✨ Financial Statements
3 AUGUST 2005
NEW ZEALAND GAZETTE, No. 115
2771
| 2005 | 2004 | |
|---|---|---|
| $ | $ | |
| Intangible Assets | ||
| a) Goodwill | 0 | 0 |
| b) Other intangible assets not listed in (a) | 0 | 0 |
| c) Total Intangible Assets | 0 | 0 |
FIXED ASSETS DEPRECIATION
| Distribution System | 114,343,762 | 106,541,997 |
| Accumulated Depreciation | 3,754,700 | 0 |
| | 110,589,062 | 106,541,997 |
| Land & Buildings | 2,725,587 | 2,662,598 |
| Accumulated Depreciation | 612,193 | 562,765 |
| | 2,113,394 | 2,099,833 |
| Motor Vehicles | 662,643 | 620,624 |
| Accumulated Depreciation | 538,556 | 504,152 |
| | 126,087 | 116,472 |
| Plant, Furniture & Equipment | 4,180,932 | 3,497,646 |
| Accumulated Depreciation | 3,309,880 | 2,955,803 |
| | 871,052 | 541,843 |
| Work in Progress | 803,162 | 735,568 |
| Total Non Current Assets | 114,502,757 | 110,035,713 |
Distribution assets were revalued by PricewaterhouseCoopers as at 31 March 2004
The directors believe that rating valuation is a fair representation of the fair value of the company's land and buildings. The rating valuation of land and buildings at 1 July 2004 is $2,367,750
10 FINANCIAL INSTRUMENTS
Electricity Ashburton Limited estimates that in respect of the reported Financial Instruments being cash, bank deposits, account receivables, investments and industry loan reported in the financial statement-
a) Fair value is equivalent to carrying an amount as stated in the statement of financial position.
b) Concentration of credit risk is minimised in respect of -
i) Receivables, the company has exposure of credit risk by having six line customers. Credit risk with each of these customers is managed by a use of system agreement. The company performs credit evaluations where considered necessary.
ii) Bank deposits, by a specific policy of spreading investments between registered trading banks, Ashburton Building Society and the Loan and Building Society.
iii) Cash, by being held in minimal quantities.
11 COMMITMENTS
Estimated capital expenditure contracted for at balance date is $1,344,169 (2004: $1,431,252)
12 CONTINGENT LIABILITIES
As at 31 March 2005 there were no material contingent liabilities. (2004 Nil)
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 115
Gazette.govt.nz —
NZ Gazette 2005, No 115
✨ LLM interpretation of page content
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Notes to the Financial Statements for Electricity Ashburton Ltd
(continued from previous page)
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