New Zealand Gazette – 2006 – No. 136

Page 3922

✨ Financial Statements Notes



WAIPA NETWORKS LIMITED - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2006

1 STATEMENT OF ACCOUNTING POLICIES

Reporting Entity

Waipa Networks Limited is a company registered under the Companies Act 1993. The financial statements have been prepared for the purpose of complying with the requirements of the Commerce Commission’s Electricity Information Disclosure Requirements 2004.

Measurement Basis

The general accounting policies recognised as appropriate for the measurement and reporting of performance, cash flows and financial position under the historical cost method, as modified by the revaluation of certain assets, have been followed in the preparation of these financial statements.

Accounting Policies

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

a) Network Charges

Income from Network charges includes an estimated amount for accrued sales from meters unread as at 31 March 2006.

b) Property, Plant and Equipment

The Line Business has five classes of Property, Plant and Equipment as follows:

  • Freehold Land
  • Freehold Buildings
  • Reticulation Assets
  • Motor Vehicles
  • Plant, Furniture & Fittings

The Reticulation Assets were revalued on an optimised depreciated replacement cost basis by independent valuers on 31 March 2004 and subsequently will be revalued at least every 3 years. Additions to the Reticulation Assets since revaluation are stated at cost.

Assets constructed by the line business are capitalised at direct cost plus a proportion of indirect overheads.

All other Property, Plant and Equipment are recorded at cost less accumulated depreciation.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 136


Gazette.govt.nz — PDF NZ Gazette 2006, No 136




✨ LLM interpretation of page content

🏭 Notes to Financial Statements of Waipa Networks Limited (continued from previous page)

🏭 Trade, Customs & Industry
24 October 2006
Commerce Commission, Electricity Information Disclosure Requirements, Financial Statements, Accounting Policies, Waipa Networks Limited