✨ Financial Statements Notes
1396 NEW ZEALAND GAZETTE No. 51
2.3 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (cont’d)
Depreciation
Depreciation of fixed assets, other than freehold land, has been charged at rates calculated to allocate on a straight-line basis either the assets’ cost, or the valuation, less estimated residual value, over their estimated useful lives as follows:
(i) Freehold Buildings 50 – 100 years
(ii) Reticulation System 15 – 70 years
(iii) Plant, Vehicles and Equipment 3 – 10 years
Goodwill
Goodwill on acquisition of businesses is amortised on a straight-line basis over the period of expected benefit or 20 years, whichever is the lesser.
Identifiable intangibles
Identifiable intangibles arising from acquisition of reticulation assets are amortised on a straight-line basis over the period of expected benefit, which has been assessed as 40 years.
Accounts receivable
Accounts Receivable are stated at their estimated net realisable value.
Revenue recognition
Income from gas lines charges includes an estimated amount for accrued sales for charges not billed at balance date.
Reclassification of prior year balances
Certain prior year balances have been reclassified to conform with changes in presentation.
Comparative information
On 1 April 2000, UnitedNetworks purchased the gas lines from Orion New Zealand Limited. This disclosure covers the 12 months to 31 December 2001 with comparative information covering the 9 months to 31 December 2000. Refer to Orion New Zealand Limited’s previous disclosures for past data.
| 12 months ($000) | 9 months ($000) | |
|---|---|---|
| 2 Revenue includes | ||
| Interest income | 94 | - |
| | | |
| 3 Expenses include | | |
| Audit Fees | 53 | 49 |
| Other fees paid to auditors | - | - |
| Net interest and financing fees on loans | 41,409 | 31,335 |
| Depreciation | 8,074 | 7,115 |
| Directors' Fees | - | - |
| Donations | - | - |
| Bad debts written off | 16 | - |
| Increase in doubtful debts provision | 48 | 138 |
| Lease and rental | 36 | 62 |
| Amortisation of goodwill | 75 | 56 |
| Amortisation of identifiable intangibles | 7,117 | 5,315 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 51
Gazette.govt.nz —
NZ Gazette 2002, No 51
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Notes to Financial Statements for UnitedNetworks
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Depreciation, Goodwill, Intangibles, Revenue Recognition, Reclassification, Comparative Information