New Zealand Gazette – 2005 – No. 28

Page 682

✨ Financial Statements

CENTRALINES LIMITED - LINES BUSINESS

Notes to the financial statements

For the year ended 31 March 2004

Note 3: Reserves

	2004	2003
	$000	$000
Balance at beginning of year	18,069	18,069
Revaluation of Electrical Distribution Network	5,678	-
	23,747	18,069

Detailed as:

	2004	2003
General	420	420
Asset revaluation reserve - distribution system	23,327	17,649
Total	23,747	18,069

Note 4: Retained Earnings

	2004	2003
	$000	$000
Balance at beginning of year	2,714	1,398
Adjustment to equity	(1,973)	-
Net surplus for the year	1,675	1,316
Dividends paid	(160)	-
Total	2,256	2,714

Note 5: Receivable and prepayments

	2004	2003
	$000	$000
Trade debtors	535	1,407
GST clearing account	16	-
Miscellaneous prepayments	14	22
Prepayments	20	29
Total	585	1,458

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 6: Investments

(i) Current

	2004	2003
	$000	$000
Short term deposits held with registered banks	-	-
Current investments of other listed securities	264	299

Short term bank investments

| Interest rates | 5.1% - 5.85% |

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.

	2004	2003
	$000	$000
NZ Government bonds	-	239
Listed securities	-	697
Total	-	936

(iii) Fair and market value information

Listed securities

	2004	2003
	$000
	218	1,275

VUW Te Waharoa — NZ Gazette 2005, No 28

Gazette.govt.nz — NZ Gazette 2005, No 28

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Centralines Limited Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Reserves, Retained Earnings, Receivables, Investments

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