New Zealand Gazette – 2005 – No. 142

Page 3470

✨ Financial Statements Notes



3470

NEW ZEALAND GAZETTE, No. 142

26 AUGUST 2005

CENTRALINES LIMITED - Lines Business

Notes to the Financial Statements

For the year ended 31 March 2005

Note 12: Financial Instruments

Centralines has no off balance sheet financing (other than those disclosed in these notes), nor any foreign exchange exposure.

The fair value of financial instruments is the carrying amount disclosed in the Statement of Financial Position.

Centralines has an approved overdraft facility with the ANZ Bank for $100,000 at an interest rate of 12.70%.

The interest rates on the company’s deposits are presented in note 5.

Interest Rate Risk

Interest Rate risk is the risk that the value of the assets and liabilities will fluctuate due to changes in market interest rates. The Company is exposed to interest rate risk primarily through cash balances, investments and finance leases.

Credit risk

Financial instruments which potentially subject the Company to credit risk principally consist of bank balances and accounts receivable. No collateral is held on these amounts. Maximum exposure to credit risk is the amount stated in the Financial Statements and is net of any recognised provision for losses on these financial instruments.

Concentration of credit risk

The Company has exposure to one electricity retailer that may account for up to 54% of accounts receivable. To minimise this risk, the company has contractual requirements contained within the use of system agreements operating with this party. A bond may be required where deemed necessary. At balance date no such bond was held.

Note 13: Reserves

2005 2004
Asset revaluation reserve $000 $000
Balance at beginning of year 23,747 18,069
Revaluation of electrical distribution network (14) 5,678
Revaluation of Land/Buildings 62 -
Balance at end of year 23,795 23,747

Detailed as:
Land/Buildings 62 -
General 420 420
Revaluation of electrical distribution network 23,313 23,327
23,795 23,747

Note 14: Retained Earnings

2005 2004
Balance at beginning of year 2,256 2,714
Adjustment to Equity - (1,973)
Net surplus 896 1,675
Dividends paid (50) (160)
Balance at end of year 3,102 2,256


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 142


Gazette.govt.nz — PDF NZ Gazette 2005, No 142




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Centralines Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Related Party Information, Capital Commitments, Cashflow Reconciliation, Contingent Liabilities, Centralines Limited