✨ Financial Statements
3466
NEW ZEALAND GAZETTE
No. 129
SCANPOWER LIMITED - LINES BUSINESS
STATEMENT OF ACCOUNTING POLICIES
FOR THE YEAR ENDED 31 MARCH 2003
Scanpower Limited ("Scanpower") is a public company registered under the Companies Act 1993. These financial statements have been prepared for the purposes of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999 as amended by the Electricity (Information Disclosure) Amendment Regulations 2000 and 2001. The financial statements comprise separate Statements of Financial Position, Financial Performance, Cash Flows and Movements in Equity for the Lines Business as required by the Regulations. The business operates in and around the Southern Hawkes Bay area. The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the company, with the exception that certain assets have been revalued.
Methodology and Separation of Businesses
Scanpower has generally followed the guidelines in the Electricity Information Disclosure Handbook issued by the Energy Markets Policy Group of the Ministry of Economic Development.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets as identified in specific accounting policies below.
The financial statements are prepared in accordance with New Zealand generally accepted accounting practice. The accounting policies that materially affect the measurement of financial performance, financial position and cash flows are set out below.
Operating Revenue
Sales revenue represents revenue earned for the sale of the company’s products and services net of returns, trade allowances and taxes paid. Other revenue includes interest income on investments.
Income Tax
The income tax expense charged to the Statement of Financial Performance includes both the current year’s provision and the income tax effects of timing differences calculated using the liability method.
Tax effect accounting is applied on a comprehensive basis to all timing differences. A deferred tax asset is recognised in the financial statements only where there is virtual certainty that the benefit of the timing differences will be utilised.
Goods and Services Tax (GST)
The Statement of Financial Performance and Statement of Cash Flows have been prepared so that all components are stated exclusive of GST. All items in the Statement of Financial Position are stated net of GST, with the exception of receivables and payables which include GST invoiced.
Receivables
Receivables are carried at anticipated realisable value. An estimate is made for doubtful receivables based on a review of all outstanding amounts at year end. Bad debts are written of during the year in which they are identified.
Inventories
Inventories (comprising strategic lines spares) are valued at the lower of weighted average cost and net realisable value.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 129
Gazette.govt.nz —
NZ Gazette 2003, No 129
✨ LLM interpretation of page content
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ScanPower Limited Accounting Policies for 2003
(continued from previous page)
🏭 Trade, Customs & Industry31 March 2003
Accounting Policies, Financial Statements, Revenue, Tax, GST, Receivables, Inventories, ScanPower Limited