New Zealand Gazette – 1996 – No. 141

Page 3421

✨ Financial Statements



7 OCTOBER

NEW ZEALAND GAZETTE

5. SHARE CAPITAL As at 31 March 1996

Line Business 1996 $000 Other Business 1996 $000 Line Business 1995 $000 Other Business 1995 $000
Authorised & Issued Capital 15,000,000 Ordinary Shares of $1 each fully paid 13,514 1,486 13,514

6. SHARE PREMIUM RESERVE As at 31 March 1996

Line Business 1996 $000 Other Business 1996 $000 Line Business 1995 $000 Other Business 1995 $000
Share Premium Reserve 15,797 — 15,797

The Establishment Plan for Counties Power Limited provided for the issue of ordinary shares at par value $15,000,000. The balance of corporate ownership of Franklin Electric Power Board at the date of incorporation of the company (17 May 1993) was allocated to a Share Premium Reserve.

7. ACCOUNTS RECEIVABLE As at 31 March 1996

Line Business 1996 $000 Other Business 1996 $000 Line Business 1995 $000 Other Business 1995 $000
Accounts Receivable from normal trading 2,410 2,538 2,150
Finance Agreements/HP 9 339 10
Other Receivables 163 120 276
Tax Refund Due 174 — 428
Provision for Bad Debts (50) (50) (50)
2,706 2,947 2,814

8. INVENTORIES As at 31 March 1996

Line Business 1996 $000 Other Business 1996 $000 Line Business 1995 $000 Other Business 1995 $000
Inventories on hand comprise:
General Reticulation 34 — 1,215
Retail Appliances — 296 —
Electrical Servicing 4 — —
Other 6 — 8
44 296 1,223

9. ACCOUNTS PAYABLE As at 31 March 1996

Line Business 1996 $000 Other Business 1996 $000 Line Business 1995 $000 Other Business 1995 $000
Trade Creditors 2,068 1,557 1,596
Non Trade Creditors 255 — 78
Customer Deposits 351 308 319
Employee Entitlements 228 109 262
Unclaimed Monies 14 — 13
2,916 1,974 2,268

10. DIVIDENDS For Year Ended 31 March 1996

Line Business 1996 $000 Other Business 1996 $000 Line Business 1995 $000 Other Business 1995 $000
Paid on Ordinary Shares 3,600 — —

11. FIXED ASSETS As at 31 March 1996

Cost Accumulated Depreciation Net Book Value Cost Accumulated Depreciation Net Book Value
1996 1996 1995 1995
$000 $000 $000 $000 $000 $000
Distribution System 38,062 13,032 25,030 32,849 11,470 21,379
Land 683 — 683 616 — 616
Buildings 2,158 382 1,776 2,299 442 1,857
Plant & Equipment 3,252 1,818 1,434 2,937 1,343 1,594
Vehicles 1,200 584 616 1,029 455 574
45,355 15,816 29,539 40,172 13,710 26,462

| Other Business | | | | | | |
| Plant & Equipment | 467 | 315 | 152 | 521 | 336 | 185 |
| Vehicles | 1,307 | 877 | 430 | 1,419 | 1,045 | 374 |
| | 1,774 | 1,192 | 582 | 1,940 | 1,381 | 559 |

Recent valuations of major properties as at February 1996 are as follows:

Land & Buildings $000
(Main Depot complex at Glasgow Rd/Nelson St, Pukekohe) Valuation for Accounting Purposes

The valuers used by Counties Power were Marsh & Irvin Ltd who are Associates of the New Zealand Institute of Valuers. The valuation adopted in the Financial Statements as at 31 March 1996 is $2,022,000. (Other properties with a total accounting net book value amounting to $438,000 are not included in above valuations).

Depreciation charged in total amounted to:

Line Business 1996 $000 Other Business 1996 $000 Line Business 1995 $000 Other Business 1995 $000
Distribution System 1,562 — 1,372
Buildings 51 — 51
Plant & Equipment 528 28 449
Motor Vehicles 163 118 153
2,304 146 2,025

12. PROVISION FOR REPLACEMENT OF UNECONOMIC LINES As at 31 March 1996

Section 62 of the Electricity Act 1992 requires Counties Power to maintain line services for the next 16 years. A provision of $1,392,000 for the replacement of some uneconomic lines was created at the 31 March 1993 year end of which $64,000 has been utilised during the current year. The basis of charging the provision is the cost of actual work carried out during the year.



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✨ LLM interpretation of page content

🏭 Notes to and Forming Part of the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Financial Reporting, Electricity Sales, Inventories