✨ Electricity Company Financial Disclosure
NEW ZEALAND GAZETTE
No. 114
WESTPOWER LIMITED
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 MARCH 2000
Westpower Limited is a company registered under the Companies Act 1993. The financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999 (the Regulations) as amended.
The measurement base adopted is that of historical cost except for the revaluation of certain fixed assets.
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 2000.
(c) Fixed Assets and Depreciation
(i) Valuation
Fixed Assets comprise:
Distribution System Assets (being the network system consisting of distribution and transmission lines and cables, zone substations, distribution transformers, protection and control equipment, communications equipment and metering).
Other Assets (being land, buildings, plant and equipment, motor vehicles, furniture and fittings).
Distribution System Assets were revalued to Optimised Deprival Value which incorporates a valuation based on the engineering optimisation of the system and its components after allowing for depreciation and is based on the value to the company of being deprived of the assets. The valuation was conducted by PricewaterhouseCoopers in conjunction with Worley Consultants, Registered Valuers, as at 31 March 1999.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 114
Gazette.govt.nz —
NZ Gazette 2000, No 114
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