✨ Financial Statements
22 AUGUST
NEW ZEALAND GAZETTE
2971
WEL NETWORKS LIMITED
10 Contingencies
There are no contingent liabilities (2002: nil)
11 Capital commitments
Capital commitments as at 31 March 2003 are estimated at $271,000 (2002: $276,000).
12 Financial Instruments
(a) Risk
Nature of activities and management policies with respect to financial instruments:
(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 —
NZ Gazette 2003, No 112
Gazette.govt.nz —
NZ Gazette 2003, No 112
✨ LLM interpretation of page content
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Fixed Assets of WEL Networks Limited
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🏭 Trade, Customs & IndustryFixed Assets, Financial Statements, Contingencies, Capital Commitments, Financial Instruments, Risk Management, WEL Networks Limited