New Zealand Gazette – 2002 – No. 113

Page 3007

✨ Financial Statements



HORIZON ENERGY DISTRIBUTION LIMITED

Financial Statements for the purposes of the Electricity (Information Disclosure) Regulations 1999 and the Electricity (Information Disclosure) Amendment Regulations 2000, 2001

NOTES TO THE FINANCIAL STATEMENTS

9 FIXED ASSETS (Continued)

Depreciation Expense

Lines Business 2002 $000 Lines Business 2001 $000
Buildings 6 6
Plant and Equipment 198 207
Furniture and Fittings 3 3
Motor Vehicles 13 17
Distribution System 2,156 2,152
Total 2,376 2,385

Distribution assets are revalued on a cyclical basis with each class being revalued at least every three years.

Distribution assets were revalued at 31 March 2000. The value adopted is Depreciated Replacement Cost (which was the same as Optimised Deprival Value for that valuation) of the distribution system as at 31 March 2000. The valuation report was prepared by Meritec Limited (Registered Engineers). These Statements also reflect a revision of the 31 March 2000 Valuation due to compliance with the 4th edition of the Handbook for Optimised Deprival Valuation of System Fixed Assets of Electricity Line Businesses.

The valuation has since been varied by additions, deletions, and depreciation in 2000/2001 to provide an implied Optimised Deprival Value at 31 March 2001 of $64,844 million. This valuation was part of a recalibration of asset values carried out pursuant to Part 4A of the Commerce Act 1986 and was approved by the Commerce Commission on 28 March 2002.

Useful lives and Depreciation Methods

Useful Lives 2002 In Years Useful Lives 2001 In Years
Land Improvements 3-40 3-40
Other Buildings 40-100 40-100
Distribution System 8-70 8-70
Plant and Equipment 2-10 2-10
Motor Vehicles 5-10 5-10
Furniture and Fittings 10 10

All assets are depreciated on a straight line basis.

10 ACCOUNTS PAYABLE AND ACCRUALS

Accounts Payable and Accruals comprise:

2002 $000 2001 $000
Trade Creditors and Accruals 2,775 3,462
Employee Entitlements 116 115
Balance as at 31 March 2,891 3,577


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 113


Gazette.govt.nz — PDF NZ Gazette 2002, No 113




✨ LLM interpretation of page content

🏗️ Financial Statements of Horizon Energy Distribution Limited (continued from previous page)

🏗️ Infrastructure & Public Works
Electricity, Financial Performance, Revenue, Expenditure, Taxation, Horizon Energy, Distribution