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New Zealand Gazette – 2002 – No. 130

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✨ Financial Statements Notes

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 and the Gas (Information Disclosure) Regulations 1997.

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 relate 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:

a) Basis of Consolidation

The consolidated financial statements include those of Powerco Limited and its subsidiaries, accounted for using the purchase method. All significant inter-company transactions and balances are eliminated on consolidation. In the parent company financial statements investments in subsidiaries are stated at cost.

b) Property, Plant and Equipment

All property, plant and equipment values are stated at cost, less accumulated depreciation.

VUW Te Waharoa — NZ Gazette 2002, No 130

Gazette.govt.nz — NZ Gazette 2002, No 130

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✨ LLM interpretation of page content

🏭 Powerco Limited Gas Information Disclosure (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsGas, Financial Statement, Accounting Policies, Amalgamation, Consolidation, Powerco Limited

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