✨ Financial Statements
NELSON ELECTRICITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the year to 31 March 2001
| Year Ended 31-Mar-01 | Year Ended 31-Mar-00 | |
|---|---|---|
| $000 | $000 |
5. Share Capital
Authorised Issued and Paid up Share Capital
1 | 3,702
Subsequent to agreement of its two shareholders Nelson Electricity repurchased a total of 4,999,000 $1 shares on 22 March 2001. In the financial statements prepared for the Ministry of Economic Development this equates to a repurchase of 3,700,000 $1 shares. At 31 March 2001 Marlborough Lines Ltd and Network Tasman Ltd each held 500 shares.
5.Retained Earnings
| Year Ended 31-Mar-01 | Year Ended 31-Mar-00 | |
|---|---|---|
| $000 | $000 | |
| Opening Balance 1 April | 1,379 | 830 |
| Net Surplus for Year | 1,793 | 1,548 |
| Adjustment to Retained Earnings (Residue of Other Business) | 150 | (1,000) |
| Dividends Paid | — | — |
| Closing Balance 31 March | 3,322 | 1,378 |
7. Fixed Assets
| As At 31-Mar-01 | As At 31-Mar-00 | |
|---|---|---|
| $000 | $000 |
Land (at cost) | 15 | 15 |
Buildings (at cost) | 175 | 175 |
Accumulated Depreciation | 69 | 65 |
Book Value | 106 | 110 |
Distribution System | 9,797 | 9,352 |
Accumulated Depreciation | 6,609 | 6,225 |
Book Value | 3,188 | 3,127 |
Plant and Equipment | 158 | 103 |
Accumulated Depreciation | 75 | 41 |
Book Value | 83 | 62 |
Capital Work in Progress | 51 | 60 |
Total Fixed Assets | 3,443 | 3,374 |
The most recent Optimised Deprival Valuation undertaken in respect of the Nelson Electricity Ltd network system assets was dated 31 March 2001 and the total value recorded was $14.17m.
The following Government valuations for land and buildings as at 30 Sept 1997 are considered by the Directors to be an indication of fair value.
| $ | |
|---|---|
| Land | $428,000 |
| Buildings | $105,000 |
Investment in Lease Buy-Out
Cost (see note 12) | $2,448,888 |
Less amortisation | $1,837,998 |
| | $610,890 |
Capitalised Lease Buy-out Costs as at 31 March 2001 | $1,529,890
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 114
Gazette.govt.nz —
NZ Gazette 2001, No 114
✨ LLM interpretation of page content
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Nelson Electricity Limited Financial Position Statement
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Share Capital, Retained Earnings, Fixed Assets, Land, Buildings, Distribution System, Plant and Equipment, Capital Work in Progress, Investment in Lease Buy-Out