Rangatira Annual Report 2025 - Flipbook - Page 66
Rangatira Investments
Note 22 Borrowings
Accounting policy
All loans and borrowings are initially recognised at fair value less transaction costs, and subsequently at
amortised cost using the effective interest rate method.
The Company had significant borrowings in its consolidated financial statements, most of which have now been
deconsolidated following the Company’s investment entity status conclusion on 30 September 2024.
2025
$000
2024
$000
Secured loans
- Current bank loans
Amortised cost
-
1,254
- Finance lease liabilities
Amortised cost
-
-
- Non-current bank loans
Amortised cost
Total borrowings
-
9,681
-
10,935
As at 31 March 2025 the Company had no secured or unsecured borrowings (2024:nil)
As at 31 March 2024 there were no unsecured borrowings.
As at 31 March 2024 New Zealand Experience Limited had a Business Finance scheme loan of $0.8 million with
BNZ. Under a general security agreement, a first ranking security and mortgage was granted to BNZ over all
present and acquired property of Rainbow’s End Theme Park Limited and its leasehold property situated at 2 and
4 Clist Crescent Manukau. The interest rate on the loan is 2.3% p.a. The loan matures on 11 March 2026.
As at 31 March 2024 Boulcott Hold Co Limited had a secured term loan facility of $11,900,000 with BNZ which
expires on 31 March 2027, of which $8,000,000 was drawn down at balance date, The loans are secured against
all of the present and after acquired property. The covenant was breached as at 31 March 24 due to a breach of
the Fixed Charge Cover Ratio, however the bank provided a waiver for the breach prior to year end. There were
no covenant breaches in the period to 30 September 2024.
As at 31 March 2024, APC had an overdraft facility of $1,000,000 and a fixed interest term loan with BNZ which
matures in November 2026.The interest rate was fixed until November 2024 at 3.65%. The loan is secured on the
present and after acquired property of the company.
Note 23 Leases
Accounting policy
Contracts are assessed at inception whether they contain a lease. A right-of-use asset and lease liabilities are
recognised for contracts that contain a lease, except for when the practical expedient is applied when the lease is
for 12 months or less, or the underlying asset is of low value.
Right-of-use assets and lease liabilities are initially measured at the present value of the remaining lease
payments, discounted at the incremental borrowing rate. Subsequently: the carrying amount of the right-of-use
asset is depreciated over its useful life; and the carrying value of the liability is adjusted to reflect interest and
lease payments made. Lease liabilities may be remeasured when there are changes in future lease payments
arising from a change in an index, market rate, or change in the estimate of the amount expected to be payable.
An assessment is made at lease commencement whether renewal options included in the contracts will be
exercised. Where it is reasonably certain that renewal options will be exercised, the extension period is included
in the right-of-use asset and lease liability calculation.
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