New Zealand Gazette – 2002 – No. 69

Page 1851

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

24 JUNE

Network Tasman Limited

Line Business Financial Statements

Notes to and forming part of the financial statements
For the year ended 31 March 2002

1. Statement of significant accounting policies

Reporting entity

The reporting entity is Network Tasman Limited. Network Tasman Limited is a company registered under the Companies Act 1993.

The financial statements have been prepared in accordance with, and for the purposes of, complying with the requirements of the Electricity (Information Disclosure) Regulations 1999 and the Electricity (Information Disclosure) Amendment Regulations 2000.

Network Tasman Limited is a reporting entity for the purposes of the Financial Reporting Act 1993. The financial statements of Network Tasman Limited have been prepared pursuant to the Energy Companies Act 1992 and in accordance with the requirements of the Companies Act 1993 and the Financial Reporting Act 1993.

Basis of preparation

The financial statements have been prepared in accordance with generally accepted accounting practice in New Zealand. The financial statements have been prepared on the basis of historical cost with the exception of distribution assets which are stated at valuation.

The financial statements comprise of statements of financial performance, movements in equity, financial position, cash flows and notes to these statements.

The assets and liabilities of Network Tasman Limited were vested from the Tasman Electric Power Board on 1 May 1993 in accordance with the Establishment Plan approved by the Governor General by Order of Council on 28 April 1993.

Specific accounting policies

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

(a) Revenue recognition

Retailer-owned electricity meters are read on the basis of constant cycles each year. Line revenues include an estimated amount for accrued sales as at 31 March 2002.

(b) Property, plant and equipment

Recognition of property, plant and equipment

The company has the following classes of property, plant and equipment:

  • Distribution system assets
    • Primary distribution assets
    • Secondary distribution assets
    • Substation assets
    • Load control plant
    • Streetlights
    • Consumer connection assets


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 69


Gazette.govt.nz — PDF NZ Gazette 2002, No 69




✨ LLM interpretation of page content

🏭 Network Tasman Limited Line Business Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
31 May 2002
Financial Statements, Network Tasman Limited, Accounting Policies, Revenue Recognition, Property Plant and Equipment