✨ Financial Statements
NELSON ELECTRICITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the year to 31 March 2003
| 31-Mar-03 | 31-Mar-02 | |
|---|---|---|
| $000 | $000 |
6. Retained Earnings
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 Reserves (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 | 665 | 665 |
| Distribution System assets | | |
| | 10,554 | 10,554 |
| | 17,219 | 11,219 |
Distribution system assets were revalued as at 1 April 2001 to depreciated replacement cost (DRC). The valuation was completed in accordance 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.
| As At | As At | |
|---|---|---|
| 31-Mar-03 | 31-Mar-02 | |
| $000 | $000 |
8. Fixed Assets
Land (at valuation) | 773 | 773 |
Buildings (at cost) |
| Accumulated Depreciation | 75 | 72 |
Book Value | 100 | 103 |
Distribution System Assets (at valuation) |
| Subtransmission Assets |
| Accumulated Depreciation | 80 | 40 |
Book Value | 1,292 | 1,322 |
Zone Substations |
| Accumulated Depreciation | 122 | 70 |
Book Value | 812 | 839 |
Distribution Assets | 11,129 | 10,903 |
| Accumulated Depreciation | 832 | 414 |
Book Value | 10,297 | 10,489 |
Other System Fixed Assets |
| Accumulated Depreciation | 85 | 42 |
Book Value | 942 | 860 |
Plant and Equipment (at cost) |
| Accumulated Depreciation | 121 | 107 |
Book Value | 55 | 50 |
Capital Work in Progress | 107 | 53 |
Total Fixed Assets | 14,378 | 14,489 |
The most recent Optimised Deprival Valuation undertaken in respect of the Nelson Electricity Ltd network system assets was dated 31 March 2001 and the total value recorded was $14.166m.
Land assets were revalued as at 31 July 2001 in accord with valuations provided by Telfer Young (Nelson) Ltd.
A number of small parcels of land were bought into the company's books for the first time at net current value totalling $92,800. These funds were credited to the Statement of Financial Performance.
The directors consider that the above values represent fair value for land and buildings.
The current rating valuation for buildings is $138,500 (2002 $140,000).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 140
Gazette.govt.nz —
NZ Gazette 2003, No 140
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Notes to the Financial Statements for Nelson Electricity Limited
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