✨ Financial Statements Notes
19 NOVEMBER
NEW ZEALAND GAZETTE
4183
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
for the year ended 31 March 1999
5
CONTINGENT LIABILITIES
The Business has no contingent liabilities. (1998 Nil)
6
COMMITMENTS
Capital Commitments
| 1999 | 1998 | |
|---|---|---|
| Estimated capital expenditure contracted for at balance date but not provided for | $ 5,000 | $ 86,000 |
Year 2000
Contracted for but not provided for ... -
Operating lease commitments
The Business has no non-cancellable operating leases.
7
TRANSACTIONS WITH RELATED PARTIES
Wairoa Power Limited paid rates totalling $19,175 to Wairoa District Council, a significant shareholder. The rates were charged on normal terms and conditions.
The Lines Business provided labour to the Contracting business in respect of construction work carried out for third parties. This labour was charged to the contracting business at the hourly rate paid to the respective employees and as such does not cover the full cost of labour, nor does it include a profit margin for the Lines Business. The total cost charged to the contracting business was $31,742. This amount has been excluded from the both revenue and labour cost in the lines business.
No related party debts have been written off or forgiven during the year.
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VUW Te Waharoa —
NZ Gazette 1999, No 175
NZLII —
NZ Gazette 1999, No 175
✨ LLM interpretation of page content
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Notes to the Financial Statements for the year ended 31 March 1999
(continued from previous page)
💰 Finance & RevenueContingent Liabilities, Capital Commitments, Operating Leases, Related Party Transactions, Financial Reporting