New Zealand Gazette – 2003 – No. 127

Page 3423

✨ Westpower Limited Financial Statements

WESTPOWER LIMITED

STATEMENT OF ACCOUNTING POLICIES

For The Year Ended 31 March 2003

The financial statements presented are for the reporting entity Westpower Limited. Westpower Limited is a Lines Company registered under the Companies Act 1993.

The financial statements have been prepared in accordance with the requirements of the Electricity (Information Disclosure) Regulations 1999, the Financial Reporting Act 1993, the Companies Act 1993 and section 44 of the Energy Companies Act 1992.

The measurement base adopted is that of historical cost except for the revaluation of certain fixed assets.

(a) Sales

Sales shown in the Statement of Financial Performance comprise the amounts received and receivable by the Group for goods and services supplied to customers in the ordinary course of business.

Lines Charges represent income charged to Energy Retailers based on their meter readings during the period. An allowance is made for unbilled Lines Charges from Energy Retailers to the end of the period.

(b) Investments

The parent company’s investment in ElectroNet Services Limited is stated at cost.

Sinking Fund Investments are shown at cost plus accumulated interest.

Other Investments are stated at cost.

Dividend income is accounted for on a cash basis. Interest income is accounted for as earned.

VUW Te Waharoa — NZ Gazette 2003, No 127

Gazette.govt.nz — NZ Gazette 2003, No 127

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Westpower Limited Information Disclosure (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Information Disclosure, Regulations, Financial Statements, Accounting Policies

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