✨ Financial Statements
10. Receivables and prepayments
| 2002 | |
|---|---|
| $000 | |
| Trade debtors | 1,874 |
| GST refund due | 598 |
| Prepayments | 2 |
| 2,474 |
| 2001 | |
|---|---|
| $000 | |
| Trade debtors | 1,733 |
| GST refund due | 491 |
| Prepayments | 6 |
| 2,230 |
Less provision for doubtful debts |
| 30 |
| 30 |
| $2,444 |
| $2,200 |
11. Financial instruments
Credit risk
Financial assets which potentially subject the company to credit risk principally consist of bank balances and accounts receivable.
The company manages its principle credit risk by having Use of System Agreements with its major customers to maintain a minimum credit rating of BBB or better.
Maximum exposures to credit risk as at balance date are:
| 2002 | |
|---|---|
| $000 | |
| Bank balances | 353 |
| Receivables | 2,444 |
| 2001 | |
|---|---|
| $000 | |
| Bank balances | 1,989 |
| Receivables | 2,200 |
The above maximum exposures are net of any recognised provision for losses on these financial assets. Bank balances and investments in short term deposits are made with registered banks with satisfactory credit ratings.
Concentrations of credit risk
The company has exposures to concentrations of credit risk by having five lime customers. This is managed as mentioned above through the Use of System Agreements.
Currency risk
The company has no material exposure to foreign exchange risk.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 97
Gazette.govt.nz —
NZ Gazette 2002, No 97
✨ LLM interpretation of page content
💰
Receivables and Prepayments Financial Summary
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Receivables, Prepayments, GST Refund, Doubtful Debts
💰 Financial Instruments and Credit Risk Summary
💰 Finance & RevenueFinancial Instruments, Credit Risk, Bank Balances, Receivables, Credit Rating