New Zealand Gazette – 2008 – No. 30

Page 658

✨ Financial Statements

10. Receivables and prepayments

| | 2007
$000 | 2006
$000 |
|----------------|------------|
| Trade debtors | 693 | 1,105 |
| GST refund due | 42 | - |
| Prepayments | 148 | 44 |
| | 883 | 1,149 |
| Less provision for doubtful debts | (40) | (40) |
| | $843 | $1,109 |

11. Financial instruments

Credit risk

Financial assets which potentially subject the company to credit risk principally consist of bank balances and accounts receivable and advances to subsidiaries.

The company manages its principle credit risk by having Use of System Agreements with its major customers to maintain a minimum credit rating of BBB or better.

Maximum exposures to credit risk as at balance date are:

| | 2007
$000 | 2006
$000 |
|----------------|------------|
| Bank balances | 2,918 | 2,877 |
| Receivables | 843 | 1,109 |

The above maximum exposures are net of any recognised provision for losses on these financial assets. No collateral is held on the above amounts.

Bank balances and investments in short term deposits are made with registered banks with satisfactory credit ratings.

Concentrations of credit risk

The company has exposures to concentrations of credit risk by having six line customers. This is managed as mentioned above through the Use of System Agreements. In addition the Company has advanced a $2.6m loan to Oxford Finance Corporation Limited.

Currency risk

The company has no material exposure to foreign exchange risk.

Interest rate risk

Interest rate risk exposure is limited to bank borrowings. The company has no interest risk hedge contracts.

VUW Te Waharoa — NZ Gazette 2008, No 30

Gazette.govt.nz — NZ Gazette 2008, No 30

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✨ LLM interpretation of page content

💰 Receivables and Prepayments Financial Summary

Domain💰 Finance & Revenue
KeywordsReceivables, Prepayments, Trade debtors, GST refund, Doubtful debts

💰 Financial Instruments Risk Management

Domain💰 Finance & Revenue
KeywordsCredit risk, Financial instruments, Bank balances, Receivables, Credit rating, Currency risk, Interest rate risk

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