New Zealand Gazette – 2002 – No. 123

Page 3294

✨ Financial Statements



HAWKE'S BAY NETWORK LIMITED - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

For The Year Ended 31 March 2002

9 PROPERTY PLANT AND EQUIPMENT...continued

Freehold Buildings
at valuation 4,007 2,686
at cost - 165
accumulated depreciation (187)
4,007 2,664

Land and Additions to Land
at valuation 836 231
at cost - 340
accumulated depreciation - -
836 621

Motor vehicles
at cost 2,712 2,640
accumulated depreciation (1,835) (1,734)
877 906

Plant and Equipment
at cost 3,373 3,282
accumulated depreciation (2,613) (2,527)
780 755

Office Furniture and Equipment
at cost 2,175 2,043
accumulated depreciation (1,898) (1,848)
277 195

Information Technology
at cost 5,152 5,812
accumulated depreciation (3,259) (2,726)
2,893 3,086

Net Carrying Value, Other Items of Property, Plant and Equipment

| | 9,650 | 8,227 |

TOTAL NET CARRYING VALUE

| | 129,633| 124,575|

Valuations

The Electrical Distribution Network is valued at Optimised Depreciated Replacement Cost (ODRC) as determined by PriceWaterhouseCoopers (based on a valuation produced by Mertec Consultants Ltd) as at 31 March 2001 and have been adjusted for additions at cost and depreciation at appropriate rates to 31 March 2002.

All Non Network Land and Buildings (excluding the Omahu Road, Hastings and a portion of the Faraday Street, Napier properties) have been transferred to Current Assets Pending Sale, at the amounts independently valued by Logan Stone Ltd of Hastings as at 31 March 2000. They have been adjusted for additions at cost and depreciation at appropriate rates to 31 March 2002.

These properties were not revalued as at 31 March 2002 due to their classification as Current Assets Pending Sale and are valued on the basis of market value on an existing use.

The Directors consider the carrying value of Properties intended for Sale as at 31 March 2002 to be an indication of fair value.

All other Land and Buildings have been independently valued by Telfer Young Ltd of Napier as at 31 March 2002 on a fair value basis as defined under Financial Reporting Standard 3.

All other items of Property, Plant and equipment are recorded at cost.

10 RESERVES

2002 2001
Asset Revaluation Reserve
Balance at beginning of year 63,643 49,964
Revaluation Of Electrical Distribution Network - 13,960
63,643 63,924
Asset Revaluation in Relation to Land Sold - (281)
Balance at end of year 63,643 63,643


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 123


Gazette.govt.nz — PDF NZ Gazette 2002, No 123




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🏭 Hawke's Bay Network Limited Financial Statements (continued from previous page)

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Electricity, Financial Statements, Property, Plant, Equipment, Hawke's Bay Network Limited