New Zealand Gazette – 2003 – No. 122

Page 3309

✨ Financial Statements Notes



UNISON NETWORKS LIMITED – LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2003

Other distribution equipment .......................................................... 10 - 45 Years

Other Plant, Property and Equipment

  • Freehold buildings .......................................................... 60 - 100 Years
  • Land .............................................................................. Indefinite
  • Motor vehicles ................................................................ 3 - 15 Years
  • Plant and equipment ........................................................ 5 - 10 Years
  • Office furniture and equipment ........................................ 5 - 20 Years
  • Information technology .................................................. 3 - 10 Years

c. Investments

Investments are stated at the lower of cost or net realisable value.

d. Receivables

Receivables are stated at their estimated realisable value, after providing for doubtful debts.

e. Inventories

Inventories are stated at the lower of average cost and net realisable value.

f. Capital Work in Progress

Capital work in progress includes the cost of materials and other direct and indirect costs incurred as at balance date.

g. Income Tax

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

The taxation charge against the surplus for the period is the estimated liability in respect of that surplus after allowance for all the permanent differences and timing differences not expected to reverse in the foreseeable future. This is the partial basis for the calculation of deferred tax.

A debit balance in the deferred tax account, arising from timing differences or income tax benefits from income tax losses, is only recognised if there is virtual certainty of realisation. The subsequent realisation of such income tax benefits is subject to the requirements of income tax legislation being met.

h. Financial Instruments

The Company has financial instruments with off-balance sheet risk for the primary purpose of reducing its exposure to fluctuations in interest rates.

Financial instruments entered into as hedges of an underlying exposure are accounted for on the same basis as the underlying exposure. Accordingly, hedge gains and losses are included in the Statement of Financial Performance when the gains or losses arising on the related physical exposures are recognised in the Statement of Financial Performance.

Financial instruments such as bank balances, bank investments, receivables, accounts payable and term debt are included in the accounts at their estimated fair value.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 122


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




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

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Financial Statements, Accounting Policies, Property Plant Equipment, Measurement System, Unison Networks Limited