New Zealand Gazette – 2001 – No. 114

Page 2956

✨ Financial Statements



NELSON ELECTRICITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

for the year to 31 March 2001

2.8 Operating Leases

Leases where the lessor retains substantially all the risks and benefits of ownership of the leased items are classified as operating leases. Payments under these leases are recognised as expenses in the periods in which they occur.

2.9 Lease Buy-out Amortisation

The cost of buying out the unexpired portion of the network lease held by Citipower Ltd has been capitalised in Nelson Electricity’s financial records. This cost will be amortised over the period which the lease would have run.

2.10 Network Revenue

The Company’s principal source of revenue arises from the supply of network services to electricity traders who trade across the network. Terms and conditions for supply of these services are provided for in “use of system” agreements signed with the electricity retailers.

2.11 Employee Entitlements

Provision is made in respect of the company’s liability for employees annual leave. Annual leave is calculated on an actual entitlement basis at current rates of remuneration.

2.12 Statement of Cash Flows

Cash means cash balances on hand, held in bank accounts, demand deposits and other highly liquid investments in which the company invests as part of its day to day cash management.

Operating activities include all cash received from all income sources of the company and records the cash payments made for the supply of goods and services.

Investing activities are those activities relating to the acquisition and disposal of non current assets.

Financing activities comprise the change in equity and debt capital structure of the company.

2.13 Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on a basis consistent with the previous year.

3. Taxation

Year Ended Year Ended
31-Mar-01 31-Mar-00
$'000 $'000
Surplus Before Taxation 3,182 2,801
Taxation @ 33 % 1,050 924
Under Provision from Prior Year 6 10
Timing Differences 333 319
Tax Expense as per Statement of Financial Performance 1,389 1,253

Comprising:
Current Taxation 1,393 968
Deferred Taxation (4) 285

4. Deferred Taxation
Balance 01.04.00 58 344
Deferred Tax Prior Period (6)
Deferred Tax Current Period 4 (285)
Balance 31.03.01 57 59


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 114


Gazette.govt.nz — PDF NZ Gazette 2001, No 114




✨ LLM interpretation of page content

🏭 Nelson Electricity Limited Financial Position Statement (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Depreciation, Taxation, Financial Instruments, Fixed Assets, Nelson Electricity Limited