✨ Financial Statements Notes
Vector Limited
Electricity Lines Business
Notes to the Financial Statements
For the year ended 31 March 2004
15. PROPERTY, PLANT AND EQUIPMENT - CONTINUED
The directors consider that the fair value of the land and buildings is equal to their net book value.
As indicated in the accounting policies, finance costs are capitalised to property, plant and equipment while under construction.
During the year $1.3 million (2003: $0.5 million) of finance costs were capitalised.
The system fixed assets were revalued to $1,872 million as at 31 March 2003. Subsequent additions are stated at cost. The basis of valuation was depreciated replacement cost. This valuation was undertaken in conjunction with Meritec Limited consulting engineers.
The independent valuation of property assets based on market values was under taken by Trevor Walker, a registered valuer with Telfer Young (Auckland) Limited on 31 March 2003.
All valuations are based on the highest and best use.
16. ACCOUNTS RECEIVABLE
| 2004 | 2003 | |
|---|---|---|
| $000 | $000 | |
| Accounts receivable | 54,119 | 57,091 |
| Provision for doubtful debts | (1,760) | (1,222) |
| 52,359 | 55,869 | |
| Other receivables | 237 | 3,087 |
| Balance at end of year | 52,596 | 58,956 |
17. SHORT TERM INVESTMENTS
| Surplus property held for sale | 8,220 | 8,220 |
| Balance at end of year | 8,220 | 8,220 |
Property held for resale was independently valued on 31 March 2003 by Trevor Walker, a registered valuer with Telfer Young (Auckland) Limited. Trevor Walker is a member of the New Zealand Institute of Valuers. The basis of valuation was market value less the estimated costs of disposal, based on the properties' highest and best use. The property was sold for $9.5 million (before selling costs) in April 2004.
18. CAPITALISED FINANCE COSTS
| 2004 | 2003 | |
|---|---|---|
| Current | 6,984 | 71 |
| Non-current | 9,933 | 22,596 |
| Balance at end of year | 16,917 | 22,667 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 27
Gazette.govt.nz —
NZ Gazette 2005, No 27
✨ LLM interpretation of page content
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Notes to the Financial Statements for Vector Limited – Electricity Lines Business
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Property, Plant, Equipment, Distribution Systems, Valuation, Depreciation, Net Book Value, Consumer Billing, Motor Vehicles, Buildings, Leasehold Improvements, Capital Works, Accounts Receivable, Short Term Investments, Capitalised Finance Costs
- Trevor Walker, Registered valuer for property assets