New Zealand Gazette – 2003 – No. 90

Page 2331

✨ Financial Statements

HORIZON ENERGY DISTRIBUTION LIMITED - Lines Business

NOTES TO THE FINANCIAL STATEMENTS

9 FIXED ASSETS (Continued)

Depreciation Expense

NOTE	Lines Business 2003 $000	Lines Business 2002 $000
Buildings	7	6
Plant and Equipment	184	198
Furniture and Fittings	11	3
Motor Vehicles	13	13
Distribution System	2,114	2,156
Total	2,329	2,376

Valuation of Distribution System Assets

As explained in Changes in Accounting Policies, distribution system assets were not revalued on 31 March 2003. Distribution assets are carried at the last valuation performed on 31 March 2000 by Worley Consultants, Registered Engineers, which has been adjusted for additions, disposals and depreciation up until 31 March 2003. The 31 March 2000 valuation was prepared on the basis of depreciated replacement cost in accordance with generally accepted valuation techniques.

The recent review of electricity distribution industry regulation by the Commerce Commission has created considerable uncertainty for electricity distribution businesses. Based on the evidence presently available, the Board of Directors does not believe there is any material impairment to the current carrying value of distribution system assets. Until further details in relation to future regulation have been announced, it is not possible to determine the impact, if any, of changes in regulation on distribution assets values.

Useful lives and Depreciation Methods

	Useful Lives 2003 In Years	Useful Lives 2002 In Years
Buildings	40-100	40-100
Distribution System	8-70	8-70
Plant and Equipment	2-10	2-10
Motor Vehicles	5-10	5-10
Furniture and Fittings	10	10

All assets are depreciated on a straight line basis.

10 ACCOUNTS PAYABLE AND ACCRUALS

Accounts Payable and Accruals comprise:

NOTE	Lines Business 2003 $000	Lines Business 2002 $000
Trade Creditors and Accruals	1,832	2,775
Employee Entitlements	120	116
Balance as at 31 March	1,952	2,891

VUW Te Waharoa — NZ Gazette 2003, No 90

Gazette.govt.nz — NZ Gazette 2003, No 90

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✨ LLM interpretation of page content

🏭 Financial Statements for Horizon Energy Distribution Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Fixed Assets, Depreciation, Valuation

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