New Zealand Gazette – 2005 – No. 167

Page 4203

✨ Financial Statements

30 SEPTEMBER 2005
NEW ZEALAND GAZETTE, No. 167
4203

POWERCO LIMITED
Notes to the Financial Statements
For the year ended 30 June 2005

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 and the Gas (Information Disclosure) Regulations 1997.

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.

b) Contributions for Subdivisions/Uneconomic Lines

Contributions received from customers and grants towards the costs of reticulating new subdivisions and contributions received in constructing uneconomic lines are recognised as revenue. Any identified impairment losses in respect of uneconomic lines are recognised in the Statement of Financial Performance and the asset component is written down to its fair value.

VUW Te Waharoa — NZ Gazette 2005, No 167

Gazette.govt.nz — NZ Gazette 2005, No 167

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

🏭 Powerco Limited Gas Information Disclosure (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated21 September 2005
KeywordsGas, Information Disclosure, Powerco Limited, Regulations, Statutory Declaration

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