New Zealand Gazette – 2003 – No. 122

Page 3307

✨ Financial Statements



UNISON NETWORKS LIMITED – LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2003

1. ENTITY STATEMENT

These financial statements for Unison Network Limited (LINES BUSINESS) for the year 1 April 2002 to 31 March 2003, and the financial position of the Company as at 31 March 2003 have been completed in accordance with the Electricity (Information Disclosure) Regulations 1999 and the Electricity (Information Disclosure) Amendment Regulations 2000.

On 1 November 2002, Unison acquired the electrical distribution assets in the Taupo and Rotorua regions previously owned and operated by United Networks Limited. This transaction increased the scale and size of the Company’s operations significantly for the final five months of the reporting period.

Unison Networks Limited (trading as Unison) is registered as a Company under the Companies Act 1993, and is an Energy company in terms of the Energy Companies Act 1992.

The name change to Unison was made on the 17th of April 2003.

The financial statements have been prepared in accordance with the relevant provisions of these two Acts and the Financial Reporting Act 1993.

Basis of Preparation

These statements have been prepared solely for the purpose of complying with the Electricity (Information Disclosure) Regulations 1999 and the Electricity (Information Disclosure) Amendment Regulations 2000 and 2001.

2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

  • Measurement System

    The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a historic cost basis is followed by the Company, with the exception that certain property, plant and equipment have been revalued.

  • Specific Accounting Policies

    The following particular accounting policies, which materially affect the measurement of profit and the financial position, have been applied:

    a. Property, Plant and Equipment

    Owned Assets

    All owned items of property, plant and equipment are initially recorded at cost and, except for land, depreciated. These costs include the purchase consideration plus, where appropriate, site preparation costs, installation costs and all relevant overheads. Costs cease to be capitalised when substantially all the activities necessary to bring an asset to the location and condition it is intended for are complete.



Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 122


Gazette.govt.nz — PDF NZ Gazette 2003, No 122




✨ LLM interpretation of page content

🏭 Unison Networks Limited Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Property Plant Equipment, Measurement System, Unison Networks Limited