New Zealand Gazette – 2000 – No. 125

Page 3181

✨ Financial Statements

8 SEPTEMBER
NEW ZEALAND GAZETTE
3181

NOTES TO THE FINANCIAL STATEMENTS

Note 3: Retained Earnings & Reserves (continued)

Reserves
Share premium reserve 0 185,025
Asset revaluation reserve 28,181 477,645
Balance at end of the year 28,181 662,670

Due to the change in methodology required by the Electricity (Information Disclosure) Regulations (1999), 100% of the equity was brought into the accounts in 1999.

An adjustment was also made through equity to account for the movements using the avoidable cost methodology.

Note 4: Receivables and prepayments

Trading debtors 442,692 328,795
Estimated doubtful receivables 0 0
GST clearing account 15,854 0
Miscellaneous prepayments 18,390 29,237
Accruals 0 0
476,936 358,032

The Company incurs credit risk from transactions with trade receivables and financial institutions in the normal course of its business.

The Company has a credit policy which restricts the exposure to individual trade receivables and the Board of Directors reviews exposure to trade receivables on a regular basis. Where there is a significant concentration of credit risk, the exposure is minimised by provisions in use of systems agreements between the parties. Amounts owed by trade receivables are unsecured.

Note 5: Inventories

Network and contracting stocks 92,246 80,996
92,246 80,996

Note 6: Investments

(I) CURRENT

Short term deposits held with registered banks
109,868 1,283,365
109,868 1,283,365

Market fluctuations in interest rates affect the earnings on these investments but company policy of placing deposits with high credit quality financial institutions minimises its credit exposure.

(II) NON CURRENT

Unlisted securities 0 0
Listed securities 0 1,463,943
0 1,463,943

(III) FAIR AND MARKET VALUE INFORMATION

Listed securities 0 1,438,146

The market value is based on prices quoted on the stock exchange at balance date.

The fair values of the other investments are not materially different from their carrying amounts.

(III) INTEREST RATES

The range of interest rates on investments were:

Short term bank investments 0.50 - 5.45% 2.85 - 9.10%

Note 7: Accounts Payable

GST clearing account 0 19,158
Trade creditors 287,868 327,830
Other creditors & accruals 37,073 63,852
324,941 410,840

VUW Te Waharoa — NZ Gazette 2000, No 125

Gazette.govt.nz — NZ Gazette 2000, No 125

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

🏭 Statement of Accounting Policies for ScanPower Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Retained Earnings, Reserves, Receivables, Inventories, Investments, Accounts Payable

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