✨ Marlborough Electric Financial Statements
NEW ZEALAND GAZETTE
No. 138
3. SHARE CAPITAL
3.1 Marlborough Electric's shares are held by the trustees to the Marlborough Electric Power Trust.
3.2 SHARE CAPITAL
Issued and Paid up Capital ordinary $1.00 shares
7,104,699 8,736,142
4. ACCOUNTS RECEIVABLE
The balance of Accounts Receivable comprises:
Electricity and other trade debtors
393,925 1,063,338
5. INVENTORIES
Reticulation stock
1,191,641 1,269,812
Some inventories are subject to retention of title clauses.
6. CREDITORS AND ACCRUALS
In current liabilities the balance of creditors and accruals comprises:
Trade Creditors and Accruals
2,280,952 1,634,162
Employee Entitlements
96,940 176,212
Total
2,377,692 1,810,374
6.1 Employee entitlements in non current liabilities recognises the Company's liability for retirement gratuities.
7. TERM LOANS
Bank Term Debt Facility
-
2,375,000
Inter-divisional debt
3,200,000 -
No security has been issued in respect of Marlborough Electric's term loans. Interest rate linked to the 90 Day Bank Bill Rate (National Bank buy rate). The effective rate at 31 March 1999 was 5.05% (1998 9.22%)
8. FIXED ASSETS
8.1 TABLE OF FIXED ASSETS
| Land | 1,201,588 |
| Buildings less Depreciation | 2,598,967 |
| 844,735 | |
| 3,443,702 |
| Reticulation System less Depreciation |
| | 20,630,086 | 22,216,289 |
| | 8,700,590 | 8,967,668 |
| | 11,929,496 |
| Plant and Equipment less Depreciation |
| | 1,659,140 | 1,295,238 |
| | 1,235,860 | 918,871 |
| | 423,280 |
| Motor Vehicles less Depreciation |
| | 417,729 | 385,645 |
| | 299,689 | 288,587 |
| | 118,040 | 97,058 |
| Capital Works under Construction |
| | 287,646 | 114,141 |
| Totals | 16,559,017 | 18,076,440 |
Capital work under construction includes transfer payments and purchases from outside organisations as well as from "Other"
8.2 VALUATION
The latest Government valuations for land and improvements dated September 1996 and September 1997 show the following values.
| Land | Improvements | |
|---|---|---|
| Other Properties | 1,583,100 | 3,822,300 |
9. CAPITAL CONTRIBUTIONS
Customer capital contributions totalling $578,885 (1998 $32,750) were credited against the cost of reticulation Network assets during the year. As at 31 March 1999 the accumulated value of such contributions credited to fixed assets was $2,140,359 (1998 $2,061,474)
10. CAPITAL COMMITMENTS
Total capital expenditure committed to but not recognised in the financial statements.
141,307 106,452
11. CONTINGENT LIABILITIES
There are no contingent liabilities as at 31 March 1999 (1998 nil)
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VUW Te Waharoa —
NZ Gazette 1999, No 138
NZLII —
NZ Gazette 1999, No 138
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Marlborough Electric Financial Statements
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