New Zealand Gazette – 2003 – No. 122

Page 3317

✨ Financial Statements



UNISON NETWORKS - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

For The Year Ended 31 March 2003

7. PROPERTY PLANT AND EQUIPMENT...continued

Freehold Buildings

2003 2002
at valuation 4,007 4,007
at cost 270 0
accumulated depreciation (161) 0
4,116 4,007

Land and Additions to Land

2003 2002
at valuation 836 836
at cost 0 0
accumulated depreciation 0 0
836 836

Motor Vehicles

2003 2002
at cost 2,931 2,712
accumulated depreciation (1,982) (1,835)
949 877

Plant and Equipment

2003 2002
at cost 3,689 3,373
accumulated depreciation (2,727) (2,613)
962 760

Office Furniture and Equipment

2003 2002
at cost 2,285 2,175
accumulated depreciation (1,969) (1,898)
316 277

Information Technology

2003 2002
at cost 7,093 6,152
accumulated depreciation (3,842) (3,259)
3,251 2,893

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

2003 2002
10,450 9,650

TOTAL NET CARRYING VALUE

| | 286,604 | 128,636 |

Reconciliation:

2003 2002
Balance at beginning of reporting period 128,636 124,578
Plus revaluations 48,520 (15)
Plus acquisitions of property, plant and equipment 106,307
Plus other property, plant and equipment additions 10,742 9,631
Less depreciation (7,601) (5,558)
Balance at end of reporting period 286,604 128,636

This is represented by:

| Property, plant and equipment at valuation | 281,017 | 121,194 |
| Property, plant and equipment at cost | 16,288 | 21,688 |
| Accumulated depreciation | (10,621) | (14,246)|
| | 286,604 | 128,636 |

Valuations

The Electrical distribution network is valued at Optimised Depreciated Replacement Cost (ODRC) as determined by PricewaterhouseCoopers (based on technical support provided by Meritec Consultants Ltd) as at 31 March 2003. This valuation is based on fair value as defined under Financial Reporting Standard 3 based on current equivalent construction costs.

The impact of this change in valuation methodology is detailed in Note 17.

Surplus non network land and buildings have been transferred to current assets pending sale, at the amounts independently valued by Logan Stone Ltd of Hastings as at 31 March 2000.

The Directors consider the carrying value of properties intended for sale as at 31 March 2003 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. They have been adjusted for additions at appropriate rates to 31 March 2003.

All other items of property, plant and equipment are recorded at cost.

8 RECEIVABLES AND PREPAYMENTS

2003 2002
$'000 $'000
Trade Debtors 6,948 2,063
Provision For Doubtful Debts (115) (111)
6,833 1,952


Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 122


Gazette.govt.nz — PDF NZ Gazette 2003, No 122




✨ LLM interpretation of page content

🏭 Unison Networks Limited Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Property Plant and Equipment, Valuation, Depreciation, Electrical Distribution Network