New Zealand Gazette – 1995 – No. 91

Page 2763

✨ Financial Statements

1 SEPTEMBER
NEW ZEALAND GAZETTE
2763

TOP ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTHS ENDED 31 MARCH 1995

RELATED PARTY TRANSACTIONS

There have been no material related party transactions requiring disclosure in accordance with SSAP22 “Related Party Disclosures”, apart from the following:

(i) Bay of Islands Electric Power Trust:

For the year ended 31 March 1995, Top Energy paid $20,000, (31 March 1994: $20,000) in the form of a dividend to the above Trust. This payment is reflected in the statement of financial performance of Top Energy Limited.

During the year Top Energy processed transactions on an agency basis on behalf of the Trust in order to settle routine business dealings. At 31 March 1995, a balance of $836 (31 March 1994: Nil) owing by the Trust, has been included in accounts receivable in the Statement of Financial Position.

(ii) PowerBuy Group Limited

These shares represent 16% of the total shares of PowerBuy. The Chief Executive of Top Energy is a Director of PowerBuy. The Chairman of Directors is his alternate.

Top Energy has purchased electricity units through PowerBuy from July 1994 onward and the cost of this purchase for the period ended 31 March 1995 was $9,935,999 exclusive of GST. The balance owing by Top Energy to PowerBuy as at 31 March 1995 was $1,051,396 exclusive of GST and is included in accounts payable, (31 March 1994: Nil).

All transactions with PowerBuy and with the Power Trust are made on normal business terms.

Refer also to the disclosure of Directors’ related parties as noted in the Directors’ Report.

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VUW Te Waharoa — NZ Gazette 1995, No 91

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💰 Financial Statements for Top Energy Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Related Party Transactions, Dividends, Accounts Receivable, Accounts Payable

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