New Zealand Gazette – 1999 – No. 116

Page 2788

✨ Financial Statements



2788
NEW ZEALAND GAZETTE
No. 116

TOP ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS
FOR THE 12 MONTHS ENDED 31 MARCH 1999

9 CREDITORS AND ACCRUALS LINE BUSINESS $
1999 1998
Trade Creditors 644,194 932,353
Provision for retirement payments 21,592 22,223
Provision for holiday pay 90,101 114,956
Accrued payroll 17,054
Other Accruals 1,811,767 481,900
Dividend provision - -
2,584,708 1,551,432
10 FIXED ASSETS Cost or Valuation Accumulated Depreciation Net Book Value
Land & Buildings 402,335 (26,261) 376,074 415,611
Distribution system at valuation -
Infrastructure 60,428,000 - 60,428,000 41,158,681
Non infrastructure 10,035,320 - 10,035,320 7,747,504
Centralised load control equipment 120,120 120,120
Office equipment & furniture 67,442 (25,014) 42,428 543,422
Information system & billing assets 718,310 (446,769) 271,541
Vehicles - - - 66,682
Capital work in progress 543,193 - 543,193 935,430
Total fixed assets 72,314,720 (498,044) 71,816,676 50,867,330

i) There is no Goodwill or other intangible fixed asset in Line business Fixed assets.

ii) Capital work in progress comprises:

Subtransmission assets -
Zone substations -
Distribution lines & cables 405,947
Medium voltage switchgear -
Distribution transformers -
Distribution substations -
Low voltage lines & cables 137,246
Total capital work in progress 543,193

iii) The latest Government Valuations by Quotable Value New Zealand of land and improvements are:

1 September 1998 Land Improvements Total
295,000 305,500 600,500

The Directors have had an independent valuation at March 1999 which places a market value on the Land & buildings of $625,000.

iv) The Distribution system is revalued by independent registered valuers, Ernst & Young. The valuation is at 31 March 1999 and the report is dated 21 June 1999. The valuation is a Business valuation and is equal to Optimised Deprival Value also prepared by the valuers



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✨ LLM interpretation of page content

🏭 Notes to the Special Purpose Financial Statements for Top Energy Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Creditors, Accruals, Fixed Assets, Valuation, Line Business