New Zealand Gazette – 2003 – No. 120

Page 3257

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

29 AUGUST

3257

MAINPOWER NEW ZEALAND LTD

Notes to and Forming Part of the Financial Statements

For The Year Ended 31 March 2003

method. Deferred tax assets attributable to timing differences or tax losses are only recognised if there is virtual certainty of realisation.

1.3 Goods and Services Tax
The financial statements have been prepared exclusive of goods and services tax (GST) with the exception of receivables and payables which include GST invoiced.

1.4 Allocation of Costs, Revenues, Assets and Liabilities
The allocation of costs, revenues, assets and liabilities are in accordance with Regulation 6 of the Electricity (Information Disclosure) Regulations 1999 (as amended).

1.5 Business Accounting Separation

Lines Business
The Lines business provides and maintains the electricity distribution network throughout the North Canterbury and Kaikoura regions.

1.6 Rebate Shares

i) Redemption

Rebate Shares are only held by Qualifying Customers and the Trustees of the MainPower Trust. They are not transferable and are subject to compulsory redemption at a nominal value of ten (10) cents when a person ceases to be a Qualifying Customer of MainPower.

ii) Rebates

The Rebate Share entitles a Qualifying Customer to a rebate of fixed and variable distribution line charges. The accumulated rebate paid to Qualifying Customers is disclosed separately in the Statement of Financial Performance.

1.7 Capital Contributions

Where Distribution System network assets are gifted to MainPower in recognition of MainPower accepting responsibility for the continued maintenance of those assets, MainPower recognises the gift as income and treats the asset as an addition to the company’s asset base.

1.8 Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on a bases consistent with those used in previous years.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 120


Gazette.govt.nz — PDF NZ Gazette 2003, No 120




✨ LLM interpretation of page content

🏭 Notes to and Forming Part of the Financial Statements for MainPower New Zealand Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, MainPower New Zealand Limited, Electricity, Information Disclosure