✨ Financial Statements
TOP ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS
FOR THE 12 MONTHS ENDED 31 MARCH 2002
9 CREDITORS AND ACCRUALS
| LINE BUSINESS | ||
|---|---|---|
| 2002 | 2001 | |
| Accounts payable and accruals | 1,424,879 | 2,515,762 |
| Payroll provisions | 63,705 | 59,901 |
| Total | 1,488,584 | 2,575,663 |
10 FIXED ASSETS
| Cost or Valuation | Acc. Depreciation | Net Book Value | |
|---|---|---|---|
| 2002 | 2001 | 2002 | |
| Land & Buildings | 380,984 | 380,984 | (39,581) |
| Distribution system at valuation | |||
| - Infrastructure | |||
| - At Cost | 3,536,966 | - | (113,061) |
| - At Valuation | 64,859,009 | 61,322,043 | (2,071,710) |
| Non infrastructure | |||
| - At Cost | 573,168 | - | (413,908) |
| - At Valuation | 12,316,622 | 11,743,454 | - |
| Centralised load control equipment | 85,800 | 85,800 | (4,290) |
| Office equipment & furniture | 90,678 | 78,416 | (47,262) |
| Information system & billing assets | 1,000,151 | 792,887 | (676,516) |
| Vehicles | 26,854 | 27,793 | (5,353) |
| Capital work in progress | 471,342 | 253,801 | - |
| Total fixed assets | 79,231,440 | 74,685,178 | (3,264,113) |
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-Sep-01 | 286,000 | 311,000 | 597,000 |
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 (2001: $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 —
NZ Gazette 2002, No 116
Gazette.govt.nz —
NZ Gazette 2002, No 116
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Notes to the Special Purpose Financial Statements of Top Energy Limited
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