✨ Financial Statements
852 NEW ZEALAND GAZETTE, No. 37 26 FEBRUARY 2008
Valuation Information
Distribution System Assets
Distribution system assets, excluding meters and relays, were revalued to $149,657,000 at 31 March 2007. As the fair value of the assets is not able to be reliably determined using market based evidence the valuation was prepared on a depreciated replacement cost basis. The valuation was undertaken by Counties Power engineering personnel using relevant indices within the P.P.I. index to establish the fair value of the assets.
Land and Buildings
The land and buildings of the company, comprising the depot complex at Glasgow Road and Nelson Street in Pukekohe and various electricity substations sites, were revalued to $8,495,000 at 31 March 2007. The valuation was prepared by Quotable Value New Zealand as part of a General Revaluation initiated by Franklin District Council and, on behalf of the Papakura District Council.
11. OPERATING LEASE COMMITMENTS
Obligations payable after balance date on non-cancellable operating leases are as follows:
| 2007 | 2006 | |
|---|---|---|
| Within one year | $000 | $000 |
| 19 | 18 | |
| Later than one year & not less | ||
| than two years | 17 | 11 |
| Later than two years & not later | ||
| than five years | 15 | 17 |
| 51 | 46 |
12. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
Counties Power Limited Lines Business had Capital Commitments at 31 March 2007 totaling $440,319 (2006: $751,932). The company had contingent liabilities of $168,000 in relation to unsettled claim on construction contracts (2006: nil). However the Directors believe this will not eventuate.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 37
Gazette.govt.nz —
NZ Gazette 2008, No 37
✨ LLM interpretation of page content
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Statement of Accounting Policies for Counties Power Limited – Lines Business
(continued from previous page)
💰 Finance & Revenue26 February 2008
Financial Statements, Payables, Accruals, Fixed Assets, Depreciation, Distribution System Assets, Land and Buildings, Operating Lease Commitments, Capital Commitments, Contingent Liabilities