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New Zealand Gazette – 1999 – No. 145

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✨ Financial Statements Notes

8 OCTOBER NEW ZEALAND GAZETTE 3479

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1999

Lines Business
1999 1998

9. CURRENT LIABILITIES

Accounts payable ... 500,340 ... 534,731
Accrued payroll ... 315,501 ... 138,444
Other accruals ... 0 ... 54,225
Dividend provision ... 0 ... 50,000
Electricity hedges ... 0
Other current liabilities ... 9,650

Total current liabilities ... 825,491 ... 777,400

10. FINANCIAL INSTRUMENTS

Fair values
The carrying amounts of cash, bank balances and investments are equivalent to their fair value.

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
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.

11. RELATED PARTY TRANSACTIONS
The only related parties of King Country Energy Limited are the King Country Electric Power Trust, Waitomo Energy Services Trust, KCE Mangahao Limited, Mangahao Joint Venture, KCE Retail Limited and KCE Generation Limited.

There have been no related party transactions of a material nature other than the payment of dividends to the Trust of $80,000. There have been no undisclosed transactions with related Companies, which require disclosure under the Energy Companies Act 1992, Section 39 (2)(i).

No dividend is recommended for the period.

There are no outstanding balances between the parties. No debts were forgiven or written off during the period.

NOTES TO THE FINANCIAL STATEMENTS

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VUW Te Waharoa — NZ Gazette 1999, No 145

NZLII — NZ Gazette 1999, No 145

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for King Country Energy Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Current Liabilities, Financial Instruments, Credit Risk, Related Party Transactions

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