✨ Financial Statements Notes
28 AUGUST
NEW ZEALAND GAZETTE
3289
HAWKE’S BAY NETWORK LIMITED – LINES BUSINESS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2002
Other Plant, Property and Equipment
Freehold Buildings .................................................. 60 -100 Years
Land ..................................................................... Indefinite
Motor Vehicles ......................................................... 3 - 15 Years
Plant and Equipment .................................................. 5 - 10 Years
Office Furniture and Equipment ..................................... 5 - 20 Years
Information Technology .............................................. 3 -10 Years
c. Investments
Investments are stated at the lower of cost or net realisable value.
d. Receivables
Receivables are stated at their estimated realisable value.
e. Inventories
Inventories are stated at the lower of average cost and net realisable value.
f. Capital Work in Progress
Capital Work in Progress includes the cost of materials and other direct and indirect costs incurred as at balance date.
g. Income Tax
The Company adopts the liability method of accounting for deferred taxation.
The taxation charge against the surplus for the period is the estimated liability in respect of that surplus after allowance for all the permanent differences and timing differences not expected to reverse in the foreseeable future. This is the partial basis for the calculation of deferred tax.
A debit balance in the deferred tax account, arising from timing differences or income tax benefits from income tax losses, is only recognised if there is virtual certainty of realisation. The subsequent realisation of such income tax benefits is subject to the requirements of income tax legislation being met.
h. Financial Instruments
Financial instruments such as bank balances, bank investments, receivables, accounts payable and term debt are included in the accounts at their estimated fair value.
i. Capitalisation
Capital expenditure is defined as all expenditure incurred in the creation of a new asset, replacement of an asset that has reached the end of its economic life, or increased service potential of an existing asset. Constructed assets are included in property, plant and equipment as each becomes operational and available for use.
j. Cash Flows
For the purpose of the Statement of Cash Flows, cash includes cash on hand, deposits held on call with banks, and investments in money market instruments.
k. Employee Entitlements
A liability for annual leave, long service leave and retirement gratuities is accrued and recognised in the Statement of Financial Position. Liabilities for annual and
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 123
Gazette.govt.nz —
NZ Gazette 2002, No 123
✨ LLM interpretation of page content
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Hawke's Bay Network Limited Financial Statements
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🏭 Trade, Customs & Industry31 March 2002
Electricity, Financial Statements, Accounting Policies, Property, Plant, Equipment, Hawke's Bay Network Limited