New Zealand Gazette – 2005 – No. 14

Page 314

✨ Electricity Financial Statements

Buller Electricity Limited

Line Business Financial Statements

	2004	2003
Motor Vehicles	$	$
Cost	88,818	38,973
Accumulated Depreciation	(38,408)	(26,574)
Net Book Value	50,410	12,399

| Other | | |
| Cost | 50,119 | 48,239 |
| Accumulated Depreciation | (44,796) | (45,513) |
| Net Book Value | 5,323 | 2,726 |

Total Net Book Value | 19,680,656 | 13,729,376 |

The system fixed assets were revalued on 31 March 2004 to a value of $18,653,438 using Optimised Deprival Valuation methodology. This methodology is consistent with a Depreciated Replacement Cost valuation, adjusted for system asset impairment.

Land and Buildings were revalued by Coast Valuation Limited on 31 March 2004.

5 SEGMENTAL REPORTING

Buller Electricity operates predominantly in one industry, distribution of electricity. All its core functions are carried out within the Buller region conveying electricity and managing and operating assets of the line business.

6 RELATED PARTIES

The related parties of Buller Electricity Limited are the Buller Electric Power Trust, Buller Energy Limited, Buller Communications Limited and ThePacific.Net Limited.

The Buller Electric Power Trust owns 100% of Buller Electricity Limited who owns 100% of Buller Communications Limited and Buller Energy Limited. Buller Electricity Limited paid the Buller Electric Power Trust a dividend of $1,240,515. The Buller Electric Power Trust loaned to Buller Electricity Limited $1,240,515 by way of an interest bearing, unsecured loan, repayable on demand. Buller Electricity Limited has on loan to Buller Communications Limited a total amount of $756,260.

Buller Communications Limited has increased its shareholding in ThePacific.Net Limited to 63%. The net investment to achieve this totalled $242,610 for the year and is made up of the $155,610 to ThePacific.Net Limited and $87,000 to Tasman Solutions Limited, a minority shareholder in ThePacific.Net Limited. ThePacific.Net Limited made purchases under normal trading terms from Tasman Solutions Limited.

Transactions between Related Parties

Buller Electricity Limited purchased line construction and maintenance services at cost including overheads from its contracting division for the period 1 April 2003 to 31 March 2004. At year end there were no outstanding balances for related parties and no debts were written off or forgiven during the year. The following Table lists the value of the related party transactions.

	2004	2003
Construction of subtransmission assets	64,816	9,692
Construction of zone substations	7,047	406,489
Construction of distribution lines and cables	159,459	128,412
Construction of medium voltage switchgear	219,331	133,999
Construction of distribution transformers	115,634	48,337
Construction of distribution substations	65,430	10,335
Construction of low voltage reticulation	27,001	17,202
Construction of other system fixed assets	156,562	98,391
Maintenance of assets	797,826	824,205
Consumer connections and disconnections	0	2,393
Other Services	0	228

VUW Te Waharoa — NZ Gazette 2005, No 14

Gazette.govt.nz — NZ Gazette 2005, No 14

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✨ LLM interpretation of page content

🏭 Information for Disclosure pursuant to Section 57T of the Commerce Act 1986 (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated14 December 2004
KeywordsElectricity Information Disclosure, Financial Statements, Performance Measures, Buller Electricity Limited

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