✨ Financial Statements
4984 NEW ZEALAND GAZETTE, No. 189 5 DECEMBER 2008
Imputations attached to dividends paid $ - $(233,593) $ - $(282,913)
Balance 30 June $ (389,592) $ 249,894 $ 547,750 $ (232,655)
10. Financial Instruments
Financial Instruments which potentially subject the Company to credit risk principally consist of bank balances and accounts receivable. Generally the Company does not require collateral. 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. An amount of $108,290 (2007: $111,804) is included in Retail’s current liabilities which is the value of consumer deposits held. No other collateral is held on these amounts.
The Company is not exposed to any concentrations of risk or currency risk.
The Company has no bank overdraft facility.
The methods and assumptions used are that the carrying amount in the financial statements reflects the estimated fair value of the financial instruments including receivables, bank and investments and accounts payable.
The Company has long term borrowings which are used to fund ongoing activities.
The Company has arranged a bank guarantee for $388,203 (2007: $388,203) which is required by Vector Ltd to ($335,000) to gain access to their distribution networks and Maui Development Limited ($53,203) for use of the Maui pipeline under the open access agreement.
Interest Rate Risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. This could particularly impact on the cost of borrowing or the return on investments.
The Directors do not consider there is any significant exposure to interest rate risk on the Company’s investments.
The interest rates on the Company’s borrowings are disclosed in note 7. Interest rates are reviewed regularly.
There are no interest rate options or interest rate swap agreements in place as at 30 June 2008 (2007: Nii).
Currency Risk
No currency risk.
11. Related Party Transactions
The following transactions occurred during the period with Related Parties:
| Distribution 2008 $ | Distribution 2007 $ | Retail 2008 $ | Retail 2007 $ | |
|---|---|---|---|---|
| Wanganui Gas Ltd is a wholly owned subsidiary of Wanganui District Council Holdings Ltd (WDCHL), a Council Controlled Organisation of Wanganui District Council. Until 27/10/06 Vector Gas Investments Limited (a subsidiary of Vector Limited) held 25.1% of the shares. These were sold to WDCHL on that date. | ||||
| Rent | $ 70,283 | $ 67,188 | $ 26,187 | $ 29,002 |
| IT services | $ 39,110 | $ 45,832 | $ 43,037 | $ 39,656 |
| Rates | $ 36,970 | $ 36,463 | $ 1,125 | $ 992 |
| Subvention Payment | $ (824,173) | $ 1,622,811 | $ (57,420) | $ 113,059 |
| Other | $ (862,083) | $ 1,790,850 | $ 30,343 | $ 203,515 |
| Vector |
| Gas purchases & transmission services | $ - | $ - | $ 725 | $ 8,929,765 |
| Other | $ - | $ - | $ 725 | $ 8,930,578 |
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NZ Gazette 2008, No 189
✨ LLM interpretation of page content
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Notes to the Financial Statements for Wanganui Gas Limited
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🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Gas Distribution, Retail, Wanganui Gas Limited, Share Capital, Credit Line Facility, Finance Lease Liabilities, Loans to Related Parties, Imputation Credit Account