New Zealand Gazette – 2000 – No. 114

Page 2861

✨ Financial Disclosure



Land and Buildings have been revalued to market value as at 31 March 2000. The valuation was conducted by Coast Valuations Limited, registered valuers.

All other fixed assets are valued at cost less accumulated depreciation where applicable.

Distribution equipment is revalued on a cyclical basis with no individual asset being included at a valuation made more than three years previously.

Additions between revaluations are recorded at cost.

(ii) Depreciation

Distribution Assets are depreciated using the straight line method at rates which amortise the cost or valuation less estimated residual value over their economic lives.

The main basis are periods not exceeding:

Electricity Distribution System 15 – 70 years

The electricity distribution system economic lives have been set consistent with the Ministry of Commerce’s revised ODV Handbook. The economic lives range from 15 – 70 years for the different components of the distribution system.

Other Assets are depreciated using rates which write off the cost or valuation of the fixed assets over their expected economic lives as below:

Buildings                       1% to 2.5% CP
Plant and equipment             10% to 50% DV
Furniture and fittings including computers   20% to 48% DV

Profits and losses on disposal are calculated as the difference between the carrying amount of the asset at the time of disposal and the proceeds of the disposal. Any depreciation recovered and any loss on sale is included in the operating result of the Company in the year of the disposal.

(d) Debtors

Debtors are stated at estimated realisable value after providing for debts where collection is doubtful.

(e) Taxation

The taxation charge against the profit for the year is the estimated liability in respect of that profit and is calculated after allowance for permanent differences and timing differences not expected to reverse in future periods. This is the partial basis for the calculation of deferred taxation.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 114


Gazette.govt.nz — PDF NZ Gazette 2000, No 114




✨ LLM interpretation of page content

🏭 Westpower Limited Information Disclosure (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Information Disclosure, Regulations, Westpower Limited, Financial Statements, Performance Measures, Statistics, Asset Valuation, Depreciation