✨ Financial Statements
WEL NETWORKS LIMITED
| Line Business | 2004 ($000s) | 2003 ($000s) |
|---|---|---|
9 Non-current Liabilities
Payables and accruals | - | -
Borrowings | - | -
Deferred tax | 12,393 | 9,779
Other non-current liabilities | - | -
Total | 12,393 | 9,779
10 Contingencies
There are no contingent liabilities (2003: nil).
11 Capital commitments
Capital expenditure
Capital commitments as at 31 March 2004 are estimated at $474,000 (2003: $271,000).
Operating Leases
Non-cancellable operating lease commitments:
| 2004 | 2003 | |
|---|---|---|
| Current | 73 | 73 |
| Non Current | 1,049 | 1,122 |
Total | 1,122| 1,195|
The Group leases land and premises. Operating leases held over properties give the Group the right to renew the lease subject to a predetermination of the lease rental by the lessor. There are no options to purchase in respect of land and premises held under operating leases.
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.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 3
Gazette.govt.nz —
NZ Gazette 2005, No 3
✨ LLM interpretation of page content
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Notes to the Financial Statements for WEL Networks Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Non-current Liabilities, Contingencies, Capital Commitments, Financial Instruments, WEL Networks Limited