New Zealand Gazette – 2005 – No. 149

Page 3648

✨ Financial Statements Notes



3648 NEW ZEALAND GAZETTE, No. 149 31 AUGUST 2005

Notes to the financial statements (continued)

For the year ended 31 March 2005

| | 2005
($'000) | 2004
($'000) |
|------------------------------|--------|--------|

9 Fixed assets

System fixed assets at valuation
90,126
Less accumulated depreciation
(2,747)
87,379 80,741
(6,511)
74,230

Customer billing & information system assets at cost
1,511
Less accumulated depreciation
(1,070)
441 996
(518)
478

Motor vehicles at cost
175
Less accumulated depreciation
(125)
50 279
(168)
111

Office equipment at cost
256
Less accumulated depreciation
(181)
75 296
(215)
81

Land & buildings at cost

Land and buildings at valuation
1,456
Less accumulated depreciation
(48)
1,408 -
1,464
(36)
1,428

Capital works under construction at cost
4,873 1,206

Other plant and equipment at cost
538
Less accumulated depreciation
(393)
145 575
(405)
170

Total fixed assets 94,371 77,704

Valuation

Revalued freehold land and buildings on hand at balance date are stated at net current value as determined by an independent registered valuer Roger Kelly ANZIV of the firm Valuation & Property Services in February 2005.

Network assets have been valued at Optimised Depreciated Replacement Cost as confirmed by Kerslake and Partners, Consulting Engineers, as at 31 March 2004.

Capitalised Interest

The Capital works programme undertaken during the year was partly financed from borrowings. Interest incurred on these borrowings during the period of construction has been capitalised being recognition that borrowing cost was part of the cost of the resulting assets. The total amount of interest capitalised in this manner is $161,933.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 149


Gazette.govt.nz — PDF NZ Gazette 2005, No 149




✨ LLM interpretation of page content

🏭 Eastland Network Limited Financial Certification (continued from previous page)

🏭 Trade, Customs & Industry
26 August 2005
Financial Statements, Fixed Assets, Valuation, Capitalised Interest
  • Roger Kelly, Independent registered valuer