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New Zealand Gazette – 2003 – No. 115

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✨ Financial Statements Notes

POWERCO LIMITED

Notes to the Financial Statements

For the year ended 31 March 2003

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.

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.

VUW Te Waharoa — NZ Gazette 2003, No 115

Gazette.govt.nz — NZ Gazette 2003, No 115

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✨ LLM interpretation of page content

🏭 Powerco Limited Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated21 August 2003
KeywordsElectricity, Financial Statements, Equity, Liabilities, Assets, Powerco Limited

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