✨ Financial Statements of Wairoa Power Limited
Wairoa Power Limited - Other Businesses
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1998 continued
- TAXATION (Continued)
DEFERRED TAX ASSET
| 1998 | 1997 | |
|---|---|---|
| Balance as at 31 March 1997 | 24,608 | |
| Depreciation Movement for current year | (5,631) | (5,475) |
| Balance as at 31 March 1998 | 13,502 | 19,133 |
- DIVIDENDS AND BONUS ISSUES
| 1998 | 1997 | |
|---|---|---|
| Proposed distributions: | ||
| Proposed dividend | 107,551 | 118,975 |
- TERM LIABILITIES
| 1998 | 1997 | |
|---|---|---|
| Local Authority Loans | 600,000 | 600,000 |
| Less Current portion | - | - |
| Total Term Liabilities | 600,000 | 600,000 |
Repayable as follows:
| 1998 | 1997 | |
|---|---|---|
| Less than two years | - | - |
| Two to five years | 600,000 | 600,000 |
| Beyond five years | - | - |
Interest Rates:
Local Authority Loans
Average interest rate 17.75 | 17.75
Security:
Whilst secured by pledge of future earnings the Local Authority loans are not specifically secured over any of the Company’s assets.
Interest rate risk:
The interest rate on the local authority loans is 17.75%. This rate is fixed throughout the life of the loan.
- ACCOUNTS PAYABLE AND ACCRUALS
| 1998 | 1997 | |
|---|---|---|
| Accounts Payable Trade | 263,991 | 131,298 |
| Accounts Payable Other | - | - |
| Customer Deposits | 50,695 | 55,626 |
| Accrued Expenses | 314,686 | 186,924 |
- FIXED ASSETS
| 1998 | 1997 | |
|---|---|---|
| Freehold Land (at valuation) | 96,000 | 96,000 |
| Freehold Buildings (at valuation) | 36,001 | 39,574 |
| (at cost) | 193,573 | 190,000 |
| Accumulated Depreciation | (59,145) | (53,407) |
| 170,429 | 176,167 | |
| Waihi Dam (at cost) | 1,043,348 | 1,043,348 |
| Accumulated Depreciation | (130,492) | (120,059) |
| 912,856 | 923,289 | |
| Generation equipment (at cost) | 784,956 | 784,956 |
| Accumulated Depreciation | (387,782) | (356,385) |
| 397,174 | 428,571 | |
| Other Plant and Equipment (at cost) | 292,402 | 301,336 |
| Accumulated Depreciation | (174,123) | (156,085) |
| 118,279 | 145,251 | |
| Total Fixed Assets | 1,694,738 | 1,769,278 |
Valuation:
Revalued freehold land & buildings are stated at net current value as determined by an independent registered valuer C W Nyberg ANZIV, of the firm Darroch & Co Ltd, as at 31 March 1996.
Due to the specialised nature of substation and power house buildings, and the difficulty in establishing market valuations for these properties, they continue to be carried at depreciated historical cost.
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VUW Te Waharoa —
NZ Gazette 1998, No 141
NZLII —
NZ Gazette 1998, No 141
✨ LLM interpretation of page content
🏭
Financial Position of Wairoa Power Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Fixed Assets, Depreciation, Wairoa Power Limited
- C W Nyberg, Independent registered valuer for freehold land & buildings