New Zealand Gazette – 1996 – No. 165

Page 4336

✨ Financial Statements

NEW ZEALAND GAZETTE

No. 165

WEL ENERGY GROUP LIMITED

	Line Business		Energy Business
	1996	1995	1996	1995
	($000s)	($000s)	($000s)	($000s)

Furniture, Plant and Equipment

Cost | 1,715 | 1,497 | 531 | 472 |
Accumulated depreciation | (1,140) | (973) | (350) | (298) |
Net book value | 575 | 524 | 181 | 174 |

Distribution System

Cost | 6,656 | 7,664 | | |
Valuation | 102,428 | 70,401 | | |

Accumulated depreciation | | | | |
At cost | (150) | (462) | | |
At Valuation | (3,554) | (7,724) | | |
Net book value | 105,380 | 69,879 | | |

Total net book value | 110,622 | 75,213 | 756 | 782 |

Land and Buildings were revalued on 1 July 1995 by Ford Valuations Limited Registered Valuers. The distribution system was revalued on 1 July 1995 by Worley Consultants Ltd. Buildings at cost represents the amount paid to Hamilton City Council for the use of substations over a 33 year period.

7 Current liabilities

	Line Business		Energy Business
	1996	1995	1996	1995
	($000s)	($000s)	($000s)	($000s)

Trade creditors | 2,898 | 5,619 | 3,400 | 3,984 |
Customer deposits | 231 | 224 | 231 | 224 |
Provision for annual and long service leave | 313 | 194 | 82 | 42 |
Provision for taxation | 903 | 46 | 203 | 6 |
Due to WEL Energy Group | 503 | 481 | - | - |
Total | 4,848 | 6,564 | 3,916 | 4,256 |

8 Financial Instruments

In the normal course of its business, the company incurs credit risk from trade receivables from customers. A provision has been set up for trade receivables which are unlikely to be collected.

The company has a credit policy which is used to manage this exposure to credit risk. As part of this policy, limits on exposure have been set and are monitored on a regular basis. There are no significant concentrations of credit risk and the company does not require any collateral.

The Directors estimate that the carrying amounts of financial instruments in the Statement of Financial Position equal their fair values.

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VUW Te Waharoa — NZ Gazette 1996, No 165

NZLII — NZ Gazette 1996, No 165

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for WEL Energy Group Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Revenue, Operating Expenditure, Taxation, Deferred Income Tax, Line Business, Energy Business

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