New Zealand Gazette – 2000 – No. 113

Page 2826

✨ Electricity Information Disclosure



2826

NEW ZEALAND GAZETTE

No. 113

OTAGO POWER LIMITED

ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 2000

STATEMENT OF ACCOUNTING POLICIES

GENERAL ACCOUNTING POLICIES

SPECIAL PURPOSE FINANCIAL STATEMENTS

These Financial Statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999.

These Financial Statements relate to the Company’s Line business incorporating the conveyance of electricity, ownership of Works for conveyance of electricity and provision of line function services in accordance with Section 6 of the Regulations.

Otago Power Ltd is registered under the Companies Act 1993 and also registered under the Co-operative Companies Act 1996.

These Financial Statements should be read in conjunction with the Financial Statements and Notes issued to Shareholders for the year ended 31 March 2000.

MEASUREMENT BASE

The measurement base adopted is that of historical cost except for the revaluation of certain fixed assets as stated. Reliance is placed on the fact that Otago Power Limited is a going concern.

Accrual Accounting is used to match expenses and revenues.

PARTICULAR ACCOUNTING POLICIES

1. Valuation of Assets

  1. Investments are recorded at cost plus accumulated interest.
  2. Debtor balances are at estimated realisable value after writing off bad debts for the period and making an allowance for doubtful debts.

2. Fixed Assets

The assets of the Otago Electric Power Board (O.E.P.B.) were transferred to the Company under the Energy Companies Act 1992 in accordance with the Establishment Plan. The value of assets acquired from O.E.P.B. were determined as set out below with subsequent additions at cost.

  1. Distribution system assets, except standby transformers, are valued at cost less accumulated depreciation. Standby transformers are recorded at a current market value established in 1991, as valued by B. Wilkes an independent valuer, less depreciation. This is a departure from the historical cost measurement base.
  2. Buildings, Plant and Equipment are recorded at historic cost less accumulated depreciation.
  3. Land and Roading is recorded at historic cost.
  4. Motor Vehicles are recorded at historic cost less accumulated depreciation.

All assets, except freehold land and roads are depreciated over their estimated useful lives on a straight line basis or diminishing value basis as considered appropriate, commencing from the time the asset is held ready for use.

The Economic life ranges for the various classes of assets are:-

Buildings and Residences         39 to 48 years
Distribution Equipment          16 to 25 years
Tools, Plant and Equipment      5 years
Motor Vehicles                5 years


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 113


Gazette.govt.nz — PDF NZ Gazette 2000, No 113




✨ LLM interpretation of page content

🏭 Otago Power Limited Information Disclosure (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Information Disclosure, Otago Power Limited, Regulations, Financial Statements, Accounting Policies
  • B. Wilkes, Independent valuer for standby transformers