✨ Financial Statements Notes
HORIZON ENERGY DISTRIBUTION LIMITED
Financial Statements for the purposes of the
Electricity (Information Disclosure) Regulations 1999
Notes to the Financial Statements
for the year ended 31 March 2002
viii) Financial Instruments
Financial instruments with off-balance sheet risk, have been entered into for the primary purpose of reducing exposure to fluctuations in foreign exchange rates and interest rates. While financial instruments are subject to risk that market rates may change subsequent to acquisition, such changes would generally be offset by opposite effects on the items hedged.
Financial instruments entered into with no underlying exposure are accounted for on a mark to market basis.
ix) Research and Development
Costs incurred on all research and development projects are written off as incurred, except that development costs are capitalised to the extent that such costs are expected, beyond any reasonable doubt, to be recovered.
x) Foreign Currency
Foreign currency transactions are recorded at exchange rates in effect at the date of settlement, except where forward contracts have been taken out to cover future commitments. Where forward contracts have been taken out, the transaction is translated at the rate contained in the contract. Monetary assets and liabilities arising from trading transactions are translated at closing rates. Gains or losses due to currency fluctuations on these items are included in the statement of financial performance.
xi) Comparatives
The statements and notes do not restate comparatives or provide comparatives for new disclosure items per the Electricity (Information Disclosure) Regulations 1999, the Electricity (Information Disclosure) Amendment Regulations 2000, 2001.
C. Changes in Accounting Policies
During the year the Group and the Parent change the following accounting policy:
Provision for Dividends
Under the new policy, dividends proposed after balance date are not recognised in the financial statements. Previously, all proposed dividends were recognized as liabilities in the statement of financial position. As a result of changing this accounting policy no provision for final dividend is recognised in the statement of financial position.
The Board of Directors has adopted this change to conform to the requirements of the reversed Financial Reporting Standard No.5 Events after Balance Date.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 113
Gazette.govt.nz —
NZ Gazette 2002, No 113
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Financial Statements of Horizon Energy Distribution Limited
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🏗️ Infrastructure & Public WorksElectricity, Financial Performance, Revenue, Expenditure, Taxation, Horizon Energy, Distribution