✨ Financial Statements
POWERCO LIMITED
Notes to the Financial Statements
For the year ended 31 March 2002
1. Statement of Accounting Policies
Reporting Entity
Powerco Limited is a company registered under the Companies Act 1993. The group consists of Powerco Limited and its subsidiaries.
The following activities were the principal activities undertaken by Powerco Limited throughout the period:
- Distribution of electricity and value added services.
- Distribution of gas and value added services.
These financial statements have been prepared to comply with the provisions of Section 44 of the Energy Companies Act 1992, the Companies Act 1993, and the Financial Reporting Act 1993.
Special purpose financial statements
These financial statements are made pursuant to Powerco's obligations under the Electricity (Information Disclosure) Regulations 1999, read with Electricity (Information Disclosure) Amendment Regulations 2000.
The Lines Business is treated as the core business and corporate activities are accounted for through the Line and Other Business financial statements. Powerco has adopted the avoidable cost allocation methodology stipulated in the Electricity Information Disclosure Handbook issued on 30th June 2000.
There are various matters, which relate across the whole integrated business. These are shown specifically in the respective notes where relevant.
Amalgamation Transaction
In accordance with a shareholder resolution dated 15th August 2000, the predecessor companies, Powerco Limited, CentralPower Limited and Taranaki Energy Limited amalgamated with Mergeco Limited (subsequently renamed Powerco Ltd) on 1st September 2000. Consequently, the comparatives for the period ended 31 March 2001 relates to the seven months of trading since the date of amalgamation.
Measurement Basis
The Group follows the accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis.
Specific Accounting Policies
The following specific accounting policies, which materially affect the measurement of financial performance and the financial position, have been applied:
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 129
Gazette.govt.nz —
NZ Gazette 2002, No 129
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Powerco Limited Notes to the Financial Statements
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🏭 Trade, Customs & IndustryElectricity, Gas, Financial Statements, Accounting Policies, Amalgamation