New Zealand Gazette – 2001 – No. 85

Page 2203

✨ Financial Statements Disclosure



10 AUGUST NEW ZEALAND GAZETTE 2203

HAWKE’S BAY NETWORK LIMITED – LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2001

  1. ENTITY STATEMENT

These financial statements for Hawke’s Bay Network Limited (LINES BUSINESS) for the year 1 April 2000 to 31 March 2001, and the financial position of the Company as at 31 March 2001 have been completed in accordance with Regulation 6 of the Electricity (Information Disclosure) Regulations 1999.

Hawke’s Bay Network Limited is registered as a company under the Companies Act 1993, and is an energy company in terms of the Energy Companies Act 1992.

These financial statements have been prepared in accordance with the Electricity Disclosure Guidelines as issued by the Ministry of Economic Development in June 2000 and are presented solely for the purpose of complying with regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1999.

  1. STATEMENT OF ACCOUNTING POLICIES

MEASUREMENT SYSTEM

The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historic cost basis are followed by the Company, with the exception that certain fixed assets have been revalued.

PARTICULAR ACCOUNTING POLICIES

The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied:

a. Fixed Assets

Network Assets are valued at Optimised Deprival Value (ODV) which is the lower of Optimised Depreciated Replacement Cost (ODRC) or Economic Value as determined by appropriately qualified valuers. These valuations were completed as at 31 March 2001.

Network assets are revalued on a cyclical basis with no components being recognised at a valuation undertaken more than three years previously.

Land and Buildings not included in Network Assets are stated at valuation determined by an independent registered valuer as at 31 March 2000 and have been adjusted for additions at cost and depreciation at appropriate rates to 31 March 2001. The basis of valuation was market value on an existing use basis.

Land and Buildings are revalued annually, except that for the 31 March 2001 year, Land and Buildings intended for sale are stated at their March 31 2000 valuation. The Company’s new premises at Omahu Road, Hastings is undergoing renovations as at 31 March 2001 and will therefore not be subject to the cyclical revaluation policy until 31 March 2002. These new premises are included at purchase cost plus additions to 31 March 2001. Certain properties within this asset class have been transferred to Current Assets to reflect their pending sale.

All other Fixed Assets are initially stated at cost and depreciated as outlined in note 2(b).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 85


Gazette.govt.nz — PDF NZ Gazette 2001, No 85




✨ LLM interpretation of page content

🏗️ Hawke's Bay Network Limited Financial Statements Disclosure (continued from previous page)

🏗️ Infrastructure & Public Works
Financial Statements, Electricity, Information Disclosure, Hawke's Bay Network Limited