✨ Financial Statements
WESTPOWER LIMITED
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 MARCH 2001
STATEMENT OF ACCOUNTING POLICIES
Westpower Limited is a company registered under the Companies Act 1993. The financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999 (the Regulations) as amended.
The measurement base adopted is that of historical cost except for the revaluation of certain fixed assets.
Particular Accounting Policies
The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied:
(a) Network Charges
Income from Network Charges includes an estimated amount for accrued sales from meters unread as at 31 March 2001.
(c) Fixed Assets and Depreciation
(i) Valuation
Fixed Assets comprise:
Distribution System Assets (being the network system consisting of distribution and transmission lines and cables, zone substations, distribution transformers, protection and control equipment, communications equipment and metering).
Other Assets (being land, buildings, plant and equipment, motor vehicles, furniture and fittings).
Distribution System Assets were revalued to Optimised Deprival Value which incorporates a valuation based on the engineering optimisation of the system and its components after allowing for depreciation and is based on the value to the company of being deprived of the assets. The valuation was conducted by KPMG in conjunction with Kerslake and Partners, Consulting Engineers, as at 31 March 2001.
Land and Buildings have been revalued to market value as at 31 March 2000. The valuation was conducted by Coast Valuations Limited, registered valuers.
All other fixed assets are valued at cost less accumulated depreciation where applicable.
Distribution equipment is revalued on a cyclical basis with no individual asset being included at a valuation made more than three years previously.
Additions between revaluations are recorded at cost.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 117
Gazette.govt.nz —
NZ Gazette 2001, No 117
✨ LLM interpretation of page content
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Westpower Limited Statement of Accounting Policies
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🏭 Trade, Customs & IndustryAccounting Policies, Financial Statements, Electricity, Companies Act 1993, Electricity (Information Disclosure) Regulations 1999