New Zealand Gazette – 1997 – No. 105

Page 2458

✨ Financial Statements



KING COUNTRY ENERGY LIMITED

NOTES TO THE ANNUAL FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH THE ELECTRICITY INFORMATION DISCLOSURE REGULATIONS 1994

FOR THE YEAR ENDED 31 MARCH 1997

Note Lines Business 1996/1997 Energy Business 1996/1997 Lines Business 1995/1996 Energy Business 1995/1996 Lines Business 1994/1995 Energy Business 1994/1995
Furniture, Plant and Equipment
-Cost 1,350,905 259,149 1,276,068 174,167 231,263 1,050,756
-Less Accumulated Depreciation (799,333) (155,219) (730,436) (93,254) (143,718) (652,991)
-Book Value 551,572 103,930 545,632 80,913 87,545 397,765
Total Fixed Assets 10,825,373 1,897,791 10,641,806 1,501,931 9,851,174 1,347,097
Total Government Valuations dated 1995-1996 of
-Land 272,500 17,000 295,400 17,000 235,400 17,000
-Buildings 730,000 75,000 713,600 74,800 733,300 74,800
-Generation - 4,243,000 - 4,418,000 - 4,500,000

GOVERNMENT VALUATIONS

Land and buildings at the Kuratau Power Station were valued by Valuation New Zealand as at 1 October 1992 at $4,300,000. This was considerably higher than the previous calculation of $332,000 as at 1 July 1989 and was due to Valuation New Zealand adopting the same method for valuation as they have used for Electricity Corporation power stations. The method has been appealed in the High Court by Electricity Corporation and King Country Energy Limited has appealed the valuation of $4,300,000 to Valuation New Zealand.

For this reason the 1 July 1989 valuation of Kuratau Power Station has been shown in the accounts. Valuation New Zealand have confirmed that the Government Valuation of all land and buildings except the Kuratau Power Station are appropriate for financial reporting purposes. They cannot confirm this for the Power Station until after the outcome of Appeals to the High Court.

The Directors have considered all the circumstances and have used the Valuation which they consider would be most appropriate for consistency purposes in the accounts pending resolution of the outcome of Court decisions.



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🏭 Notes to the Financial Statements of King Country Energy Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Fixed Assets, Government Valuations, Valuation New Zealand, High Court, Kuratau Power Station