New Zealand Gazette – 1999 – No. 132

Page 3166

✨ Financial Statements

3166 NEW ZEALAND GAZETTE No. 132

NOTES TO THE FINANCIAL STATEMENTS

Note 3: Retained Earnings & Reserves

Retained Earnings
Balance at beginning of the year 231,690 214,193
Net surplus for the year 79,454 32,497
Transfer of equity (67,799) 0
Dividends paid and proposed (20,000) (15,000)
Balance at end of the year 223,345 231,690

Reserves
Share premium reserve 185,025 185,025
Asset revaluation reserve 477,645 542,270
Balance at end of the year 662,670 727,295

Due to the change in methodology required by the Electricity (Information Disclosure) Regulations (1999), 100% of the equity has been brought into the accounts this year.

An adjustment has also been made through equity to account for the movements using the avoidable cost methodology.

Note 4: Receivable and prepayments
Trading debtors 328,795 14,695
Estimated doubtful receivables 0 0
Miscellaneous prepayments 29,237 186,992
358,032 201,687

Note 5: Inventories
Network and contracting stocks 80,996 105,146
Appliance & servicing stocks 0 0
80,996 105,146

Note 6: Investments
(i) CURRENT
Short term deposits held with registered banks 1,283,365 1,374,432
1,283,365 1,374,432

Market fluctuations in interest rates affect the earnings on these investments but company policy of placing deposits with high credit quality financial institutions minimises its credit exposure.

(ii) NON CURRENT
Unlisted securities 0 0
Listed securities 1,463,943 0
1,463,943 0

(iii) FAIR AND MARKET VALUE INFORMATION
Listed securities 1,438,146 0
The market value is based on prices quoted on the stock exchange at balance date.

The fair values of the other investments are not materially different from their carrying amounts.

(iii) INTEREST RATES
The range of interest rates on investments were:

Short term bank investments 2.85 - 9.10% 6.00 - 9.50%

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VUW Te Waharoa — NZ Gazette 1999, No 132

NZLII — NZ Gazette 1999, No 132

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Statement of Accounting Policies by SCANPOWER LIMITED (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated10 September 1999
KeywordsFinancial Statements, Operating Revenue, Operating Expenses, Taxation, Accounting Policies, Depreciation, Income Tax, SCANPOWER LIMITED

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