✨ Financial Statements
25 AUGUST NEW ZEALAND GAZETTE 2721
HAWKE’S BAY NETWORK LIMITED – LINES BUSINESS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2000
- ENTITY STATEMENT
These financial statements for Hawke’s Bay Network Limited (LINES BUSINESS) for the year 1 April 1999 to 31 March 2000, and the financial position of the Company as at 31 March 2000 have been completed in accordance with Regulation 6 of the Electricity (Information Disclosure) Regulations 1999.
Hawke’s Bay Network Limited is registered as a company under the Companies Act 1993, and is an energy company in terms of the Energy Companies Act 1992.
These financial statements have been prepared in accordance with the Electricity Disclosure Guidelines as issued by the Ministry of Economic Development in June 2000 and are presented solely for the purpose of complying with regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1999.
- STATEMENT OF ACCOUNTING POLICIES
MEASUREMENT SYSTEM
The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historic cost basis are followed by the Company, with the exception that certain fixed assets have been revalued.
PARTICULAR ACCOUNTING POLICIES
The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied:
a. Fixed Assets
Network Assets are valued at Optimised Deprival Value (ODV) which is the lower of Optimised Depreciated Replacement Cost (ODRC) or Economic Value as determined by appropriately qualified valuers. These valuations were completed as at 31 March 1997 and have been adjusted for additions at cost and depreciation at appropriate rates to 31 March 2000. Land and Buildings not included in Network Assets are stated at valuation determined by an independent registered valuer as at 31 March 2000. The basis of valuation was market value on an existing use basis. All other fixed assets are initially stated at cost and depreciated as outlined below.
Network assets are revalued on a cyclical basis with no components being recognised at a valuation undertaken more than three years previously. Land and Buildings are revalued annually.
Any revaluation surplus arising on the revaluation of a class of fixed assets is transferred directly to the asset revaluation reserve. A revaluation deficit in excess of the asset revaluation reserve balance for the class of fixed assets is recognised in the Statement of Financial Performance in the period it arises. Revaluation surpluses which reverse previous revaluation deficits recognised in the Statement of Financial Performance are recognised as revenue in the Statement of Financial Performance.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 109
Gazette.govt.nz —
NZ Gazette 2000, No 109
✨ LLM interpretation of page content
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Notes to and forming part of the financial statements for Hawke’s Bay Network Limited
(continued from previous page)
💰 Finance & RevenueFinancial statements, Accounting policies, Fixed assets, Valuation, Depreciation, Optimised Deprival Value, Hawke’s Bay Network Limited