New Zealand Gazette – 2000 – No. 113

Page 2841

✨ Financial Report Continuation

29 AUGUST NEW ZEALAND GAZETTE 2841

14. Contingent Liabilities

Otago Power Limited is currently involved in a Tax dispute with the Inland Revenue Department. The Company has made a voluntary payment of the full amount of disputed tax of which $184,961 is carried as an asset pending the outcome of the dispute. Depending on the outcome of the dispute Otago Power may have a contingent asset or will have to write off the remaining amount carried.

15. Capital Commitments

There are no capital commitments as at 31 March 2000.

16. Related Party Transactions

There are no related Party Transactions.

17. Divisional Expenses

Otago Power Limited operates a division within its company structure that constructs and maintains its assets on its behalf. Transactions are recorded at cost plus an allowance for overheads. There is no profit margin charged to the network in these transactions.

Maintenance costs are recorded in note 2 of these accounts.

Capital transactions are recorded as follows.

	$
Construction Subtransmission Assets	713,909
Construction of Distribution lines	606,770
SCADA Substation	107,999
Replacement Circuit Breakers	282,812
Consumer Transformers	361,580
	42,874

18. Annual Valuation Reconciliation Report

Year ending 31 March 2000

	$000
System fixed assets at ODV – end of the previous financial year	53,368
Add system fixed assets acquired during the year at ODV²	1,937
Less system fixed assets disposed of during the year at ODV	-
Less depreciation on system fixed assets at ODV	2,460
Add revaluations of system fixed assets	2,537
Equals system fixed assets at ODV – end of the financial year	55,382

VUW Te Waharoa — NZ Gazette 2000, No 113

Gazette.govt.nz — NZ Gazette 2000, No 113

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✨ LLM interpretation of page content

🏭 Otago Power Limited Financial Statement (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated14 August 2000
KeywordsContingent Liabilities, Capital Commitments, Related Party Transactions, Divisional Expenses, Annual Valuation Reconciliation, Tax Dispute, Inland Revenue Department, Financial Instruments, Equity, Liabilities

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