Page 61

NOTES TO THE FINANCIAL STATEMENTS

GROUP

13

14

PARENT

2015 Actual $000

2014 Actual $000

2015 Actual $000

2014 Actual $000

Work in progess - at cost

266

276

266

276

Finished goods - at cost

23

19

23

19

289

295

289

295

INVENTORY

INVESTMENT IN SUBSIDIARY Share in WelTec Enterprises Limited

-

-

-

-

Share in W2 Ventures Limited

-

-

-

-

Share in WelTec Connect Limited

-

-

-

-

Share in WelTec Student Accomodation Limited

-

-

-

-

WelTec established WelTec Enterprises Limited in 2014 to become the new holding company for 100% WelTec owned subsidiaries and associated trading entities. At the same time W² Ventures Limited was established to be the holding company for any subsidiary or associated entity owned on a 50%/50% basis with Whitireia Community Polytechnic. As at 31 December no trading had been undertaken by either of these entities. WelTec Connect Limited a 100% owned subsidiary ceased trading in 2013 with the investment and all outstanding balances fully impaired within the 2013 financial year. WelTec Student Accomodation Limited is a 100% owned subsidiary that provides student accomodation services located at 222 Willis Street, Wellington.

15

INVESTMENT IN ASSOCIATE AND JOINTLY CONTROLLED ENTITIES

2015 Actual $000

2014 Actual $000

-

-

Investment in Associate (Parent and Group) MotorTrain Limited MotorTrain Limited is a shell company in which WelTec holds a 25% interest. No transactions were incurred during the year. Investment in jointly controlled entities W2 Shared Sevices Limited W² Shared Services Limited is jointly owned on a 50%:50% basis with Whitireia Community Polytechnic and began trading in January 2015 to replace the unincorpated joint venture structure utilised in 2014. W2 Shared Services Limited has nil net assets, nil profit and no equity invested. WelTec and Whitireia are debtors to W2 Shared Services Limited. Refer Related Party note 31. Le Cordon Bleu New Zealand Institute Limited Partnership WelTec Connect Limited holds the Groups investment in Le Cordon Bleu New Zealand Institute (LCBNZI), being a 43.15% investment in the Le Cordon Bleu New Zealand Institute Limited Partnership and a 33.3% shareholding in LCB Management NZ Limited, the General Partner of the Limited Partnership. WelTec and LCBNZI jointly developed premises at 52 Cuba Street in Wellington City. WelTec’s School of Hospitality and LCBNZI co-locate in this facility. Academic delivery commenced in September 2012. WelTec fully impaired its investment in LCBNZI in 2013 based on forecasted financial results for the medium term.

Parent and Group

2015 Actual $000

2014 Actual $000

Investment in Le Cordon Bleu New Zealand Institute Limited Partnership Assets Current assets

551

379

Non current assets

1,896

2,123

Total assets

2,447

2,502

(1,964)

(2,081)

(68)

(76)

(2,032)

(2,157)

Liabilities Current liabilities Non current liabilities Total liabilities Income Expenses Profit/(Loss) Share of joint venture's contingent liabilities Share of joint venture's commitments

1,969

1,372

(1,900)

(1,806)

69

(434)

-

-

2,014

2,109

59

2015 WelTec Annual Report  

2015 WelTec Annual Report

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