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New Zealand Gazette – 1997 – No. 107

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✨ Financial Statements Notes

2498 NEW ZEALAND GAZETTE No. 107

WAITOMO ENERGY SERVICES LIMITED

Electricity and Other Business Activity

Notes to the Financial Statements

For the Year Ending 31st March 1997

NOTE 5:
Deferred Taxation

Represented by the following timing differences:
Accruals & Provisions $(349,525)

NOTE 6:
FINANCIAL INSTRUMENTS

Fair Values
The fair values of financial instruments are considered to be not materially different from the carrying values shown in the Financial Statements.

Credit Risk
Financial instruments which potentially subject the Company to credit risk principally consist of bank deposits and accounts receivable.

Credit risk with respect to bank deposits is reduced by spreading deposits with a range of high credit quality financial institutions.

Credit risk in respect of debtors is limited due to the large numbers of customers. These debtors are subject to credit control and, with the exception of hire purchase debtors, are unsecured.

Credit risk in respect to electricity hedges at balance date is regarded by the Directors as being minimal.

NOTE 7:
CONTINGENT LIABILITIES

The Company has underwritten $746,667 of PowerBuy Group Limited’s exposure to the Spot Market.

The Company has obtained a credit facility by way of ‘Letter of Credit’ to a value of $454,458 from the Bank of New Zealand in favour of the National Bank of New Zealand Limited on behalf of PowerBuy Group Limited.

NOTE 8:
SEGMENTAL INFORMATION

Waitomo Energy Services operates predominantly in one geographical segment. It is located in the mid-central North Island in the King Country. The head office is located in the township of Te Kuiti.

NOTE 9:
OTHER SERVICES PROVIDED BY AUDITORS

In addition to the audit fees of $16,000 to KPMG, the Company has also paid to them $25,898 for other services provided.

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VUW Te Waharoa — NZ Gazette 1997, No 107

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Waitomo Energy Services Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Deferred Taxation, Financial Instruments, Contingent Liabilities, Segmental Information, Auditor Fees

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