New Zealand Gazette – 2008 – No. 21

Page 462

✨ Financial Statements



Buller Electricity Limited

Line Business Financial Statements

2007 2006
$ $
Motor Vehicles
Cost 152,271 128,771
Accumulated Depreciation (72,454) (57,467)
Net Book Value 79,817 71,304
2007 2006
$ $
Other
Cost 200,350 200,350
Accumulated Depreciation (146,194) (129,483)
Net Book Value 54,156 70,867

Total Net Book Value | 20,844,856 | 20,172,716 |

The system fixed assets are stated at valuation, as determined every 3 years by a valuer. These assets were revalued on 31 March 2006 to a value of $19,053,270 by Mike McSherry MIPENZ CPENG IPER Chief Executive Buller Electricity Limited using depreciated replacement cost basis.

Land and Buildings were revalued by Coast Valuation Limited on 31 March 2007.

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 up to the date of disposal.

The Buller Electric Power Trust owns 100% of Buller Electricity Limited who owned 100% of Buller Communications Limited and Buller Energy Limited up to the date of disposal.

The Buller Electric Power Trust loaned to Buller Electricity Limited $1,740,515 by way of an interest bearing, unsecured loan, repayable on demand.

Transactions between Related Parties

The Line Business purchased line construction and maintenance services at cost including overheads from its contracting division for the period 1 April 2006 to 31 March 2007. At year end no debts were written off or forgiven during the year. The following Table lists the value of the related party transactions.

2007 2006
$ $
Construction of subtransmission assets 36,969 28,030
Construction of zone substations 6,913 132,257
Construction of distribution lines and cables 100,296 389,218
Construction of medium voltage switchgear 103,251 43,944
Construction of distribution transformers 35,188 101,992
Construction of distribution substations 8,724 48,976
Construction of low voltage reticulation 78,180 148,834
Construction of other system fixed assets 6,300 0
Maintenance of assets 560,128 720,377
Consumer connections and disconnections 0 0
Other Services 0 0


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 21


Gazette.govt.nz — PDF NZ Gazette 2008, No 21




✨ LLM interpretation of page content

🏭 Buller Electricity Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
7 February 2008
Buller Electricity Limited, Financial Statements, Income Tax, Reserves, Property, Plant & Equipment
  • Mike McSherry MIPENZ CPENG IPER Chief Executive Buller Electricity Limited