✨ Financial Statements
13 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 21 459
Buller Electricity Limited
Line Business Financial Statements
Notes to and forming part of the Financial Statements
for the year ended 31 March 2007
1 STATEMENT OF ACCOUNTING POLICIES
Reporting Entity
Buller Electricity Limited is a company registered under the Companies Act 1993. The company previously owned 100% of Buller Energy Limited and 100% of Buller Communications Limited up to the date of disposal in the year.
These financial statements have been prepared in accordance with the Companies Act 1993, the Financial Reporting Act 1993 and Section 44 of the Energy Companies Act 1992.
Measurement Base
The general accounting policies recognised as appropriate for the measurement and reporting of financial performance, movements in equity, cash flows and financial position under the historical cost method, as modified by the revaluation of certain assets, have been followed by the Company.
Specific Accounting Policies
The following particular accounting policies which materially affect the measurement of the financial performance and the financial position have been applied:
a) Revenue
Fixed and variable line charges are recognised as actual amounts invoiced during the period. Contributions received from customers towards the cost of reticulating subdivisions and constructing line extensions are recognised as revenue in the year received.
b) Receivables
Receivables are stated at their estimated realisable value after providing for doubtful debts. All known bad debts have been written off during the year.
c) Investments
Investments are recorded at the lower of cost or net realisable value.
d) Property, Plant and Equipment
The Distribution System Assets are stated at valuation, as determined every 3 years by a valuer. These assets were revalued on 31 March 2006 by Mike McSherry MIPENZ CPENG IPER Chief Executive Buller Electricity Limited using the depreciated replacement cost basis. Subsequent additions to the distribution system assets are recorded at cost less disposals.
Land and buildings were revalued by Coast Valuations Limited an independent registered valuer as at 31 March 2007 in accordance with the New Zealand Institute of Valuers Asset Valuation Standards at net current value.
All other fixed assets are recorded at cost less accumulated depreciation to date.
e) Depreciation
Depreciation is provided on a straight line basis on all Property, Plant and Equipment (Land is not depreciated), at rates calculated to allocate the assets cost less expected residual value over their estimated useful lives as follows:
- Buildings: 40 – 50 years
- Distribution System Assets: 3 – 60 years
- Other: 3 – 10 years
Depreciation has been charged on a monthly basis on assets acquired and which became operational during the month.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 21
Gazette.govt.nz —
NZ Gazette 2008, No 21
✨ LLM interpretation of page content
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Buller Electricity Limited Financial Statements
(continued from previous page)
🏭 Trade, Customs & Industry7 February 2008
Buller Electricity Limited, Financial Statements, Accounting Policies, Revenue, Receivables, Investments, Property, Plant, Equipment, Depreciation
- Mike McSherry (Chief Executive), Revalued Distribution System Assets