New Zealand Gazette – 1999 – No. 180

Page 4274

✨ Financial Statement



4274 NEW ZEALAND GAZETTE No. 180

WESTPOWER LIMITED

STATEMENT OF ACCOUNTING POLICIES

FOR THE YEAR ENDED 31 MARCH 1999

These financial statements have been prepared in accordance with the requirements of the Electricity (Information Disclosure) Regulations 1999.

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

(a) Network Charges

Income from Network Charges includes an estimated amount for accrued sales from meters unread as at 31 March 1999.

(b) Investments

Sinking Fund Investments are shown at cost plus accumulated interest.

Other Investments are stated at cost.

Interest income is accounted for as earned.

(c) Fixed Assets and Depreciation

The Distribution System has been revalued to Optimised Deprival Value at 31 March 1999. The revaluation was conducted by PricewaterhouseCoopers in conjunction with Worley Consultants, Registered Valuers.

Expenditure on distribution assets (excluding Haast Electricity Limited) relating to increases in capacity or enhancements of the network is treated as additions which are included at cost. Expenditure on maintaining the operating capability of the network in accordance with the Asset Management Plan is charged as an operating cost.

No depreciation is charged on distribution assets because the network is required to be maintained in perpetuity and therefore has an extremely long economic life, so the directors consider depreciation is insignificant.

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

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



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🏭 Westpower Limited Statement of Accounting Policies (continued from previous page)

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Financial Statement, Accounting Policies, Westpower Limited