New Zealand Gazette – 2006 – No. 158

Page 4613

✨ Financial Statements Notes

29 NOVEMBER 2006
NEW ZEALAND GAZETTE, No. 158
4613

Notes to the financial statements (continued)
For the year ended 31 March 2006

14 Contingent Liabilities
At 31 March 2006, the Company has a contingent liability of $64,799 (2005 $66,736) in respect of Subdivision Developers’ Rebates on sections that are reticulated but undeveloped. The individual liabilities will be brought to charge as each section is developed and line charges become payable.

15 Commitments
There were no capital commitments not provided for at year end. The figure for 2005 was also nil.

16 Financial Instruments

Credit risk
Financial assets which potentially subject the company to a credit risk are the book value of these financial instruments. However, the company considers the risk of non recovery of these amounts to be minimal.

Bank balances and investments in short term deposits are made with registered banks with satisfactory credit ratings. Exposure with any financial Institution is restricted in accordance with company policy.

Currency risk
The company had no material exposure to currency risk at 31 March 2006.

Interest risk
The interest rate risk is limited to bank borrowings. The company (and the “group”) has a policy of hedging interest rates and at 31 March Eastland Network Limited had interest cover of $33 million for up to 5 years. The average fixed rate cover at this date was 6.52%.

Fair values
The carrying value of cash and bank deposits, accounts receivable and accounts payable is equivalent to their fair value.

VUW Te Waharoa — NZ Gazette 2006, No 158

Gazette.govt.nz — NZ Gazette 2006, No 158

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsContingent Liabilities, Commitments, Financial Instruments, Credit Risk, Currency Risk, Interest Risk, Fair Values

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