✨ Financial Statements Notes
5 DECEMBER 2011 NEW ZEALAND GAZETTE, No. 187 5423
Notes to the Financial Statements
For the Year ended 30 June 2011
1. Statement of Accounting Policies
Entity Statement
GasNet Limited (the Company) is a company formed in accordance with the Energy Companies Act 1992 and registered under the Companies Act 1993.
GasNet Limited is incorporated in New Zealand and domiciled in Wanganui, New Zealand. The Company’s parent entity is Wanganui Gas Limited.
For the purpose of preparing Disclosure accounts, in accordance with the Gas (Information Disclosure) Regulations 1997, the annual accounts of GasNet Limited and Wanganui Gas Limited (being the consolidated financial statements of both GasNet Limited and Energy Direct Limited) have been used to prepare these accounts.
The gas information disclosure and financial statements of GasNet Limited have been prepared in accordance with the Gas (Information Disclosure) Regulations 1997.
The financial statements are for the year ended 30 June 2011 and were authorised for issue by the Board of Directors on 30 November 2011.
Methodology of Separation of Business
The Methodology used in relation to the allocation of costs, revenue, assets and liabilities will be available for public inspection no later than 30 November 2011.
Statement of Compliance and Basis of Preparation
These financial statements have been prepared in accordance with the requirements of the Companies Act 1993, the Financial Reporting Act 1993 and the Energy Companies Act 1992. The financial statements have also been prepared in accordance with Generally Accepted Accounting Practice in New Zealand and therefore comply with the New Zealand equivalent of the International Financial Reporting Standards. For this purpose the Company has defined itself as profit orientated.
The financial statements are prepared using the historical cost basis except where modified by the revaluation of certain assets and liabilities which are recorded at fair value. These are detailed in the specific policies below.
The financial statements are presented in New Zealand dollars, which is the Company’s functional currency.
Significant Accounting Policies
The following particular accounting policies which materially affect the measurement of results and financial position have been applied:
Revenue
Revenue is derived from gas network distribution services. Such revenue is recognised when earned and is reported in the financial period to which it relates.
Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.
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. Where GST is not recoverable as input tax then it is recognised as part of the related asset or expense.
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NZ Gazette 2011, No 187
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Notes to the Financial Statements for GasNet Limited
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Accounting Policies, Revenue, GST, Compliance