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New Zealand Gazette – 1997 – No. 119

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✨ Financial Statements Notes

2820 NEW ZEALAND GAZETTE No. 119

TOP ENERGY LIMITED

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

STATEMENT OF ACCOUNTING POLICIES

FOR THE 12 MONTHS ENDED 31 MARCH 1997

Top Energy Ltd has entered into electricity price hedging contracts with electricity generators in order to minimise the risk of price fluctuations on the electricity spot market. Assets, liabilities and any unrealised revenues and expenses associated with these instruments as at balance date are not recognised in the financial statements.

Realised revenues and expenses are recognised in the Statement of Financial Performance on maturity of the hedging contracts and are incorporated as part of the cost of wholesale electricity.

Full disclosure of information about electricity price hedging contracts to which Top Energy Ltd is a party is provided in note 15.

Changes in Accounting Policies

During the year the Group changed its accounting policy in respect of long term debt. The Company no longer provides for debt restructuring. The balance of the debt restructuring provision as at 31 March 1996 (Line: $604,739, Energy: $2,000) has consequently been taken to the Statement of Financial Performance in the current period. Previously an adjustment was made each year to allow for the change in the finance rates. The Board of Directors have adopted this change in accounting policy as the Company now intends to repay the debts on maturity rather than restructure the long term debt. This change in policy results in an increase in net profit before tax of:- Line $254,552, Energy $844.

There were no other material changes in accounting policy.

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VUW Te Waharoa — NZ Gazette 1997, No 119

NZLII — NZ Gazette 1997, No 119

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Notes to the Special Purpose Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated8 September 1997
KeywordsFinancial Statements, Accounting Policies, Electricity Price Hedging, Long Term Debt, Top Energy Limited

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