✨ Financial Statements
20 AUGUST
NEW ZEALAND GAZETTE
2819
NELSON ELECTRICITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the year to 31 March 2003
5. Share Capital
| 31-Mar-03 | 31-Mar-02 | |
|---|---|---|
| $'000 | $'000 | |
| Authorised Issued and Paid up Share Capital | 1 | 1 |
Subsequent to agreement of its two shareholders Nelson Electricity repurchased a total of 4,999,000 $1 shares on 22 March 2001.
As at 31 March 2003 Marlborough Lines Ltd and Network Tasman Ltd each held 500 shares.
6. Retained Earnings
| 31-Mar-03 | 31-Mar-02 | |
|---|---|---|
| $'000 | $'000 | |
| Opening Balance 1 April | 1,915 | 2,031 |
| Net Surplus for Year | 1,877 | 2,084 |
| Dividends Paid | (1,700) | (2,200) |
| Closing Balance 31 March | 2,092 | 1,915 |
7. Reserves
| Pre acquisition Reserve: (Retained earnings accumulated to 19.06.96 when the company was purchased by Marlborough Lines Ltd and Network Tasman Ltd) | 31-Mar-03 | 31-Mar-02 |
|---|---|---|
| $'000 | $'000 | |
| 1,291 | 1,291 |
| Revaluation Reserves - Credits to Revaluation Reserves |
|---|
| Land |
| Distribution System assets |
Distribution system assets were revalued as at 1 April 2001 to depreciated replacement cost (DRC). The valuation was completed in accord with the requirements of FRS 3 by PricewaterhouseCoopers and their valuation report is dated 25 March 2002. The company’s Haven Road land was also revalued to net current value as at 31 July 2001.
8. Fixed Assets
| As At 31-Mar-03 | As At 31-Mar-02 | |
|---|---|---|
| $'000 | $'000 | |
| Land (at valuation) | 773 | 773 |
| Buildings (at cost) | 175 | 175 |
| Accumulated Depreciation | - | 72 |
| Book Value | 100 |
| Distribution System Assets (at valuation) | |
|------------------------------------------|-----------------|-----------------|
| Subtransmission Assets | 1,372 | 1,352 |
| Accumulated Depreciation | 80 | 40 |
| | Book Value | 1,292 | 1,322 |
| Zone Substations |
| Accumulated Depreciation | 934 | 909 |
| | 122 | 70 |
| | Book Value | 812 | 839 |
| Distribution Assets |
| Accumulated Depreciation | 11,129 | 10,903 |
| | 832 | 414 |
| | Book Value | 10,297 | 10,489|
| Other System Fixed Assets |
| Accumulated Depreciation | 1,027 | 902 |
| | 85 | 42 |
| | Book Value | 942 | 860 |
| Plant and Equipment (at cost) |
| Accumulated Depreciation | 176 | 157 |
| | 121 | 107 |
| | Book Value | 55 | 50 |
| Capital Work in Progress | 107 | 53 |
| Total Fixed Assets | 14,378 | 14,489 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 107
Gazette.govt.nz —
NZ Gazette 2003, No 107
✨ LLM interpretation of page content
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Nelson Electricity Limited Financial Performance
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🏭 Trade, Customs & IndustryFinancial Statements, Share Capital, Retained Earnings, Reserves, Fixed Assets, Nelson Electricity Limited