✨ Financial Statements Notes
NEW ZEALAND GAZETTE
8 OCTOBER
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1999
| Lines Business 1999 | Lines Business 1998 | |
|---|---|---|
5. EXTRAORDINARY ITEMS
In accordance with the Electricity Industry Reform Act the decision was made to sell the lines business. The restructuring (refer note 14) resulted in extraordinary items in the accounts of the Business as follows:
Restructuring costs
Income tax (Note 4)
| 248,488 | 0 | |
|---|---|---|
| (58,901) | 0 |
Total extraordinary item (net of tax)
| | 189,587 | 0 |
6. SHAREHOLDERS EQUITY
Share Capital
Asset revaluation reserve
Retained earnings
Allocation in compliance with Electricity (Information Disclosure) Regulations 1999
- refer Statement of Movements in Equity.
| 1999 | 1998 | |
|---|---|---|
| Share Capital | 12,426,810 | 12,426,810 |
| Asset revaluation reserve | 32,917 | 131,577 |
| Retained earnings | 1,878,389 | 1,912,070 |
| Allocation | (2,406,620) | 0 |
Total Shareholders' Equity
| | 11,931,496 | 14,470,457 |
SHARE CAPITAL
15,000,000 ordinary shares (1998: 15,000,000) were issued by King Country Energy Limited.
RESERVES
Asset revaluation reserve
Balance at beginning of year
Transfer from retained earnings on disposal of fixed assets
Disposal of revalued assets
| 1999 | 1998 | |
|---|---|---|
| 131,577 | 37,519 | |
| 0 | 94,058 | |
| (98,660) | 0 |
Balance at end of year
| | 32,917 | 131,577 |
Retained earnings
Balance at beginning of year
Net surplus / (deficit) for the year
Dividends paid and payable
Transfer from revaluation reserve on disposal of fixed assets
| 1999 | 1998 | |
|---|---|---|
| 1,912,070 | 1,285,245 | |
| (3,681) | 770,882 | |
| (30,000) | (50,000) | |
| 0 | (94,057) |
Balance at end of year
| | 1,878,389 | 1,912,070 |
7. CURRENT ASSETS
Cash & bank
Trade debtors
Other debtors
Prepayments
Electricity hedges
Other current assets
| 1999 | 1998 | |
|---|---|---|
| Cash & bank | 4,333,507 | 3,211,126 |
| Trade debtors | 462,619 | |
| Other debtors | 0 | |
| Prepayments | 0 | |
| Electricity hedges | 0 | 1,116,361 |
| Other current assets | 1,243 |
Total current assets
| | 4,797,469 | 4,237,487 |
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VUW Te Waharoa —
NZ Gazette 1999, No 145
NZLII —
NZ Gazette 1999, No 145
✨ LLM interpretation of page content
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Statement of Accounting Policies for King Country Energy Limited
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🏭 Trade, Customs & IndustryFinancial Statements, Revenue, Expenses, Discontinued Activities, Line Rental, Interest, Capital Contributions, Operating Expenses, Transmission Charges, Asset Maintenance, Depreciation, Corporate Administration