New Zealand Gazette – 2005 – No. 19

Page 437

✨ Financial Statements



19 JANUARY 2005 NEW ZEALAND GAZETTE, No. 19 437

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 106,541,997 94,471,615
Accumulated Depreciation 0 5,538,889
106,541,997 88,932,726

Land & Buildings 2,662,598 3,214,387
Accumulated Depreciation 562,765 517,622
2,099,833 2,696,765

Motor Vehicles 620,624 593,336
Accumulated Depreciation 504,152 471,747
116,472 121,589

Plant, Furniture & Equipment 3,497,646 3,726,431
Accumulated Depreciation 2,955,803 2,869,736
541,843 856,695

Work in Progress 735,568 1,801,363

Total Non Current Assets 110,035,713 94,409,138

Distribution assets were revalued by PricewaterhouseCoopers as at 31 March 2004. The revaluation amount of $12,735,748 is included in these disclosures.

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 2003 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 $1,431,252 (2003: $690,494).

12 CONTINGENT LIABILITIES

As at 31 March 2004 there were no material contingent liabilities. (2003 NIL)



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 19


Gazette.govt.nz — PDF NZ Gazette 2005, No 19




✨ LLM interpretation of page content

🏭 Electricity Ashburton Ltd Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Current Assets, Current Liabilities, Fixed Assets, Ashburton