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New Zealand Gazette – 2003 – No. 93

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✨ Financial Statements

2388

NEW ZEALAND GAZETTE

No. 93

Counties Power Limited – Line Business

STATEMENT OF ACCOUNTING POLICIES

For the Year Ended 31 March 2003

STATEMENT OF ACCOUNTING POLICIES

STATUTORY BASE

These financial statements are presented in accordance with Regulation 6 of the Electricity (Information Disclosure) Regulations 1999.

REPORTING ENTITY

Counties Power’s electricity business for the year ended 31 March 2003 consisted of line business activities, electrical construction, garage workshop services and other related activities. To provide the best service to customers these activities were undertaken as a single operation. Accordingly statutory financial reporting and management reporting do not distinguish between line business and other business activities. For the purposes of these financial statements the reporting entity has been established using the prescribed allocation methodology to provide accounting separation.

MEASUREMENT BASE

The financial statements have been prepared on the historic cost basis, as modified by the revaluation of certain assets as identified in specific accounting policies below.

ACCOUNTING POLICIES

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.

Sales

Sales comprise the amounts received and receivable for goods and services supplied to customers in the ordinary course of business.

Line revenue is charged to customers based mainly upon the volume of energy transmitted through lines. The volume of energy upon which invoicing is based, is advised to the Company by Electricity Retailers. This information is in turn based upon a combination of actual meter reads and assessments.

Investment Income

Interest and rental income are accounted for as earned.

VUW Te Waharoa — NZ Gazette 2003, No 93

Gazette.govt.nz — NZ Gazette 2003, No 93

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

💰 Audit Report for Counties Power Limited Line Business (continued from previous page)

Domain💰 Finance & Revenue
Dated16 July 2003
KeywordsAudit, Financial Statements, Electricity, Information Disclosure, Counties Power Limited

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