.
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.
The Electricity Information Disclosure Handbook 1999 has been followed in the preparation of these financial statements.
ACCOUNTING PERIOD
These financial statements cover trading for the year to 31 March 1999.
TRADE DEBTORS
Accounts receivable are stated at expected net realisable value. An estimate is made for doubtful debts based on a review of all outstanding amounts at year end. Bad debts are written off during the period in which they are identified.
CAPITAL CONTRIBUTIONS
Capital contributions are taken to income when received.
FIXED ASSETS
Fixed Assets, other than land and buildings, are stated at cost less accumulated depreciation. Land and buildings are originally stated at cost and then revalued to latest Government Valuation less accumulated depreciation on buildings. As future revisions of Government Valuation are received land and buildings are revalued accordingly being a period not greater than three years from the previous valuation.
DEPRECIATION
Fixed Assets have been depreciated on the following basis.
- Distribution Equipment 4% straight line on cost
- Buildings 2% straight line on valuation
- Motor Vehicles 20% DV on cost
- Plant and Equipment 20% to 33% DV on cost
TAXATION
The income tax charged to the Statement of Financial Performance includes both current and deferred tax and is calculated after allowing for non-assessable income and non-deductible costs. Deferred taxation, calculated using the comprehensive liability method, is accounted for in respect of those timing differences expected to reverse in the foreseeable future. A deferred tax benefit is recognised only if there is a virtual certainty of realisation.
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.
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VUW Te Waharoa —
NZ Gazette 1999, No 145
NZLII —
NZ Gazette 1999, No 145
✨ LLM interpretation of page content
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Certification of Financial Statements and Performance Measures by Directors
(continued from previous page)
🏭 Trade, Customs & Industry2 September 1999
Electricity, Information Disclosure, King Country Energy, Financial Statements, Performance Measures, Certification, Cash Flows
🏭 Statement of Accounting Policies for King Country Energy Limited
🏭 Trade, Customs & IndustryAccounting Policies, Financial Statements, Electricity, King Country Energy, Historical Cost, Depreciation, Taxation, GST