✨ Financial Statements Notes
NEW ZEALAND GAZETTE
No. 111
2.5 UnitedNetworks Limited
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
For the year ended 31 March 2000
Depreciation
Depreciation of fixed assets, other than freehold land, has been charged at rates calculated to allocate on a straight-line basis either the assets' cost, or the valuation, less estimated residual value, over their estimated useful lives as follows:
(i) Freehold Buildings
40 – 100 years
(ii) Reticulation System
15 – 70 years
(iii) Plant, Vehicles and Equipment
2 – 10 years
Goodwill
Goodwill on acquisition of businesses is amortised on a straight-line basis over the period of expected benefit or 20 years, whichever is the lesser.
Identifiable Intangibles
Identifiable intangibles arising from acquisition of reticulation assets is amortised on a straight-line basis over the period of expected benefit, which has been assessed as 40 years.
Accounts Receivable
Accounts Receivable are stated at their estimated net realisable value.
Inventory
Inventory is stated at the lower of cost and net realisable value. In arriving at net realisable value an allowance is made for deterioration and obsolescence.
Distributions from UnitedNetworks Shareholders Society Inc (UNSS)
As with 1999, the distributions received from UNSS are treated as a distribution from a trust, being a return of dividends previously paid to the trust, of which the company is the beneficiary. Under the avoidable cost allocation methodology these distributions have been identified as dividends and classified as “other”.
Changes in Accounting Policies
All policies have been applied on bases consistent with those used in the previous year.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 111
Gazette.govt.nz —
NZ Gazette 2000, No 111
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Notes to Financial Statements of UnitedNetworks Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial, Statements, Notes, Accounting Policies, UnitedNetworks Limited, Depreciation, Goodwill, Intangibles, Accounts Receivable, Inventory, Distributions