New Zealand Gazette – 2006 – No. 171

Page 4954

✨ Financial Statements



4954

NEW ZEALAND GAZETTE, No. 171

13 DECEMBER 2006

CENTRALINES LIMITED - Lines Business

Notes to the Financial Statements

For the year ended 31 March 2006

Note 10: 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 14%.

The interest rates on the company's deposits are presented in note 3.

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 52% 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 bonds were held.

Note 11: Reserves

Asset revaluation reserve 2006 2005
Balance at beginning of year 23,795 23,747
Revaluation of electrical distribution network - (14)
Revaluation of Land/Buildings (18) 62
Balance at end of year 23,777 23,795

Detailed as:

| Land/Buildings | 44 | 62 |
| General | 420 | 420 |
| Revaluation of electrical distribution network | 23,313 | 23,313 |
| | 23,777 | 23,795 |

Note 12: Retained Earnings

2006 2005
Balance at beginning of year 3,102 2,256
Net surplus 1,830 896
Dividends paid (50) (50)
Balance at end of year 4,882 3,102


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 171


Gazette.govt.nz — PDF NZ Gazette 2006, No 171




✨ LLM interpretation of page content

💰 Centralines Limited Financial Position (continued from previous page)

💰 Finance & Revenue
Financial Statement, Property, Plant, Equipment, Centralines Limited