New Zealand Gazette – 2001 – No. 73

Page 1734

✨ Financial Statements



Network Tasman Limited

Line Business Financial Statements

Notes to and forming part of the financial statements
For the year ended 31 March 2001

1. Statement of accounting policies

Reporting entity

Network Tasman Limited is a company registered under the Companies 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 and the Electricity (Information Disclosure) Amendment Regulations 2000.

Network Tasman Limited is a reporting entity for the purposes of the Financial Reporting Act 1993. The financial statements of Network Tasman Limited have been prepared pursuant to the Energy Companies Act 1992 and in accordance with the requirements of the Financial Reporting Act 1993.

Measurement base

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

The assets and liabilities of Network Tasman Limited were vested from the Tasman Electric Power Board on 1 May 1993 in accordance with the Establishment Plan approved by the Governor General by Order of Council on 26 April 1993.

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 revenue

Retailer-owned electricity meters are read on the basis of constant cycles each year. Distribution revenues include an estimated amount for accrued sales as at 31 March 2001.

(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 stated at cost.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 73


Gazette.govt.nz — PDF NZ Gazette 2001, No 73




✨ LLM interpretation of page content

🏭 Certification of Financial Statements, Performance Measures, and Statistics Disclosed by Line Owners (continued from previous page)

🏭 Trade, Customs & Industry
29 June 2001
Audit, Certification, Valuation, Network Tasman Limited, System Fixed Assets