New Zealand Gazette – 1998 – No. 114

Page 2815

✨ Financial Statements



14 AUGUST

NEW ZEALAND GAZETTE

8. INVENTORIES

Line Business 1998 $000 Other Business 1998 $000 Line Business 1997 $000 Other Business 1997 $000
130 191
108 214
761
341
1,102 108 344 191

The taxation charge is represented by:

  • Current Taxation
  • Deferred Taxation

Deferred taxation is represented by:

  • Deferred taxation 1 April 1997: 838
  • Current charge: 341
Line Business 1998 $000 Other Business 1998 $000 Line Business 1997 $000 Other Business 1997 $000
624 214
1,179 838

Inventories on hand comprise:

Line Business 1998 $000 Other Business 1998 $000 Line Business 1997 $000 Other Business 1997 $000
General Reticulation - - - 19
Retail Appliances - 220 - 287

9. BORROWINGS

Line Business 1998 $000 Other Business 1998 $000 Line Business 1997 $000 Other Business 1997 $000
CURRENT
Bank Overdraft 106 - 134 -
Short-term Money Market 1,225 - 1,438 -
Facility
Term Loan - Current Portion 1,000 - 250 -
Other Short-term Borrowings 1,305 - 808 -
3,636 - 2,630 -
NON-CURRENT
Term Loan 2,250 - 1,750 -
5,886 - 4,380 -

None of the borrowings are secured over the assets of the company, although a negative pledge agreement exists. The Term Loan is repayable in quarterly instalments of $250,000.

Interest rates as at 31 March 1998 were: Overdraft 10.55%, Short-term Money Market Facility 10.60% and Term Loan 8.75% to 9.35%.

5. SHARE CAPITAL

Line Business 1998 $000 Other Business 1998 $000 Line Business 1997 $000 Other Business 1997 $000
13,514 1,486
13,514 1,486

Issued and Paid In Capital
15,000,000 Ordinary Shares of $1 each fully paid

6. SHARE PREMIUM RESERVE

Line Business 1998 $000 Other Business 1998 $000 Line Business 1997 $000 Other Business 1997 $000
15,797 - 15,797 -

The Establishment Plan for Counties Power Limited provided for the issue of ordinary shares for $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

Line Business 1998 $000 Other Business 1998 $000 Line Business 1997 $000 Other Business 1997 $000
Accounts Receivable from normal trading 2,554 2,337 2,501
Finance Agreements/HP - 1 3
Other Receivables 92 92 153
Tax Refund Due 115 11 497
Provision for Bad Debts (50) (50) (50)
2,711 2,391 3,104

10. ACCOUNTS PAYABLE

Line Business 1998 $000 Other Business 1998 $000 Line Business 1997 $000 Other Business 1997 $000
Trade Creditors 1,853 1,950 1,826
Non Trade Creditors 25 23 21
Customer Deposits 524 99 338
Employee Entitlements 168 197 254
2,570 2,269 2,439

11. FIXED ASSETS

Line Business

1998 Cost $000 1998 Accumulated Depreciation $000 1998 Net Book Value $000 1997 Cost $000 1997 Accumulated Depreciation $000 1997 Net Book Value $000
Distribution System 52,861 17,047 35,814 46,333 14,943 31,390
Land 869 - 869 869 - 871
Buildings 2,291 500 1,791 2,288 441 1,847
Plant & Equipment 3,705 2,503 1,202 3,685 2,428 1,257
Vehicles 1,179 646 533 1,323 785 538
60,905 20,696 40,209 54,500 18,597 35,903

Other Business

1998 Cost $000 1998 Accumulated Depreciation $000 1998 Net Book Value $000 1997 Cost $000 1997 Accumulated Depreciation $000 1997 Net Book Value $000
Plant and Equipment 583 395 188 457 291 166
Vehicles 1,805 1,101 704 1,282 819 463
2,388 1,496 892 1,739 1,110 629

Imputation credit account:

  • Balance as at 1 April 1997: 971 (Line Business), 345 (Other Business)
  • Imputation credits attached to dividends paid during the period: -
  • Tax refunds received: -
  • Other credit adjustments: 7 (Other Business)
  • Income tax payments made during the period: 500 (Line Business), 619 (Other Business)
  • Balance as at 31 March 1998: 1,471 (Line Business), 971 (Other Business)


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✨ LLM interpretation of page content

🏭 Disclosure of Financial Statements for Counties Power Limited (continued from previous page)

🏭 Trade, Customs & Industry
1 July 1998
Electricity, Financial Statements, Information Disclosure, Counties Power Limited