✨ Financial Statements
598 NEW ZEALAND GAZETTE, No. 27 18 FEBRUARY 2008
11. PLANT PROPERTY AND EQUIPMENT
11.1
| Valuation | Accumulated Depreciation | 31 Mar 2007 Net Book Value |
|---|---|---|
| Land at net current value | - | 5,455 |
| Buildings at net current value | 8,355 | (2,051) |
| Reticulation System at replacement cost | 269,815 | (121,948) |
| Plant and Equipment at cost | 5,154 | (4,063) |
| Capital Works in Progress at cost | 921 | - |
| Total | 289,700 | (128,062) |
Distribution system assets belonging to the company were revalued as at 1 April 2006 to depreciated replacement cost as assessed by PricewaterhouseCoopers with technical assistance from Sinclair Knight Merz Ltd. Both firms are experienced in the valuation of electricity network assets. Land and buildings were revalued to net current value as at 1 April 2006 in accord with values provided by Hadley and Lyall Ltd, registered valuers.
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 2006 Net Book Value |
|---|---|---|
| Land at net current value | - | 3,620 |
| Buildings at net current value | 9,614 | (3,167) |
| Reticulation System at replacement cost | 207,503 | (96,339) |
| Plant and Equipment at cost | 5,169 | (3,335) |
| Capital Works in Progress at cost | 399 | - |
| Total | 226,305 | (102,841) |
11.2 Depreciation Charges
Depreciation charges for the year ended 31 March are as follows:
| 2007 $000's | 2006 $000's | |
|---|---|---|
| Buildings | 83 | 75 |
| Reticulation System | 4,666 | 4,026 |
| Plant Equipment and Motor Vehicles | 671 | 944 |
| Total | 5,420 | 5,045 |
11.3 Annual Valuation Reconciliation Report Year ending 31 March 2007 (Schedule 1 Part 8)
| Description | 2007 | 2006 |
|---|---|---|
| System fixed assets at ODV at 31 March 2006 | 107,869 | 100,495 |
| Add system fixed assets acquired during the Year at ODV | 8,042 | 11,710 |
| Less system fixed assets disposed of during the year at ODV | (691) | (774) |
| Less depreciation on system fixed assets at ODV | (4,170) | (3,562) |
| Add revaluations of system fixed assets | 1 | - |
| Equals system fixed assets at ODV at 31 March 2007 | 111,051 | 107,869 |
12. PROVISIONS
The following movements were recorded in provisions held by Marlborough Lines Limited during the 2006/2007 financial year.
| Opening balance | movement | Closing balance | |
|---|---|---|---|
| Provision for Staff Leave | 160 | 17 | 177 |
| Provision for Retirement Gratuities | 123 | 8 | 131 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 27
Gazette.govt.nz —
NZ Gazette 2008, No 27
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