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'- ....... UPPBR PLATTE ~ BEAVER OANAL OOMPANY NOTBS TO FINANOIAL STATEMENTS January 31, 2003 And 2002 .... NOTE 1: Summary Of sianificant Accountina principles: araanization and Operations: The upper Platte And Beaver Canal Company was organized on May 21, 19a8 and is a Colorado corporation. The Company maintains an irrigation ditch to supply water to the stockholders in Morgan County, colorado. Accountina Principles; The financial Btatements are prepared on the accrual basis of accounting in accordance with Generally Accept. ed Accounting principles. A complete record of the cost of acquisition of the Company I e assets haa not been maintained. The cost of the assets were estaDlished during the year ended January 31, 1994 by a review of the company's files and other data that was available to management. Accounts Receivablei The stockholders are billed annually for service to be received during the operating year. stockholder assess- ments are based on a budget prepared at the beginning of the year by management. There are usually no outstand- ing balances at year end. procertv and Eauipment~ Building and improvements are stated at cost / see Ac- counting principles above. Expenses which extend the life of an asset are capitalized whereas expenses for repairs and maintenance are expensed in the period in which they occur. Depreciation is computed on the straight -line method over the estimated life of the asset. "'- NOTE 2: Buildinqs And Im1:)roVemen.ts; property and Improvements consist of: Date Acquired Lif~ Buildings Dam Dam Ditch system Augmentation structure Augmentation structure Augmentation structure Morton Building Diversion Dam Improvement .1-31-52 1-31-52 1982 11-30-91 11-31-93 6-30-94 11-04-99 .6-30-02 70 70 70 70 40 20 40 ...... -6- _cqst~ $15,000 28,236 34,679 25,000 22,020 13,641 4,635 9.659 9]/000