✨ Financial Statement
26 NOVEMBER NEW ZEALAND GAZETTE 4275
All other fixed assets are valued at cost less accumulated depreciation where applicable.
(i) Distribution Assets (excluding Haast Electricity Limited) are being accounted for using renewal accounting.
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
(ii) Other Assets as listed below are depreciated using rates which write off the cost or valuation of the fixed assets over their expected economic lives as below:
Buildings 1.0% to 4% CP
Motor Vehicles 18.0 to 31.2% DV
Plant and equipment 10% to 50% DV
Furniture and fittings including computers 20% to 48% DV
(d) Debtors
Debtors are stated at estimated realisable value after providing for debts where collection is doubtful.
(e) Taxation
The taxation charge against the profit for the year is the estimated liability in respect of that profit and is calculated after allowance for permanent differences and timing differences not expected to reverse in future periods. This is the partial basis for the calculation of deferred taxation.
The Company follows the liability method of accounting for deferred taxation. Future taxation benefits attributable to losses carried forward or timing differences are recognised in the financial statements only where there is virtual certainty of realisation.
(f) Goods and Services Tax
All items in the financial statements are net of Goods and Services Tax except for Debtors and Creditors which are shown in the Statement of Financial Position inclusive of GST.
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1999, No 180
NZLII —
NZ Gazette 1999, No 180
✨ LLM interpretation of page content
🏭
Westpower Limited Statement of Accounting Policies
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statement, Accounting Policies, Westpower Limited