✨ Financial Statements and Commercial Practices
28 NOVEMBER THE NEW ZEALAND GAZETTE 5393
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1985
| 1985 $ | 1985 $ | |
|---|---|---|
| Income— | ||
| Interest | 3,822,025 | 1,376,094 |
| Expenditure— | ||
| Advertising | 590,117 | 18,771 |
| Audit fees | 15,000 | — |
| Bad debts | 132,737 | — |
| Commissions paid to banks | 1,864,860 | 782,100 |
| Depreciation | 22,787 | 7,010 |
| Professional fees | 24,558 | — |
| Provision for doubtful debts | 2,059,856 | 1,014,255 |
| Other operating expenses | 199,447 | 39,770 |
| Salaries and wages | 120,544 | 12,188 |
| 5,029,906 | 1,874,094 | |
| Net loss for year | 1,207,881 | 498,000 |
| Accumulated losses brought forward | 633,510 | 135,510 |
| Accumulated losses carried forward | $1,841,391 | $633,510 |
STATEMENT OF CHANGES IN FINANCIAL POSITION
| Funds were provided: | $ |
|---|---|
| Net profit | — |
| Depreciation | 22,787 |
| 22,787 | |
| Other sources— | |
| Advances from consolidated account | 42,366,273 |
| 42,389,060 |
| Funds were applied to: | $ |
|---|---|
| Purchase of fixed assets | 57,023 |
| Increase in working capital | 41,124,156 |
| Net loss from operations | 1,207,881 |
| 42,389,060 |
| Increase/(decrease) in working capital— | $ |
|---|---|
| Accounts receivable | 41,979,291 |
| Bank | (395,582) |
| Stationery | 588 |
| Creditors | (458,965) |
| $41,124,156 |
NOTES TO THE 1985 FINANCIAL STATEMENTS
1 Statement of Accounting Policies
1.1 General Accounting Policies
The financial statements have been prepared on the basis of historical cost accounting. Accrual accounting is used to match expenses and revenue. Reliance is placed on the fact that the scheme is a going concern.
Particular Accounting Policies
The following particular accounting policies have a material effect on the measurement of the result and financial position.
1.2.1 Interest Income
Interest income is brought to account using the rule of 78 method over the term of the loan contracts.
1.2.2 Fixed Assets and Depreciation
Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided for by using the straight line method as follows:
- Computer equipment: 33%
- Furniture and fittings: 10%, 25%
1.2.3
There have been no changes in accounting policies. All policies have been applied on a basis consistent with those used in previous years.
1.2.4 Stationery Stock
Stationery stock is stated at cost.
1.2.5 Bad and Doubtful Debts
All known losses are written off in the period in which they become evident. In addition a general provision is maintained for unidentified doubtful debts which could emerge in subsequent accounting periods. Additions to the provision are made from the Profit and Loss Account.
2 Accounts Receivable
The accounts receivable figure shown in the accounts is arrived at in the following manner:
| $ | |
|---|---|
| Accounts receivable as at 31 March 1985 | 61,468,796 |
| Add: Suspense Accounts | 2,971,805 |
| 64,440,601 | |
| Deduct: Provision for doubtful debts | 3,074,112 |
| Balance as per accounts | $61,366,489 |
3 Fixed Assets
Schedule of fixed assets and depreciation as at 31 March 1985.
| Cost $ | Depreciation for Period $ | Accumulated Depreciation $ | Book Value $ | |
|---|---|---|---|---|
| Computers | 63,087 | 18,781 | 24,883 | 38,204 |
| Furniture and fittings | 15,265 | 4,006 | 5,062 | 10,203 |
| 78,352 | 22,787 | 29,945 | 48,407 |
Notice by Examiner of Commercial Practices of Consents to Merger and Takeover Proposals
Pursuant to section 72 (6) of the Commerce Act 1975, notice is hereby given that the Examiner of Commercial Practices has consented to the following merger and takeover proposals.
Person by or on behalf of whom notice was given in terms of section 70 (1) of the Commerce Act 1975
| Proposal | Date of Consent | Commission Reference |
|---|---|---|
| AMP Financial Corporation (NZ) Ltd. | ||
| AMP Financial Corporation (NZ) Ltd. may acquire 40 percent of the share capital of John Marshall & Co. Ltd. | 13 November 1985 | 482 |
| Firth Industries Ltd. | ||
| Firth Industries Ltd. may acquire up to 100 percent of the share capital of Crushing Contractors Ltd. | 21 November 1985 | 490 |
| A. M. Bisley & Company Ltd. | ||
| A. M. Bisley & Company Ltd. may acquire up to 50 percent of the shares carrying voting rights in Northern Pulp Ltd. and Northern Pulp Ltd. may acquire forests currently owned by A. M. Bisley and Company Ltd. | 21 November 1985 | 493 |
| Mercantile Credits Ltd. | ||
| Mercantile Credits Ltd. may acquire up to 15,000,000 50 cent shares in AIC Corporation Ltd. | 20 November 1985 | 481 |
| Child Freighters Ltd. | ||
| Child Freighters Ltd. may acquire the fixed assets of Cappers Coastal Freight Ltd. | 21 November 1985 | 487 |
Dated at Wellington this 25th day of November 1985.
D. T. WOGAN,
for Examiner of Commercial Practices.
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VUW Te Waharoa —
NZ Gazette 1985, No 220
NZLII —
NZ Gazette 1985, No 220
✨ LLM interpretation of page content
💰
Balance Sheet of the Alternative Fuels Vehicle Conversion Loan Scheme
(continued from previous page)
💰 Finance & RevenueBalance Sheet, Financial Statements, Loans Fund, Assets, Liabilities
💰 Profit and Loss Account for the Year Ended 31 March 1985
💰 Finance & RevenueFinancial Statements, Profit and Loss, Income, Expenditure
💰 Statement of Changes in Financial Position
💰 Finance & RevenueFinancial Statements, Funds, Working Capital
💰 Notes to the 1985 Financial Statements
💰 Finance & RevenueFinancial Statements, Accounting Policies, Fixed Assets, Depreciation
🏭 Notice by Examiner of Commercial Practices of Consents to Merger and Takeover Proposals
🏭 Trade, Customs & Industry25 November 1985
Merger, Takeover, Commercial Practices, Consent
- D. T. Wogan, for Examiner of Commercial Practices