New Zealand Gazette – 1999 – No. 116

Page 2795

✨ Audit Report Continuation

10 SEPTEMBER NEW ZEALAND GAZETTE 2795

evaluated the overall adequacy of the presentation of information in the financial statements.

Other than in our capacity as auditor acting on behalf of the Controller and Auditor-General, we have no relationship or interests in Top Energy Limited except that we have audited the financial statements prepared under the Financial Reporting Act 1993.

Fundamental Uncertainty

In forming our qualified opinion, we have considered the adequacy of the disclosures made in the financial report concerning the collectibility of the Inter-business Account.

This account represents funds advanced to other “businesses” within the company, including the business investing in subsidiary companies of the Group. These subsidiaries include Top Generation Limited, Ngawha Construction Limited, and Ngawha Geothermal Power Nominee Limited.

Ngawha Construction Limited owns and operates the Ngawha Geothermal Power Station. An exemption, lodged with the Commerce Commission under the Electricity Industry Reform Act 1998, to allow ownership of the above companies to be retained by Top Energy Limited has been denied and the decision is now subject to judicial review. If this is unsuccessful Top Energy Limited will be required to dispose of their investment in the above companies. This disposal could result in the lines business “forgiving” part of the debt of $11,980,843.

Details of the circumstances relating to this fundamental uncertainty are described in note 12.

Qualified Opinion – Comparative Figures Omitted

Paragraph 2.18 of the Electricity Information Disclosure Handbook issued by the Ministry of Commerce permits energy companies to exclude comparative figures where disclosures are made for the first time for the current disclosure year. Top Energy Limited has taken advantage of this exemption and has not disclosed comparative figures in these circumstances. To this extent, the financial statements of Top Energy Limited do not comply with Financial Reporting Standard No. 2, Presentation of Financial Reports, or the Electricity (Information Disclosure) Regulations 1999.

We have obtained all the information and explanations we have required.

In our opinion, proper accounting records have been kept by Top Energy Limited as far as appears from our examination of those records.

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VUW Te Waharoa — NZ Gazette 1999, No 116

NZLII — NZ Gazette 1999, No 116

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

🏭 Report of the Audit Office on Special Purpose Financial Statements for Top Energy Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsAudit Report, Financial Statements, Top Energy Limited, Accounting Policies, Directors' Responsibilities, Qualified Opinion, Inter-business Account, Electricity Industry Reform Act, Commerce Commission, Judicial Review, Comparative Figures

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