✨ Financial Statements
4386 NEW ZEALAND GAZETTE, No. 182 9 DECEMBER 2009
5. Accounts Receivable
| Distribution 2009 $ | Distribution 2008 $ | Retail 2009 $ | Retail 2008 $ | |
|---|---|---|---|---|
| Trade debtors | $ 643,341 | $ 541,776 | $ 3,003,066 | $ 3,315,908 |
| Provision for doubtful debts | $ - | $ - | $ (61,273) | $ (40,820) |
| Total Debtors | $ 643,341 | $ 541,776 | $ 2,941,794 | $ 3,275,088 |
Fair Value
Debtors are non-interest bearing and receipt is normally on 30 day terms, therefore the carrying value of debtors approximate their fair value.
Impairment
The carrying amount of receivables that would otherwise be past due or impaired whose terms have been renegotiated is $nil (2008 $nil).
The status of debtors at 30 June are detailed below:
Distribution
| 2009 Gross $ | 2009 Impairment $ | |
|---|---|---|
| Not past due | $ 638,628 | $- |
| Past due 1-60 days | $ 2,561 | $- |
| Past due 61 - 120 days | $ 2,152 | $- |
| Past due > 120 days | $- | $- |
| Total | $ 643,341 | - $ |
Retail
| 2009 Gross $ | 2009 Impairment $ | |
|---|---|---|
| Not past due | $ 2,796,755 | $- |
| Past due 1-60 days | $ 60,652 | $ - |
| Past due 61 - 120 days | $ 145,348 | $ 61,273 |
| Past due > 120 days | $- | $- |
| Total | $ 3,003,066 | $ 61,273 |
| 2008 Gross $ | 2008 Impairment $ | |
|---|---|---|
| Not past due | $ 539,609 | $- |
| Past due 1-60 days | $ 2,167 | $- |
| Past due 61 - 120 days | $- | $- |
| Past due > 120 days | $- | $- |
| Total | $ 541,776 | - $ |
| 2008 Gross $ | 2008 Impairment $ | |
|---|---|---|
| Not past due | $ 3,088,106 | $- |
| Past due 1-60 days | $ 87,313 | $ - |
| Past due 61 - 120 days | $ 160,490 | $ 40,820 |
| Past due > 120 days | $- | $- |
| Total | $ 3,315,908 | $ 40,820 |
The impairment provision for Energy Direct NZ Limited (Retail) has been calculated based on an analysis of losses in previous periods and a review of specific debtors as detailed below:
| 2009 $ | 2008 $ | |
|---|---|---|
| Individual Impairment | $ 33,280 | $ 20,900 |
| Collective Impairment | $ 27,993 | $ 19,920 |
| Total provision for impairment | $ 61,273 | $ 40,820 |
Movements in the provision for impairment of receivables are as follows:
| $ | $ | |
|---|---|---|
| At 1 July | $ 40,820 | $ 57,570 |
| Additional provisions made during the year | $ 50,087 | $ 37,189 |
| Provisions reversed during the year | $ (17,264) | $- |
| Debtors written-off during the period | $ (12,371) | $ (54,039) |
| At 30 June | $ 61,273 | $ 40,820 |
6. Share Capital
Authorised capital:
| 2009 $ | 2008 $ | |
|---|---|---|
| Distribution - 5,264,435 Ordinary shares each fully paid up | $ 5,264,435 | $ 5,264,435 |
| Retail - 199,835 Ordinary shares each fully paid up | $ 199,835 | $ 199,835 |
7. Net loans from related parties
| Distribution 2009 $ | Distribution 2008 $ | Retail 2009 $ | Retail 2008 $ | |
|---|---|---|---|---|
| Wellington Gas Limited | $- | $ 3,075,896 | $ 9,016,627 | $ 2,412,006 |
| WDCHL | $ 3,075,896 | $ 5,891,541 | $- | $- |
| Total | $ 3,075,896 | $ 5,891,541 | $ 9,016,627 | $ 2,412,006 |
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NZ Gazette 2009, No 182
✨ LLM interpretation of page content
💰
Notes to the Financial Statements
(continued from previous page)
💰 Finance & Revenue3 December 2009
Financial Statements, Accounts Receivable, Share Capital, Net loans, Impairment, Fair Value, Distribution, Retail