✨ Financial Statements
3 SEPTEMBER
NEW ZEALAND GAZETTE
3357
CENTRALINES LIMITED - LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDING 31 MARCH 2003
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 | |
| Imputation Credit Account: | ||
| Opening balance | 642 | 658 |
| Tax paid during the year | 127 | 0 |
| Tax refunds during the year | (33) | 0 |
| Resident withholding tax paid | 2 | 9 |
| Credits attached to dividends paid | (39) | (25) |
| Closing balance at end of the year | 699 | 642 |
Note 3: Retained Earnings & Reserves
Retained Earnings
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 | |
| Balance at beginning of the year | 1,398 | 2,924 |
| Adjustment to opening equity | 0 | (1,564) |
| Net surplus for the year | 1,316 | 118 |
| Dividends paid and proposed | 0 | (80) |
| Balance at end of the year | 2,714 | 1,398 |
Reserves
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 | |
| General | 420 | 420 |
| Share premium reserve | 0 | 0 |
| Capital reserve | 0 | 0 |
| Asset revaluation reserve - distribution system | 17,649 | 17,649 |
| Balance at end of the year | 18,069 | 18,069 |
Note 4: Receivable and prepayments
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 | |
| Trade debtors | 1,407 | 550 |
| Estimated doubtful receivables | 0 | 0 |
| GST clearing account | 0 | 110 |
| Miscellaneous prepayments | 22 | 20 |
| Accruals | 29 | 57 |
| 1,458 | 737 |
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
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 | |
| Network stocks | 376 | 450 |
Certain inventories are subject to restriction of title, including Romalpa Clauses.
Note 6: Investments
(i) Current
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 | |
| Current investments of other listed securities | 299 | 0 |
| Short term deposits held with registered banks | 0 | 2,850 |
| 299 | 2,850 |
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
These investments were established to contribute towards the cost of a catastrophe on the network assets.
The company has an investment policy which restricts the amount into any individual investment.
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 | |
| NZ Government bonds | 239 | 0 |
| Listed securities | 697 | 0 |
| 936 | 0 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 125
Gazette.govt.nz —
NZ Gazette 2003, No 125
✨ LLM interpretation of page content
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Centralines Limited Financial Statements Notes
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Imputation Credit Account, Retained Earnings, Reserves, Receivable and Prepayments, Inventories, Investments