✨ Financial Statements Disclosure
1612 NEW ZEALAND GAZETTE No. 71
SPECIAL PURPOSE FINANCIAL STATEMENTS (continued)
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The Company’s Contracting Business incorporating the maintenance of electrical appliances, fittings and associated equipment, the management of a hydro-electricity generating complex, and provision of street lighting services.
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On 1 July 1998, the Operations carried out by the Company’s Contracting Business were transferred to a 100% owned subsidiary company DELTA Utility Services Ltd.
SPECIFIC ACCOUNTING POLICIES
In accordance with clause 6 of the Regulations, the methodology adopted to allocate costs, revenues, assets and liabilities among the businesses is in accordance with the Guidelines.
The particular accounting policies adopted in the preparation of these financial statements are:
(a) Revenue
Revenue shown in the Statement of Financial Performance for:
- The Line Business relates to the provision of electricity distribution.
(b) Expenditure
Expenditure shown in the Statement of Financial Performance is derived as follows:
Line Business
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Transmission charges, employee remuneration, administration and operating expenses are directly attributable to the Line Business.
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Maintenance provided up to 30 June 1998, by the Company’s Contracting Group and external contractors was at market rates.
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Maintenance and operation costs from 1 July 1998 onward, is provided in accordance with a 10 year Asset Management Services Contract with DELTA Utility Services Ltd.
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Other costs are allocated in accordance with the avoidable cost allocation methodology.
(c) Dividends
Dividends have been calculated in accordance with the Company’s dividend policy.
(d) Allocation of Assets and Liabilities
Assets and liabilities are those which are directly related to the Lines Business.
(e) Current Assets
Accounts receivable are those directly related to the Lines Business and are valued at expected realisable value less provision for doubtful debts.
(f) Fixed Assets
Dunedin network assets held at 1 January 1997 were revalued to the 1 January 1997 Optimised Deprival Valuation of those assets. This valuation was carried out in accordance with the statutory requirements of the Electricity (Information Disclosure) Regulations 1994, prepared and certified by Coopers and Lybrand.
Dunedin network assets were revalued to the 1 January 2000 Optimised Deprival Valuation of those assets. This valuation was carried out in accordance with the statutory requirements of the Electricity (Information Disclosure) Regulations 1999, prepared and certified by Catherall Taylor Associates. Additions to the Dunedin network since the latest revaluation are carried at cost less depreciation.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 71
Gazette.govt.nz —
NZ Gazette 2000, No 71
✨ LLM interpretation of page content
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Disclosure of Financial Statements Under Regulation 6 of the Electricity (Information Disclosure) Regulations 1999
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Accounting Policies, Revenue, Expenditure, Assets, Liabilities, Electricity, Disclosure