New Zealand Gazette – 2005 – No. 118

Page 2848

✨ Financial Statements

WESTPOWER LIMITED

STATEMENT OF ACCOUNTING POLICIES

For The Year Ended 31 March 2005

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) Requirements 2004.

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 2005, No 118

Gazette.govt.nz — NZ Gazette 2005, No 118

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✨ LLM interpretation of page content

🏭 Westpower Limited Statement of Accounting Policies (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated21 July 2005
KeywordsFinancial Statements, Accounting Policies, Westpower Limited, Electricity, Lines Company

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