✨ Financial Statements
Alpine Energy Limited (Lines)
Financial Statements Prepared in Accordance with the Electricity (Information Disclosure) Regulations
Notes to and Forming Part of the Financial Statements
for the Year Ending 31 March 2002
1. Statement of Accounting Policies
These financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999 as amended by the Electricity (Information Disclosure) Amendment Regulations 2000, and the Electricity (Information Disclosure) Amendment Regulations 2001.
The financial information presented is for the line business activities of Alpine Energy Limited. There are also additional activities of the Company that are not required to be reported under the Regulations.
The financial statements have been prepared on the basis of historical cost, with the exception of certain items for which specific accounting policies are identified.
a) Customer Contributions
Contributions from customers, in relation to the construction of new lines for the network, and contributions from district councils towards the costs of replacing overhead lines with underground cables are accounted for as income in the year in which they are received.
b) Capital and Operating Expenditure
Capital expenditure relates to expenditure incurred in the creation of a new asset and expenditure incurred on existing reticulation system assets to the extent the system is enhanced.
Operating expenditure relates to expenditure which restores an asset closer to its original condition and includes expenditure incurred in maintaining and operating the fixed assets of the network.
c) Depreciation
Depreciation is charged as follows:
| System Fixed Assets | straight line over useful life (from 10 to 80 years) |
| Buildings | 1 to 2.5% of cost |
| Plant and Office Equipment | 8 to 60% on diminishing value |
Depreciation for taxation purposes recognises that:
- Additions to the network exclude any allocation of indirect costs.
- Only 80% of the book value of the Globo distribution system at 1 April 1987 is depreciated.
d) Taxation
The taxation charge is the estimated liability payable in respect of the accounting profit for the year, adjusted for non assessable income and non deductible costs and including any adjustments in respect of prior years.
e) Accounts Receivable
Accounts receivable are stated at estimated realisable value after making provision for doubtful debts. Bad debts are written off during the period in which they are identified.
f) Fixed Assets
All fixed assets are initially recorded at cost. System Fixed Assets are subsequently revalued to net current value as determined by an independent valuer using the optimised deprival valuation method. Other Fixed Assets are stated at cost less an allowance for depreciation.
g) Financial Instruments
Financial instruments carried in the Statement of Financial Position include cash and bank balances, receivables and trade creditors. These instruments are generally carried at their estimated fair value.
h) Goods and Services Tax (GST)
The financial statements have been prepared on a GST exclusive basis except for Accounts Receivable and Accounts Payable.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 107
Gazette.govt.nz —
NZ Gazette 2002, No 107
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Alpine Energy Limited Financial Statements
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