New Zealand Gazette – 2000 – No. 87

Page 2118

✨ Financial Statements and Accounting Policies



2118
NEW ZEALAND GAZETTE
No. 87

NETWORK TASMAN LIMITED
LINE BUSINESS FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2000

1. STATEMENT OF ACCOUNTING POLICIES

GENERAL ACCOUNTING POLICIES

Network Tasman Limited is a company registered under the Companies Act 1993 and is a reporting entity for the purposes of the Financial Reporting Act 1993.

The financial statements have been prepared in accordance with, and for the purposes of, complying with the requirements of the Electricity (Information Disclosure) Regulations 1999.

The financial statements have been prepared on the historical cost basis with the exception of certain items for which specific accounting policies are disclosed.

SPECIFIC ACCOUNTING POLICIES

The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:

(a) Recognition of Line Revenue

Retailer-owned electricity meters are read on the basis of constant cycles each year. Line revenues include an estimated amount for accrued sales as at 31 March 2000.

(b) Goods and Services Tax (GST)

The statement of financial performance and statement of cash flows have been prepared so that all components are stated exclusive of GST. All items in the statement of financial position are stated net of GST with the exception of receivables and payables which include GST.

(c) Fixed Assets

The company has six classes of fixed assets:

  • Freehold Land
  • Freehold Buildings
  • Distribution Assets
  • Plant and Equipment
  • Computer Equipment
  • Motor Vehicles

All fixed assets are initially recorded at cost.

Freehold land and buildings are subsequently revalued on a cyclical basis every three years. Valuations are at net current value as determined by an independent valuer.

Distribution system assets were last revalued as at 31 March 1997 to a carrying value which equated to 80% of Optimised Deprival Value (ODV).

The directors are of the opinion that the carrying value as at 31 March 2000 would not be significantly different if a revaluation in accordance with generally accepted accounting principles was undertaken as at 31 March 2000. For that reason, a revaluation of the distribution system assets for financial reporting purposes has not been carried out this year.

Plant and equipment, computer equipment and motor vehicles are valued at cost less depreciation.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 87


Gazette.govt.nz — PDF NZ Gazette 2000, No 87




✨ LLM interpretation of page content

🏭 Network Tasman Limited Information Disclosure (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Information Disclosure, Regulations, Financial Statements, Performance Measures, Accounting Policies, Line Revenue, GST, Fixed Assets, Valuation, Depreciation