New Zealand Gazette – 2006 – No. 158

Page 4606

✨ Financial Statements



4606 NEW ZEALAND GAZETTE, No. 158 29 NOVEMBER 2006

Notes to the financial statements

For the year ended 31 March 2006

1) Statement of accounting policies

Basis of Preparation

The financial statements prepared are the consolidation of the electricity lines businesses of Eastland Network Limited and Eastland Infrastructure Limited (the management company owned by the shareholder of Eastland Network Limited). Both companies are registered under the Companies Act 1993 and are reporting entities for the purposes of the Financial Reporting Act 1993.

The financial statements have been completed in accordance with Commerce Commission’s Electricity Information Disclosure Requirements 2004.

Measurement base

The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on a historical cost basis are followed, with the exception that certain property has been revalued.

Specific accounting policies

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

(A) Fixed Assets

Owned Assets

Fixed assets are initially stated at cost and depreciated as outlined below. Where appropriate, the cost of fixed assets includes site preparation costs, installation costs, and the cost of obtaining resource consents.

Leased Assets

Leases in terms of which the Company assumes substantially all the risks and rewards of ownership are classified as finance leases. Assets acquired by way of finance lease are stated at an amount equal to the present value of the future minimum lease payments, and are depreciated as outlined below.

Revaluations

Land and buildings are stated at valuation as determined, on a cyclical basis not exceeding three years by an independent valuer. The basis of valuation is market value less the estimated costs of disposal, on an existing use basis.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 158


Gazette.govt.nz — PDF NZ Gazette 2006, No 158




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Eastland Network Limited (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Fixed Assets, Leased Assets, Revaluations