✨ Financial Statements
NEW ZEALAND GAZETTE
No. 103
Centralines Limited – Line Business
Notes to Financial Statements
Statement of Accounting Policies
For the period ended 31 March 2000
Entity Statement
Electricity Distribution
The Company’s core business is the conveying of electricity from the national power grid throughout Central Hawke’s Bay by its electricity network. It includes the ownership and operation of the electricity network and its associated assets. It charges energy retailers for this service.
The Company will undertake this activity in a manner consistent with:
- The safe and effective utilisation of our physical assets and human resources.
- The prudent management of our business risks.
Statutory Base
The Company is a limited liability company registered under the provisions of the Companies Act 1993 and the Energy Companies Act 1992. The Company has 8,000,000 shares vested in the CHB Consumer’s Power Trust on 1 June 1993.
The Financial Statements are prepared in accordance with Regulations 6 (2) of the Electricity (Information Disclosure) Regulations 1999.
Measurement Base
Accounting policies used in the preparation of these financial statements are set out below. The historical cost method, as modified by the revaluation of certain assets, has been followed.
The principles of going concern, accrual and periodic reporting have been used as the underlying basis of the reports, as defined by the Statement of Concepts issued by the Institute of Chartered Accountants of New Zealand.
Employee Entitlements
Provision is made in respect of the Company’s liability for annual leave, standby leave, long service leave, retiring gratuities and redundancies. All have been calculated on the actual entitlement at balance date at the applicable rate stated in individual contracts, except for retiring gratuities which have been calculated on the basis of entitlement likely to be paid which is based on historical data at balance date.
Inventories
Inventories are stated at the lower of cost (calculated on an average cost basis) or estimated realisable value. This valuation includes an adjustment for slow moving and obsolete inventories. Work in Progress has been valued at cost.
Financial Instruments
The Company was party to financial instrument arrangements as part of its every day operations, including instruments which have been recognised in these financial reports. Revenues and Expenses in relation to all financial instruments are recognised in the Statement of Financial Performance.
All financial instruments, including cash and bank, and accounts payable are recognised at their fair values. The Company has not entered into any off-balance sheet instruments. The following methods and assumptions were used to value each class of financial instrument.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 103
Gazette.govt.nz —
NZ Gazette 2000, No 103
✨ LLM interpretation of page content
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Centralines Limited Financial Performance Statement
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💰 Finance & RevenueFinancial Performance, Operating Revenue, Taxation, Electricity Industry