New Zealand Gazette – 1996 – No. 81

Page 2145

✨ Financial Statements Notes

6 AUGUST NEW ZEALAND GAZETTE 2145

NOTE 7. ACCOUNTS PAYABLE AND ACCRUALS

	1996	1995
Sundry Creditors and Accruals	1,132,213	1,262,667
Goods and Services Tax	(53,072)	40,228
Provision for Taxation	490,997	523,527
Provision for Accrued Leave	52,452	121,003
	$1,622,590	$1,947,425

NOTE 8. COMMITMENTS

At 31 March 1996, Electricity Invercargill Limited’s share of commitments contracted by PowerNet Limited is estimated at $435,000, being:

GIS Mapping System $435,000

NOTE 9. CONTINGENT LIABILITIES

There were no contingent liabilities at 31 March 1996.

NOTE 10. FINANCIAL INSTRUMENTS

Credit Risk: Financial instruments which potentially subject the Company to a credit risk consist principally of bank deposits and receivables. Bank deposits are placed with high credit quality financial institutions. Concentrations of credit risk with respect to Receivables relate to PowerNet Limited but are subject to normal terms of trade. Regular monitoring of receivables is undertaken.

Interest Rate Risk: The Company’s term liabilities are held by debenture with the Invercargill City Council under a pre-arranged instrument, interest rate risk is managed by funding over a range of maturities. Through agreement and renewable loans, interest expense is being minimised.

Foreign Exchange and Currency Risk: The company is not exposed to foreign exchange or currency risk.

Off-Balance Sheet Financial Instruments: The company does not have any off-balance sheet financial instruments.

Fair Values: The fair value of the on-balance sheet financial instruments are represented by the carrying values.

NOTE 11. DIVIDEND

A notional Dividend of $1,000,000 is included to reflect the anticipated position at 31 March, 1996. As the Company’s financial year ends on 30 June no decision will be made on the payment of a dividend until after the final position is known.

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VUW Te Waharoa — NZ Gazette 1996, No 81

NZLII — NZ Gazette 1996, No 81

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✨ LLM interpretation of page content

🏭 Notes to and Forming Part of the Line Business Financial Statements for the Year Ended 31 March 1996 (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated6 August 1996
KeywordsFinancial Statements, Accounts Payable, Accruals, Commitments, Contingent Liabilities, Financial Instruments, Dividend

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