New Zealand Gazette – 2002 – No. 123

Page 3287

✨ Financial Statements



HAWKE'S BAY NETWORK LIMITED – LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2002

  1. ENTITY STATEMENT

These financial statements for Hawke’s Bay Network Limited (LINES BUSINESS) for the year 1 April 2001 to 31 March 2002, and the financial position of the Company as at 31 March 2002 have been completed in accordance with the Electricity (Information Disclosure) Regulations 1999 and the Electricity (Information Disclosure) Amendment Regulations 2000.

Hawke’s Bay Network Limited is registered as a Company under the Companies Act 1993 and is a reporting entity for the purposes of the Financial Reporting Act 1993. Hawke’s Bay Network is an Energy Company in terms of the Energy Companies Act 1992.

Basis of Preparation

These statements have been prepared solely for the purpose of complying with the Electricity (Information Disclosure) Regulations 1999 and the Electricity (Information Disclosure) Amendment Regulations 2000 and 2001.

  1. STATEMENT OF SIGNIFICANT 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 is followed by the Company, with the exception that certain property, plant and equipment have been revalued.

  • Specific Accounting Policies

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

    a. Property, Plant and Equipment

    Owned Assets

    All owned items of Property, Plant and Equipment are initially recorded at cost and, except for land, depreciated. These costs include the purchase consideration plus, where appropriate, site preparation costs, installation costs and all relevant overheads. Costs cease to be capitalised when substantially all the activities necessary to bring an asset to the location and condition it is intended for are complete.

    The Electrical Distribution Network is valued at Optimised Depreciated Replacement Cost (ODRC) as determined by PriceWaterhouse Coopers. These valuations were completed as at 31 March 2001 and have been adjusted for additions at cost and depreciation at appropriate rates to 31 March 2002.

    Land and Buildings not included in the Electrical Distribution Network are stated at valuation determined by Telfer Young Ltd, Napier, an independent registered valuation company, as at 31 March 2002. The basis of valuation was fair value as defined under the Financial Reporting Standard 3 (FRS-3).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 123


Gazette.govt.nz — PDF NZ Gazette 2002, No 123




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
31 March 2002
Electricity, Financial Statements, Accounting Policies, Property, Plant, Equipment, Hawke's Bay Network Limited