✨ Corporate Financial Statements
NEW ZEALAND GAZETTE
No. 112
WEL NETWORKS LIMITED
Amalgamation with WEL Energy Trust Shareholding Limited
On 30 April 2002 WEL Energy Trust Shareholding Ltd has amalgamated with the Parent Until the date of the amalgamation WEL Energy Trust Shareholding Ltd had a controlling interest in the Parent. Both companies were ultimately controlled by the WEL Energy Trust. Under the amalgamation the Parent took control of the assets of WEL Energy Trust Shareholding Ltd and assumed its liabilities. WEL Energy Trust Shareholding Ltd has been removed from the New Zealand register of companies.
Summary of the effect of amalgamation of WEL Energy Trust Shareholding Limited
| Line Business | 2003
($000s) | 2002
($000s) |
|----------------------------|-----------|-----------|
| Assets and liabilities amalgamated: | | |
| Bank balances | 1,209 | - |
| Net current assets/current liabilities | (1,289) | - |
| Borrowings | (10,935) | - |
| Balance recognised in the statement of movements in equity | (11,015) | - |
The assets and liabilities have been brought into the Company's financial statements at their carrying amounts which approximate their fair value. The operating results of WEL Energy Trust Shareholding Ltd after the amalgamation have been included in the statement of financial performance of the Company since 1 May 2002. The balance on amalgamation has been recognised in the statement of movements in equity of the Company. The comparatives for the Company have not been adjusted for the amalgamation.
Current assets
| 2003 | 2002 | |
|---|---|---|
| Cash and Bank | 5,487 | 7,600 |
| Trade debtors | 3,616 | 4,947 |
| Short term investments | - | - |
| Inventories | 115 | - |
| Other assets | 8 | 33 |
| Tax recoverable | - | 3,010 |
| 9,226 | 15,590 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 112
Gazette.govt.nz —
NZ Gazette 2003, No 112
✨ LLM interpretation of page content
🏭
Certification of Financial Statements for WEL Networks Limited
(continued from previous page)
🏭 Trade, Customs & Industry17 June 2003
Financial Statements, Performance Measures, Certification, WEL Networks Limited, Electricity, Information Disclosure, Fixed Assets, Depreciation, Line Business Split
🏭 Amalgamation of WEL Energy Trust Shareholding Limited
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🏭 Summary of Amalgamation Effects
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🏭 Current Assets of WEL Networks Limited
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