New Zealand Gazette – 2004 – No. 172

Page 4305

✨ Financial Statements Notes



HORIZON ENERGY DISTRIBUTION LIMITED - Lines Business

NOTES TO THE FINANCIAL STATEMENTS

9 FIXED ASSETS (Continued)

Depreciation Expense

NOTE Lines Business 2004 $\'000 Lines Business 2003 $\'000
Buildings 6 7
Plant and Equipment 111 184
Furniture and Fittings 44 11
Motor Vehicles 22 13
Distribution System 2,134 2,114
Total 2,317 2,329

Valuation of Distribution System Assets

Distribution System Assets were revalued on 31 March 2004 by Maunsell Limited (Qualified Consulting Architects, Engineers and Planners) on the basis of optimised depreciated replacement cost in accordance with generally accepted valuation techniques. The Board of Directors does not believe there is any material impairment to the current carrying value of the distribution system assets.

The Book Value of Land, Buildings and Accumulated Depreciation has decreased this year due to Distribution System Land and Buildings being reclassified to Distribution System Assets.

Useful lives and Depreciation Methods

Useful Lives 2004 In Years Useful Lives 2003 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:

Lines Business 2004 $\'000 Lines Business 2003 $\'000
Trade Creditors and Accruals 2,030 1,832
Employee Entitlements 130 120
Balance as at 31 March 2,160 1,952


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 172


Gazette.govt.nz — PDF NZ Gazette 2004, No 172




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial Statements, Fixed Assets, Depreciation, Valuation, Accounts Payable