New Zealand Gazette – 2003 – No. 115

Page 3132

✨ Financial Statements



3132 NEW ZEALAND GAZETTE No. 115

b) Property, Plant and Equipment

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

c) Depreciation of Property, Plant and Equipment

Depreciation rates based on remaining useful life, for major classes of asset are:

| Land | Not Depreciated |
| Buildings | 100 years |
| Furniture and Fittings| 5 to 10 years |
| Office Equipment | 3 to 10 years |
| Motor Vehicles | 5 years |
| Network Systems | 10 to 60 years |

d) Properties intended for Resale

Properties intended for resale are shown at the lower of cost or net current value.

e) Receivables

Accounts receivable are valued at expected realisable value, after providing for doubtful debts. All known bad debts have been written off during the period under review.

f) Income Tax

The group adopts the liability method of accounting for deferred taxation.

The taxation charge against the surplus of the period is the estimated liability in respect of that surplus using a proforma income tax rate of 33%.

g) Inventory

Inventory is valued at the lower of historical cost and net realisable value. The weighted average method has been used to determine historical cost.

h) Investments

Investments are valued at the lower of cost and net realisable value.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 115


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




✨ LLM interpretation of page content

🏭 Powerco Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
21 August 2003
Electricity, Financial Statements, Equity, Liabilities, Assets, Powerco Limited