✨ Financial Statements Notes
2316 NEW ZEALAND GAZETTE No. 93
TOP ENERGY LIMITED
NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS
STATEMENT OF ACCOUNTING POLICIES
FOR THE 12 MONTHS ENDED 31 MARCH 2000
STATEMENT OF ACCOUNTING POLICIES
The financial statements are those of the Line business of Top Energy Limited. Top Energy Limited is owned 100% by the Bay of Islands Electric Power Trust and these organisations are in a “Prescribed Business Relationship” as defined by Regulation 3(1)(a)(ii) of the Electricity (Information Disclosure) Regulations 1999.
The period reported is 1 April 1999 to 31 March 2000.
These financial statements are prepared in accordance with Regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1999, and as amended by the Electricity (Information Disclosure) Amendment Regulations 2000. The financial statements have not been prepared for the purpose of the Financial Reporting Act 1993, or the Energy Companies Act 1992.
GENERAL ACCOUNTING POLICIES
The accounting policies recognised as appropriate for the measurement and reporting of results and financial position under the historic cost method, as modified by revaluation of the distribution system, have been followed in the preparation of these financial statements.
Methodology of Separation of Business
Top Energy Limited has followed the Electricity Information Disclosure Handbook dated 30 June 2000, as issued by the Ministry of Economic Development.
PARTICULAR ACCOUNTING POLICIES
The following particular accounting policies, which significantly affect the measurement of financial performance and financial position, have been applied.
1 Sales
Sales shown in the Statement of Financial Performance comprise the amounts received and receivable by the Company for electricity distribution services supplied to customers in the ordinary course of business. Sales are stated exclusive of Goods and Services Tax collected from customers.
2 Capital Contributions
Funds received from customers, as a contribution towards the cost of uneconomic supply facilities, are recognised in the statements of financial performance as soon as any obligations attaching to the contributions have been met.
Where a customer’s circumstances change such that a part or all of the contribution is refunded, then a separately established reserve has been set up for this purpose. Contributions may be refunded within 10 years of the original date of payment.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 93
Gazette.govt.nz —
NZ Gazette 2000, No 93
✨ LLM interpretation of page content
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Notes to the Special Purpose Financial Statements of Top Energy Limited
(continued from previous page)
🏗️ Infrastructure & Public Works1 August 2000
Financial Statements, Accounting Policies, Electricity, Top Energy Limited, Bay of Islands Electric Power Trust