✨ Financial Statements Notes
1204
NEW ZEALAND GAZETTE
No. 53
2.3 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (con’t)
Depreciation
Depreciation of fixed assets, other than freehold land, has been charged at rates calculated to allocate on a straight-line basis either the assets’ cost, or the valuation, less estimated residual value, over their estimated useful lives as follows:
(i) Freehold Buildings 50–100 years
(ii) Reticulation System 15–70 years
(iii) Plant, Vehicles and Equipment 3–10 years
Goodwill
Goodwill on acquisition of businesses is amortised on a straight-line basis over the period of expected benefit or 20 years, whichever is the lesser.
Identifiable intangibles
Identifiable intangibles arising from acquisition of reticulation assets are amortised on a straight-line basis over the period of expected benefit, which has been assessed as 40 years.
Accounts receivable
Accounts Receivable are stated at their estimated net realisable value.
Revenue recognition
Income from gas lines charges includes an estimated amount for accrued sales for charges not billed at balance date.
Comparative information
On 1 April 2000, UnitedNetworks purchased the gas lines from Orion New Zealand Limited. This disclosure covers the 9 months to 31 December 2000. There is no comparative information with which to use for this disclosure. Refer to Orion New Zealand Limited’s previous disclosures for past data.
($000)
2 Revenue
No interest or dividends were received during the financial year.
3 Expenses
Audit Fees 49
Company auditor -
Other Auditors -
Other fees paid to auditors -
Company auditor 31,335
Net interest and financing fees on loans 7,115
Depreciation -
Directors’ Fees -
Donations -
Bad debts written off -
Increase in doubtful debts provision 138
Lease and rental 62
Amortisation of goodwill 56
Amortisation of identifiable intangibles 5,315
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 53
Gazette.govt.nz —
NZ Gazette 2001, No 53
✨ LLM interpretation of page content
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Notes to Financial Statements for 9 months ended 31 December 2000
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, UnitedNetworks, Gas Information Disclosure Regulations, Special Purpose Financial Statements, Depreciation, Goodwill, Intangible Assets, Revenue Recognition