New Zealand Gazette – 1999 – No. 92

Page 2177

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

9 AUGUST

2177

WAIPA POWER LIMITED - LINE BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1999

1 STATEMENT OF ACCOUNTING POLICIES

General Accounting Policies

The financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999 (the Regulations).

The general accounting policies recognised as appropriate for the measurement and reporting of performance, cash flows and financial position under the historical cost method, as modified by the revaluation of certain assets, have been followed in the preparation of these financial statements.

Particular Accounting Policies

The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied:

a) Network Charges

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

b) Fixed Assets

The Company has five classes of fixed assets as follows:

  • Freehold Land
  • Freehold Buildings
  • Reticulation Assets
  • Motor Vehicles
  • Plant, Furniture & Fittings

The Reticulation Assets were revalued on an optimised depreciated replacement cost basis by independent valuers on 1 April 1998 and subsequently will be revalued at least every 3 years. Additions to the Reticulation Assets since revaluation are stated at cost.

Assets constructed by the company are capitalised at direct cost plus a proportion of indirect overheads.

All other fixed assets are recorded at cost less accumulated depreciation.

c) Infrastructure Asset

The Infrastructure asset comprises the reticulation network.

Expenditure on the infrastructure asset which increases the operating capability of, or which enhances or develops, the network is capitalised.

Expenditure incurred to maintain the operating capability of the infrastructure asset is charged as maintenance.



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✨ LLM interpretation of page content

🏭 Notes to Financial Statements for Waipa Power Limited (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Fixed Assets, Reticulation Assets, Network Charges, Infrastructure Asset, Depreciation, Valuation