✨ Financial Statements Notes
5 DECEMBER 2008 NEW ZEALAND GAZETTE, No. 189 4979
Notes to the Financial Statements
For the Year ended 30 June 2008
1. Statement of Accounting Policies
Reporting Entity
Wanganui Gas Limited is a company formed in accordance with the Energy Companies Act 1992 and registered under the Companies Act 1993. For the purpose of preparing Disclosure accounts in accordance with the Gas (Information Disclosure) Regulations 1997 the annual accounts of Wanganui Gas Limited have been divided into two entities, Distribution and Retail. The balance of Wanganui Gas Limited's accounts have not been disclosed as it pertains to appliance trading activity.
As required by the Gas (Information Disclosure) Regulations 1997, 'Distribution' involves the ownership and maintenance of a gas distribution system, and conveyance of gas via the system. 'Retail' involves supply of gas to consumers.
The gas information disclosure and financial statements of Wanganui Gas Limited have been prepared in accordance with the Gas (Information Disclosure) Regulations 1997.
Methodology of Separation of Business
The Methodology used in relation to the allocation of costs, revenue, assets and liabilities between Retail and Distribution businesses will be available for public inspection no later than 30 November 2008.
General Accounting Policies
The general accounting principles recognised as appropriate for the measurement and reporting of results and financial position on an historical cost basis have been followed, with the exception of distribution network assets which have been valued at depreciated replacement cost. The Financial Statements are prepared in accordance with New Zealand generally accepted accounting practice. Reliance is placed on the fact that the Company is a going concern.
Particular Accounting Policies
The following particular accounting policies which materially affect the measurement of results and financial position have been applied:
Accrued Gas Sales
Gas sales include an accrual for gas supplied but not invoiced at the end of the financial period.
Capital Contributions
Capital contributions received from customers are recognised as income in the period received.
Revenue
Revenue is derived from the Sale of Energy and Distribution Services. Such revenue is recognised when earned and is reported in the financial period to which it relates.
Goods and Service Tax
All items in the financial statements are exclusive of GST, with the exception of accounts receivable and accounts payable which are stated with GST included.
Accounts Receivable
Accounts Receivable are stated at their estimated realisable value after providing for doubtful debts.
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NZ Gazette 2008, No 189
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Notes to the Financial Statements for Wanganui Gas Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Gas Distribution, Retail, Wanganui Gas Limited