New Zealand Gazette – 2003 – No. 79

Page 2097

✨ Financial Statements Notes



11 JULY NEW ZEALAND GAZETTE 2097

WAIPA NETWORKS LIMITED – LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2003

1 STATEMENT OF ACCOUNTING POLICIES

Reporting Entity

Waipa Networks Limited is a company registered under the Companies Act 1993. The financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999 (the Regulations) as amended by the Electricity (Information Disclosure) Amendment Regulations 2000.

Measurement Basis

The general accounting policies recognised as appropriate for the measurement and reporting of performance, cash flows and financial position under the historical cost method, as modified by the revaluation of certain assets, have been followed in the preparation of these financial statements.

Accounting Policies

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

a) Network Charges

Income from Network charges includes an estimated amount for accrued sales from meters unread as at 31 March 2003.

b) Fixed Assets

The Line Business has five classes of fixed assets as follows:

  • Freehold Land
  • Freehold Buildings
  • Reticulation Assets
  • Motor Vehicles
  • Plant, Furniture & Fittings

The Reticulation Assets were revalued on an optimised depreciated replacement cost basis by independent valuers on 31 March 2001 and subsequently will be revalued at least every 3 years. Additions to the Reticulation Assets since revaluation are stated at cost.

Assets constructed by the line business are capitalised at direct cost plus a proportion of indirect overheads.

All other fixed assets are recorded at cost less accumulated depreciation.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 79


Gazette.govt.nz — PDF NZ Gazette 2003, No 79




✨ LLM interpretation of page content

🏗️ Notes to Financial Statements for Waipa Networks Limited (continued from previous page)

🏗️ Infrastructure & Public Works
Financial Statements, Accounting Policies, Network Charges, Fixed Assets, Waipa Networks Limited