✨ Financial Statements
23 AUGUST 2005 NEW ZEALAND GAZETTE, No. 136 3305
Network Waitaki Limited Line Business
Notes to and Forming Part of the Financial Statements for the Year Ending 31 March 2005
1. Statement of Accounting Policies
Reporting Entity
The financial statements presented here are for the Line Business of Network Waitaki Limited.
The financial statements have been prepared in accordance with the Companies Act 1993 and the Financial Reporting Act 1993.
These financial statements have been prepared for the purpose of complying with the requirements of the Electricity Information Disclosure Requirements 2004.
The Line Business operates a line business activity, as defined by Regulation 2 of the Electricity Information Disclosure Regulations, in the Waitaki area.
Measurement Base
The financial statements have been prepared on the basis of Historical Cost with the exception of certain items for which specific accounting policies are identified.
Accrual accounting is used to match expenses and revenues.
Reliance is placed on the fact that the Company is a going concern.
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.
Revenue
Goods and Services
Revenue comprised the amounts received and receivable for goods and services supplied to customers in the ordinary course of business.
Investment Income
Interest is accounted for as earned.
Customer Contributions
Contributions from customers in relation to the construction of new lines for the network are accounted for as income in the year in which they are received.
Property, Plant & Equipment
All property, plant and equipment are initially recorded at cost. System property, plant and equipment are subsequently revalued to net current value as determined by an independent valuer using the depreciated replacement cost valuation method. Other property, plant and equipment are stated at cost less an allowance for depreciation.
Depreciation
Depreciation is provided on all property, plant and equipment, other than freehold land, at rates that will allocate the assets' cost or valuation, to their residual values, over their estimated useful lives. Distribution assets and buildings are depreciated on a straight-line basis. All other assets are depreciated on diminishing value bases.
The useful lives and associated depreciation rates for major classes of assets used in the preparation of the financial statements are as follows:
| Distribution System | 10 to 70 years | 1.4% to 10% |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 136
Gazette.govt.nz —
NZ Gazette 2005, No 136
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Network Waitaki Limited Statement of Cash Flows for the Year Ended 31 March 2005
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🏭 Trade, Customs & IndustryFinancial Statements, Cash Flows, Network Waitaki Limited