✨ Financial Statements for Powerco Limited
NEW ZEALAND GAZETTE
No. 91
POWERCO LIMITED - LINE BUSINESS
12 FIXED ASSETS
| 1995 $ | |
|---|---|
| Distribution system | |
| Cost | 30,916,057 |
| Accumulated depreciation | 13,315,535 |
| Book value | 17,600,522 |
| Land | |
| Cost | 509,138 |
| Buildings | |
| Cost | 4,105,279 |
| Accumulated depreciation | 702,226 |
| Book value | 3,403,053 |
| Motor vehicles | |
| Cost | 3,209,497 |
| Accumulated depreciation | 1,959,332 |
| Book value | 1,250,165 |
| Plant and equipment | |
| Cost | 3,979,765 |
| Accumulated depreciation | 2,477,787 |
| Book value | 1,501,978 |
TOTAL NET BOOK VALUE | 24,264,856
13 FINANCIAL INSTRUMENTS
a Credit Risk
Financial instruments which potentially subject the company to credit risk principally consist of bank balances, bank deposits, debtors and investments.
Generally the company does not require collateral from customers.
Maximum exposures to credit risk is the amount stated in the financial statements and are net of any recognised provision for losses in these financial instruments.
The company invests funds with financial institutions with satisfactory credit ratings and in NZ Government Stock.
b Concentrations of Credit Risk
The company is not exposed to any concentrations of credit risk.
c Credit Facilities
The company has no arranged bank overdraft facility.
d Fair Values
There was no difference between the fair value and the carrying amounts of cash and bank, bank deposits and debtors. The fair values for other investments are as disclosed in notes 9 and 11.
14 CAPITAL EXPENDITURE COMMITMENTS
The Company has a capital commitment of $239,700 for the refurbishment of the St Hill Street Building.
15 SALE OF POWERCO HOUSES
Powerco sold nine houses during the year which were no longer required for its core business. These were sold for a total of $483,869 and resulted in a capital gain of $391,392.
16 TRANSACTIONS WITH RELATED PARTIES
Powerco Limited paid fees and disbursements including Goods and Services Tax to a firm in which D H Brown a Director has an interest and also to R Gilberd of Doyle Gilberd and Company. These were charged at normal terms.
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VUW Te Waharoa —
NZ Gazette 1995, No 91
NZLII —
NZ Gazette 1995, No 91
✨ LLM interpretation of page content
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Financial Statements for Powerco Limited
(continued from previous page)
🏭 Trade, Customs & Industry11 August 1995
Financial statements, Electricity, Information Disclosure Regulations, Powerco Limited, Certification
- D. H. Brown, Director with related party transaction
- R. Gilberd, Related party transaction