✨ Financial Statements Continuation
18 SEPTEMBER NEW ZEALAND GAZETTE 3237
HOROWHENUA ENERGY LIMITED (LINE BUSINESS) - Annual Report 1995
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1995 (continued)
7. Contingent Liabilities
At any point in time the Company will be investigating complaints or queries about various aspects of the service it provides to customers. In a number of these action may be taken against the Company. At 31 March 1995 there was legal action taken against the former Horowhenua Electric Power Board and was unresolved. The Directors have been advised that the Company has good defence against any action that may be taken against it and that no provision for loss is required in the financial statements.
The damages claimed amounted to:
| 1995 | 1994 | |
|---|---|---|
| $000 | $000 | |
| 1,000 | 1,000 |
8. Commitments
Capital commitments
At balance date, estimated expenditure contracted for and approved by the Group totalled $3.442 million (1994: Nil).
9. Transactions with Related Parties
During the year Horowhenua Energy Limited purchased construction and maintenance services from a subsidiary, Linework Limited to an amount of 8.6% (1994: 0%).
In addition the Company purchased hire purchase agreements amounting to $1.12 million from an associate company, Bristol Enterprises Limited. The amount outstanding at year end was $255,265 (1994: $0).
No related party debts have been written off or forgiven during the year.
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VUW Te Waharoa —
NZ Gazette 1995, No 101
NZLII —
NZ Gazette 1995, No 101
✨ LLM interpretation of page content
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Notes to and Forming Part of the Financial Statements for Horowhenua Energy Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Contingent Liabilities, Legal Action, Capital Commitments, Related Party Transactions, Horowhenua Energy Limited