New Zealand Gazette – 2005 – No. 166

Page 4174

✨ Financial Statements Notes



POWERCO LIMITED

Notes to the Financial Statements

For the year ended 30 June 2005

  1. Statement of Accounting Policies

Reporting Entity

Powerco Limited is a company registered under the Companies Act 1993. The group consists of Powerco Limited and its subsidiaries.

The following activities were the principal activities undertaken by Powerco Limited throughout the period:

  • Distribution of electricity and value added services.
  • Distribution of gas and value added services.

These financial statements have been prepared to comply with the provisions of Section 44 of the Energy Companies Act 1992, the Companies Act 1993, and the Financial Reporting Act 1993.

Special purpose financial statements

These financial statements are made pursuant to Powerco's obligations under the Electricity Information Disclosure Regulations 2004.

The Lines Business is treated as the core business and corporate activities are accounted for through the Line and Other Business financial statements. Powerco has adopted the avoidable cost allocation methodology stipulated in the Electricity Information Disclosure Regulations.

There are various matters, which relate across the whole integrated business. These are shown specifically in the respective notes where relevant.

Measurement Basis

The Group follows the accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis.

Specific Accounting Policies

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

a) Basis of Consolidation

The consolidated financial statements include those of Powerco Limited and its subsidiaries. The group financial statements incorporate the financial statements of the company and its subsidiaries, which have been consolidated using the purchase method. All significant inter-company transactions and balances are eliminated on consolidation. In the parent company financial statements investments in subsidiaries are stated at cost.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 166


Gazette.govt.nz — PDF NZ Gazette 2005, No 166




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🏭 Powerco Limited Financial Statements Notes (continued from previous page)

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Financial Statements, Accounting Policies, Powerco Limited, Energy Companies Act, Companies Act, Financial Reporting Act, Electricity Information Disclosure Regulations