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New Zealand Gazette – 2003 – No. 105

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✨ Financial Statements

TOP ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 2003

9 CREDITORS AND ACCRUALS

LINE BUSINESS	2003	2002
Accounts payable and accruals	1,323,920	1,424,879
Payroll provisions	149,596	63,705
	1,473,516	1,488,584

10 FIXED ASSETS

	Cost or Valuation	Acc. Depreciation	Net Book Value
	2003	2002	2003
Land & Buildings	396,054	380,984	(44,021)
Distribution system at valuation
Infrastructure
- At Cost	7,280,273	3,536,966	(227,927)
- At Valuation	61,322,043	61,322,043	(3,951,783)
Non-infrastructure	13,419,119	12,316,622	(888,831)
- At Cost	1,675,663	573,168	(28,110)
- At Valuation	11,743,454	11,743,454	(860,721)
Centralised load control equipment	258,600	85,800	(17,220)
Office equipment & furniture	117,255	90,678	(76,852)
Information system & billing assets	1,955,972	1,000,151	(1,138,222)
Vehicles	186,854	26,854	(20,320)
Capital work in progress	183,779	471,342	-
Total fixed assets	85,119,949	79,231,440	(6,365,176)

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-01 286,000 326,070 612,070
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) differs from the revaluation disclosed in Schedule 4 - part 8 of the Electricity Regulations 1999 for 2001, of $2,886,000, by an amount which reflects the optimisation adjustment used in the ODV basis.

	Land	Improvements	Total
1-Sep-01	286,000	326,070	612,070

VUW Te Waharoa — NZ Gazette 2003, No 105

Gazette.govt.nz — NZ Gazette 2003, No 105

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✨ LLM interpretation of page content

🏭 Top Energy Limited Financial Performance Statement (continued from previous page)

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

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