✨ Financial Statements
12 JULY
NEW ZEALAND GAZETTE
1843
NOTES TO AND FORMING PART OF THE LINE BUSINESS
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2000
ENTITY STATEMENT: Electricity Invercargill Limited was incorporated as a Local Authority Trading Enterprise on 30 June, 1991 at which time it purchased the electricity distribution undertaking of the Invercargill City Council Municipal Electricity Department and commenced trading on 1 July, 1991. On 28 August, 1996 the Invercargill City Council sold all the shares in Electricity Invercargill Limited to a wholly owned subsidiary, Invercargill City Holdings Limited (Holdco).
United Electricity Limited (in which Electricity Invercargill Limited held a 13% interest) purchased the electricity retailing activities of the Company on 1 November, 1993. Pursuant to Government legislation the Company’s interest in United Electricity Limited was sold on 1 October, 1998.
PowerNet Limited (owned 50/50 with The Power Company Limited) assumed complete responsibility for the day to day management of Electricity Invercargill Limited’s network on 1 March, 1994. The present Line Business is a consolidation of Electricity Invercargill Limited and it’s share of PowerNet Limited.
NOTE 1. STATEMENT OF ACCOUNTING POLICIES
GENERAL ACCOUNTING POLICIES
These Accounts are prepared for the sole purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999. The generally accepted accounting principles recognised by the Institute of Chartered Accountants of New Zealand as appropriate for the measurement and reporting of earnings and financial position on a modified historical cost basis are followed by the Company in the preparation of this report.
The 31 March balance date has required assumptions to be made which may subsequently prove to be incorrect. These Line Business Accounts are not comparable with the consolidated financial statements prepared at 30 June and published with the Company’s Annual Report.
PARTICULAR ACCOUNTING POLICIES
The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied:
(a) Basis of Consolidation
The Company’s interest in PowerNet Limited has been accounted for on a line by line consolidation of revenue and expenses with the elimination of all significant inter-company transactions. The company’s share of profits and losses in PowerNet Limited are reflected in the Consolidated Operating Statement and Balance Sheet.
(b) Costs and Revenue
Costs and Revenues are those directly attributable to the Line Business of Electricity Invercargill Limited. All non Line Business activity is excluded from these accounts.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 77
Gazette.govt.nz —
NZ Gazette 2000, No 77
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Notes to Financial Statements
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💰 Finance & RevenueFinancial Statements, Accounting Policies, Consolidation, Revenue, Expenses