✨ Financial Statements
2982
NEW ZEALAND GAZETTE
No. 112
NELSON ELECTRICITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the year to 31 March 2002
8. Fixed Assets 2001
| As At 31-Mar-02 $000 | As At 31-Mar-01 $000 | |
|---|---|---|
| Land (at cost) | 15 | |
| Buildings (at cost) | 175 | |
| Accumulated Depreciation | 69 | |
| Book Value | 106 | |
| Distribution System | 9,797 | |
| Accumulated Depreciation | 6,609 | |
| Book Value | 3,188 | |
| Plant and Equipment | 158 | |
| Accumulated Depreciation | 75 | |
| Book Value | 83 | |
| Capital Work in Progress | 51 | |
| Total Fixed Assets | 3,443 |
Fixed Assets 2002
| Land (at valuation) | 773 |
| Buildings (at cost) | 175 |
| Accumulated Depreciation | 72 |
| Book Value | 103 |
| Distribution System Assets (at valuation) | 1,362 |
| Subtransmission Assets | 909 |
| Accumulated Depreciation | 70 |
| Book Value | 1,322 |
| Zone Substations | 839 |
| Accumulated Depreciation | 414 |
| Book Value | 10,489 |
| Distribution Assets | 902 |
| Accumulated Depreciation | 42 |
| Book Value | 860 |
| Plant and Equipment (at cost) | 157 |
| Accumulated Depreciation | 107 |
| Book Value | 50 |
| Capital Work in Progress | 53 |
| Total Fixed Assets | 14,489 |
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 $14.166m.
Land assets were revalued as at 31 July 2001 in accord with valuations provided by Telfer Young (Nelson) Ltd. A Number of small parcels of land were bought into the company’s books for the first time at net current value totalling $92,800. These funds were credited to the Statement of Financial Performance.
The directors consider that the above values represent fair value for land and buildings.
The current rating valuation for buildings is $140,000 (2001 $105,000)
Investment in Lease Buy-Out
| 31-Mar-02 | 31-Mar-01 | |
|---|---|---|
| Cost (see note 14) | $2,448,888 | $2,448,888 |
| Less amortisation | $2,448,888 | $1,837,998 |
| Capitalised Lease Buy-out Costs as at 31 March 2002 | $0 | $610,890 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 112
Gazette.govt.nz —
NZ Gazette 2002, No 112
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Notes to the Financial Statements for Nelson Electricity Limited
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