✨ Northpower Ltd Financial Statements
NEW ZEALAND GAZETTE
8 SEPTEMBER
NORTHPOWER LTD
STATEMENT OF ACCOUNTING POLICIES
For The Year Ended 31 March 2000
Reporting Entity
Northpower Ltd is a company formed under the Energy Companies Act 1992 and registered under the Companies Act 1993.
The financial statements have been prepared in accordance with the Financial Reporting Act 1993 for the sole purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999.
Measurement Base
The general accounting policies recognised as appropriate for the measurement and reporting of results, cashflows and financial position under the historical cost method, as modified by the revaluation of land, buildings and the distribution system assets, have been followed in the preparation of these financial statements.
Particular Accounting Policies
The following particular accounting policies, which significantly affect the measurement of profit and of financial position, have been applied:
(i) Sales
Sales shown in the Statement of Financial Performance comprise the amounts received and receivable by the Company for goods and services supplied to customers in the ordinary course of business. Sales are stated exclusive of Goods and Services Tax collected from customers.
(ii) Investments
Investments are stated at cost.
(iii) Properties Intended For Sale
Properties intended for sale are classified as current assets if sale is expected within 1 year. Such properties are shown at carrying value unless this exceeds net realisable value.
(iv) Cost of Fixed Assets
The cost of purchased fixed assets is the value of the consideration given to acquire the assets and the value of other directly attributable costs which have been incurred in bringing the assets to the location and condition necessary for their intended service.
The cost of assets constructed by the Company includes the cost of all materials used in construction, direct labour on the project and an appropriate proportion of production overhead. Costs cease to be capitalised as soon as the asset is ready for productive use.
All fixed assets are initially recorded at cost.
Land and buildings are subsequently valued by independent registered valuers on a three-yearly basis. The basis of the valuations is net current value.
Distribution system assets have been revalued to Optimised Deprival Value at 1 April 1999, based on a valuation conducted by Ernst & Young, Registered Valuers, as at 31 March 1998. The Directors believe that this valuation would not be materially different to a valuation conducted at 1 April 1999. Additions between revaluations are recorded at cost.
(v) Depreciation
Depreciation is charged on a straight line basis so as to write off the cost or valuation of the fixed assets to their estimated residual value over their expected economic lives. The estimated economic lives are as follows:-
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 124
Gazette.govt.nz —
NZ Gazette 2000, No 124
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Northpower Limited Information Disclosure
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🌾 Primary Industries & Resources30 August 2000
Electricity, Information Disclosure, Regulations, Northpower Limited, Financial Statements, Performance Measures