✨ Financial Statements
19 AUGUST
NEW ZEALAND GAZETTE
2803
Intangible Assets
a) Goodwill 0 0
b) Other intangible assets not listed in (a) 0 0
c) Total Intangible Assets 0 0
FIXED ASSETS DEPRECIATION
Distribution System 94,471,615 84,462,790
Accumulated Depreciation 5,538,889 2,620,462
88,932,726 81,842,328
Land & Buildings 3,214,387 3,122,168
Accumulated Depreciation 517,622 459,225
2,696,765 2,662,943
Motor Vehicles 593,336 540,981
Accumulated Depreciation 471,747 434,791
121,589 106,190
Plant, Furniture & Equipment 3,726,431 3,236,927
Accumulated Depreciation 2,869,736 2,604,680
856,695 632,247
Work in Progress 1,801,363 695,633
Total Non Current Assets 94,409,138 85,939,341
The directors believe that rating valuation is a fair representation of the fair value of the company's land and buildings. The rating valuation of land and buildings at 1 September 2000 is $2,887,000.
10 FINANCIAL INSTRUMENTS
Electricity Ashburton Limited estimates that in respect of the reported Financial Instruments being cash, bank deposits, account receivables, investments and industry loan reported in the financial statement:-
a) Fair value is equivalent to carrying an amount as stated in the statement of financial position.
b) Concentration of credit risk is minimised in respect of:-
i) Receivables, the company has exposure of credit risk by having six line customers. Credit risk with each of these customers is managed by a use of system agreement. The company performs credit evaluations where considered necessary.
ii) Bank deposits, by a specific policy of spreading investments between registered trading banks, Ashburton Building Society and the Loan and Building Society
iii) Cash, by being held in minimal quantitiesThe company has a $500,000 overdraft facility with WestpacTrust, which is secured by a negative pledge over assets. The company now has loans to the value of $17.75 million from the Bank of New Zealand for capital works, interest rates for the loan are between 6.00% and 7.59% and expire on 31 October 2006. This loan is secured by a negative pledge over assets. An additional facility of $2 million for the 2003/4 year has been approved.
11 COMMITMENTS
Estimated capital expenditure contracted for at balance date is $690,494 (2002: $2,746,700).
12 CONTINGENT LIABILITIES
As at 31 March 2003 there were no material contingent liabilities that are not included in these financial statements (2002: Nil).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 106
Gazette.govt.nz —
NZ Gazette 2003, No 106
✨ LLM interpretation of page content
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Certification of Financial Statements for Electricity Ashburton Limited
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🌾 Primary Industries & Resources30 July 2003
Financial statements, Certification, Electricity Ashburton Limited, Audited, Compliance