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New Zealand Gazette – 1996 – No. 87

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✨ Financial Statements Notes

KING COUNTRY ENERGY LIMITED

NOTES TO THE ANNUAL FINANCIAL STATEMENTS PREPARED IN ACCORDANCE

WITH THE ELECTRICITY INFORMATION DISCLOSURE REGULATIONS 1994

FOR THE YEAR ENDED 31 MARCH 1996

FINANCIAL INSTRUMENTS

The following methods and assumptions were used to estimate the fair value of each class of financial instrument of which it is practical to estimate that value:

Cash, Bank Balances and Investments

The carrying amounts of these balances are equivalent to their fair value.

Receivables, Trade and Other Creditors

The carrying amounts of receivables and creditors are invoiced amounts taking account of any amounts considered irrecoverable and are equivalent to their fair value.

Credit Risk and Collateral

Financial instruments which potentially subject the Company to concentration of credit risk consist principally of cash, investments and trade receivables. The maximum credit risk as defined by FRS 31 is the book value of these financial instruments, however the Company considers the risk of non recovery of these amounts as being minimal.

The Company places its cash deposits and investments with high-credit-quality financial institutions. Concentrations of credit risk with respect to receivables are limited due to a large number of customers included in the Company’s base.

The Company requires a deposit for all new customers if no credit references are received from other Energy Companies. These are refunded after two years. No other form of security or collateral is required to support financial instruments with credit risk.

RELATED PARTY TRANSACTIONS

The only related party of the Company is the King Country Electric Power Trust.

All transactions with related parties are made on normal Terms and Conditions.

No related party debts were forgiven or written off during the period.

There have been no related party transactions of a material nature other than the payment of dividends to the Trust of $80,000.

CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

At 31 March 1996 the Company has not entered into any contracts to purchase and install Capital Equipment of a major nature.

In the period to May 1995 there was a defective meter at Tokaanu Substation and the Company was not charged for some units by the Electricity Corporation of New Zealand. It is not known how much, if anything, will be charged on account of this short charge. In the Directors’ opinion, it will not materially affect the results of the Company, if it is charged by E.C.N.Z.

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VUW Te Waharoa — NZ Gazette 1996, No 87

NZLII — NZ Gazette 1996, No 87

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✨ LLM interpretation of page content

💰 King Country Energy Limited Annual Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Cash, Bank Balances, Investments, Receivables, Trade Creditors, Credit Risk, Collateral, Related Party Transactions, Capital Commitments, Contingent Liabilities

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