✨ Financial Statements Notes
26 JULY NEW ZEALAND GAZETTE 1975
WAIPA NETWORKS LIMITED - LINES BUSINESS
i) Employee entitlements
Provision is made in respect of the companies liability for annual leave, long service leave and retirement gratuities. Where the qualifying criteria has been met these have been calculated on an actual entitlement basis at current rates of pay. Further provision has been made for long service and retirement gratuities where the qualifying criteria has not yet been met, bringing to account what is likely to be payable in the future in respect of service that employees have accumulated up until the 31 March 2000.
CHANGES IN ACCOUNTING POLICIES
This is the first year the company has recognised a provision for long service and retirement gratuities where the qualifying criteria has not been met but where there is likelihood of payment in the future. Previously no account was taken of the future liabilities. The recognition of this future liability has resulted in $15,972 being recognised in the Statement of Financial Performance as an additional cost. In future years the movement in the provision will be brought into account.
The reticulation network is no longer accounted for on a renewals basis. The change has been made to comply with generally accepted accounting practice. The effect of the change in this years financial statements is an increase in depreciation of $1,123,060 and a reduction in maintenance costs, and an increase in the cost of capitalised reticulation network assets of $156,735.
There have been no other changes in accounting policies. All policies have been consistently applied during the year.
2 NET SURPLUS BEFORE TAXATION
After Charging:
Direct Expenditure 1,586,594 1,212,783
Audit fees for these financial statements 6,600 4,612
Audit fees for Companies financial statements 23,897 25,089
Directors' fees 96,245 106,750
Change in Provision for Doubtful Debts - (10,406)
Other Indirect expenditure 895,310 1,174,253
Depreciation 1,289,783 149,658
Net Loss on Disposal of Assets 3,624 (9,178)
Interest Paid 224,625 -
After Crediting:
Interest Received 63,900 53,663
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 83
Gazette.govt.nz —
NZ Gazette 2000, No 83
✨ LLM interpretation of page content
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Notes to Financial Statements for Waipa Networks Limited
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🏭 Trade, Customs & Industry31 March 2000
Financial Statements, Accounting Policies, Depreciation, Receivables, Income Tax, Inventories, Financial Instruments, Waipa Networks Limited