New Zealand Gazette – 2001 – No. 110

Page 2851

✨ Financial Statements



31 AUGUST NEW ZEALAND GAZETTE 2851

WEL NETWORKS LIMITED

9 Non-current Liabilities

Payables and accruals                     -          -
Borrowings                              -          -
Deferred tax                          7,819      6,051
Other non-current liabilities           -          -
                                    -------    -------
                                    7,819      6,051

10 Contingencies

There are no contingent liabilities (2000: nil)

11 Capital commitments

Capital commitments as at 31 March 2001 are estimated at $973,000 (2000: Nil).

12 Financial Instruments

(a)  Risk

     (i)  Concentrations of Credit Risk

          In the normal course of its business, the Group incurs credit risk from trade receivables
          from customers and transactions with financial institutions. A provision has been set
          up for trade receivables which are unlikely to be collected.

          The Group has a credit policy which is used to manage this exposure to credit risk. As part
          of this policy, limits on exposures with counterparties have been set and are monitored on a
          regular basis.

          The Group has in excess of 90% of its trade debtors owing from the incumbent retailer. This
          debt is subject to a written agreement and regular credit checks. The Group does not require any
          collateral.

(b)  Fair Values

     The Directors estimate that the carrying amounts of financial instruments in the Statement of Financial
     Position equal their fair values.


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 110


Gazette.govt.nz — PDF NZ Gazette 2001, No 110




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial Statements, Non-current Liabilities, Contingencies, Capital Commitments, Financial Instruments