New Zealand Gazette – 2001 – No. 98

Page 2558

✨ Financial Statements



TOP ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 2001

9 CREDITORS AND ACCRUALS

LINE BUSINESS
2001 2000
Accounts payable and accruals 2,515,762 2,417,972
Payroll provisions 59,901 58,378
Total 2,575,663 2,476,350

10 FIXED ASSETS

Cost or Valuation Acc. Depreciation Net Book Value
2001 2000 2001 2000 2001 2000
Land & Buildings 380,984 390,779 (35,145) (30,709) 345,839 360,070
Distribution system at valuation - - - - 61,322,043 61,878,764
Infrastructure 61,322,043 63,854,764 (1,976,000) - 61,322,043 61,878,764
Non infrastructure 11,743,454 10,688,903 (311,644) - 11,431,810 10,377,259
Centralised load control equipment 85,800 120,120 - - 85,800 120,120
Office equipment & furniture 78,416 73,199 (38,711) (30,643) 39,705 42,556
Information system & billing assets 792,887 676,794 (584,247) (469,111) 208,640 207,683
Vehicles 27,793 - - - 27,793 -
Capital work in progress 253,801 841,746 - - 253,801 841,746
Total fixed assets 74,685,178 76,646,305 (2,945,747) (530,463) 74,027,075 73,828,198

i) There is no Goodwill or other intangible fixed asset in Line business Fixed assets.

ii) The latest Government Valuations by Quotable Value New Zealand of land and improvements are:

Land Improvements Total
1 September 1998 295,000 305,500 600,500

iii) The Distribution system was revalued by independent engineering consultants, Odyssey Ltd. The valuation was carried out at 31 March 2001 and the report is dated 26 June 2001. The valuation is based on the depreciated replacement cost (DRC) of the distribution system asset. The Directors consider this valuation to be fair. The DRC valuation is an element of the Optimised Deprival Value (ODV) which the company is required to prepare for regulatory purposes. The ODV has been audited by PricewaterhouseCoopers. The DRC revaluation movement in the Statement of equity of $1,230,889 differs from the revaluation disclosed in Schedule 4 - part 8 of the Electricity Regulations 1999, of $2,886,000, by an amount which reflects the optimisation adjustment used in the ODV basis.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 98


Gazette.govt.nz — PDF NZ Gazette 2001, No 98




✨ LLM interpretation of page content

🏭 Notes to the Special Purpose Financial Statements for Top Energy Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Creditors, Accruals, Fixed Assets, Valuation