New Zealand Gazette – 2006 – No. 162

Page 4715

✨ Financial Statements



1 DECEMBER 2006 NEW ZEALAND GAZETTE, No. 162 4715

9. PLANT PROPERTY AND EQUIPMENT

9.1 Valuation

The latest Government valuations for land and improvements dated September 2002 show the following values:

2006 $000's 2005 $000's
Land 1,871 1,871
Improvements 3,827 3,827

9.2 Depreciation Charges

2006 $000's 2005 $000's
Buildings 75 73
Reticulation System 4,026 3,889
Plant Equipment and Motor Vehicles 944 653
Total 5,045 4,615

9.3

Valuation Accumulated Depreciation 31 Mar 2006 Net Book Value
Land 3,620 - 3,620
Buildings 9,614 (3,167) 6,447
Reticulation System 207,503 (96,339) 111,164
Plant and Equipment 4,594 (3,027) 1,567
Motor Vehicles 575 (308) 267
Capital Works in Progress 399 - 399
Total 226,305 (102,841) 123,464

Distribution system assets belonging to the company were revalued as at 1 April 2003 to depreciated replacement cost as assessed and certified by independent valuers PricewaterhouseCoopers. Land and buildings belonging to the company were revalued to net current value as at 1 April 2003 in accord with values provided by Ian Lyall and Chris Orchard of Hadley and Lyall Ltd. Upon revaluation a deferred tax liability totalling $4.533m was created in respect of accumulated tax depreciation on revalued assets at 1 April 2003. The revaluation reserve balance at 31 March thus reflects the total revaluation adjustment of $94.352m less the deferred tax adjustment of $4.533m.

Valuation Accumulated Depreciation 31 Mar 2005 Net Book Value
Land 3,201 - 3,201
Buildings 5,967 (1,712) 4,255
Reticulation System 110,239 (3,868) 106,371
Plant and Equipment 4,228 (2,670) 1,558
Motor Vehicles 285 (25) 260
Capital Works in Progress 557 - 557
Total 124,477 (8,275) 116,202

9.4 Annual Valuation Reconciliation Report Year ending 31 March 2006 (Schedule 1 Part 8)

2006 $000's 2005 $000's
System fixed assets at ODV at 31 March 2005 100,495 100,396
Add system fixed assets acquired during the Year at ODV 11,710 4,384
Less system fixed assets disposed of during the year at ODV (774) (349)
Less depreciation on system fixed assets at ODV (3,562) (3,936)
Add revaluations of system fixed assets - -
Equals system fixed assets at ODV at 31 March 2006 107,869 100,495

The above depreciation charge includes a credit of approximately $255,000 which relates to the 2005 valuation, when the minimum remaining life was taken to be two years, raising the depreciation charge for the year and lowering the ODV; the minimum remaining life has now been reset to three years.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 162


Gazette.govt.nz — PDF NZ Gazette 2006, No 162




✨ LLM interpretation of page content

🏭 Marlborough Lines Limited Financial Statements for the Year Ended 31 March 2006 (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Revenue, Expenditure, Marlborough Lines Limited, Electricity Information Disclosure Requirements, Cash Flows, Operating Activities, Investing Activities, Financing Activities