New Zealand Gazette – 1997 – No. 97

Page 2269

✨ Financial Statements

20 AUGUST

NEW ZEALAND GAZETTE

WEL ENERGY GROUP LIMITED

	Line Business		Energy Business
	1997	1996	1997	1996
	($000s)	($000s)	($000s)	($000s)

7 Current liabilities

Trade creditors | 2,842 | 2,898 | 3,769 | 3,400 |
Customer deposits | 306 | 231 | 306 | 231 |
Provision for annual and long service leave | 361 | 313 | 93 | 82 |
Provision for taxation | - | 903 | - | 203 |
Due to WEL Energy Group | - | 503 | - | - |
| 3,509 | 4,848 | 4,168 | 3,916 |

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.

9 Contingencies

A contingency could arise for the difference between market and hedged energy prices should surplus energy units have to be sold on the spot market. It is not possible to quantify the value of this contingency in the unlikely event that it should arise.

10 Capital commitments

There are no capital commitments in the line business (1996 nil) or the energy business (1996 nil).

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VUW Te Waharoa — NZ Gazette 1997, No 97

NZLII — NZ Gazette 1997, No 97

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✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for WEL Energy Group Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Electricity, WEL Energy Group, Current Liabilities, Financial Instruments, Contingencies, Capital Commitments

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