New Zealand Gazette – 2002 – No. 118

Page 3173

✨ Financial Statements



26 AUGUST
NEW ZEALAND GAZETTE
3173

WEL NETWORKS LIMITED

9 Non-current Liabilities

Payables and accruals - -
Borrowings - -
Deferred tax 9,068 7,819
Other non-current liabilities - -

                        9,068     7,819

10 Contingencies

There are no contingent liabilities (2001: nil)

11 Capital commitments

Capital commitments as at 31 March 2002 are estimated at $276,000 (2001: $973,000).

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 2002, No 118


Gazette.govt.nz — PDF NZ Gazette 2002, No 118




✨ LLM interpretation of page content

🏭 WEL Networks Limited Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Non-current liabilities, Contingencies, Capital commitments, Financial instruments, Credit risk, Fair values