New Zealand Gazette – 1995 – No. 101

Page 3253

✨ Financial Statements Notes

18 SEPTEMBER NEW ZEALAND GAZETTE 3253

            *HOROWHENUA ENERGY LIMITED (ELECTRICITY RETAIL BUSINESS)* - Annual Report 1995

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1995 (continued)

5. Financial Instruments

Credit Risk

Financial instruments which potentially subject the Company to credit risk principally consist of bank balances, accounts receivable.

The company performs credit evaluations on all customers requiring credit. Where a satisfactory credit reference is obtained the Company generally does not require collateral.

Maximum exposures to credit risk as at balance date are:

| | 1995
| | $000
| Receivables | 1,103

The above maximum exposures are net of any recognised provision for losses on these financial instruments.

Fair Values

There were no differences between the fair value and carrying amounts of financial instruments as at 31 March 1995.

6. Contingent Liabilities

There are no material contingent liabilities at year end.

7. Commitments

Capital Commitments

At balance date, there was no capital commitments.

8. Transactions with Related Parties

During the year the Company purchased all its electricity requirements through PowerBuy Limited, an associate company. Total purchases for the year amounted to $16.1 million. In addition a management fee of $58,000 was paid to PowerBuy.

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VUW Te Waharoa — NZ Gazette 1995, No 101

NZLII — NZ Gazette 1995, No 101

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✨ LLM interpretation of page content

🏭 Horowhenua Energy Limited Annual Report 1995 (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated1 August 1995
KeywordsAudit Report, Financial Statements, Certification, Electricity Regulations, Shareholders' Funds, Current Liabilities, Fixed Assets, Current Assets

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