New Zealand Gazette – 2000 – No. 125

Page 3183

✨ Financial Statements Notes



8 SEPTEMBER NEW ZEALAND GAZETTE 3183

NOTES TO THE FINANCIAL STATEMENTS

2000 1999
$ $

Note 10: Wind Generation Project

SCANPOWER Limited has a 10% interest in The Wind Farm Company which holds a resource management consent to erect and operate wind turbines near Woodville.

Note 11: Environmental Policy

SCANPOWER endeavours to adhere to a sustainable use policy with a minimum of environmental disturbance and desecration. To date, SCANPOWER is unaware of any of its projects or operations that would not meet the above policy nor any environmental regulations currently in existence in New Zealand.

Note 12: Capital Commitments and Contingent Liabilities

As at 31 March 2000, the company had no contingent liabilities (1998/9 also Nil).

SCANPOWER has not entered into any contracts to purchase or install equipment of a capital nature (1998/9-Nil)

Note 13: Related Party Information

Directors' transactions with the company were made under normal terms and conditions of supply and sale available to members of staff. No discounts were given during the year.

Contestable contracting services in asset construction and maintenance were provided by SCANPOWER's contracting division at cost, including overheads, and as detailed, respectively, here and in Note 17.12b below.

2000 1999
Subtransmission assets 0 0
Zone substations 0 0
Distribution lines and cables 0 0
Medium voltage switchgear 0 0
Distribution transformers 0 0
Distribution substations 0 0
Low voltage lines and cables 165,353 42,651
Other system fixed assets 0 0

An imputed rental of $16,436 is included in Note 17.12b (vii) as being paid to the "Other" business.

As at 31 March 2000, there were no outstanding balances for related parties other than those disclosed (1998/9 also Nil).

All transactions with other related parties are also made under normal terms and conditions of supply and sale. No related party debts were forgiven or written off during the year.

Note 14: Financial Instruments

SCANPOWER has no off balance sheet financing (other than those disclosed in these notes), nor any foreign exchange exposure. All instruments are carried at fair value and take into account the company's maximum exposure to credit risk.

Concentrations of credit risk with respect to receivables are limited due to a large customer base to whom the company supplies services.

The interest rates on the company's deposits are presented in note 6.

Note 15: Restatement of Comparative figures

Employee entitlements that are expected to be paid out beyond one year have been included under non-current liabilities, the corresponding amount for 1999 has also been similarly re-stated.

Note 1 above has also been re-stated for 1999 to separately disclose AC Loss Rental Rebates for that year.

The 1999 adjustment made through equity for the avoidable cost methodology has been restated as an adjustment to equity at the beginning of the year.

Note 16: Significant Events after Balance Date

The company is not aware of any post balance date events which would have a significant effect on the business activities of SCANPOWER.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 125


Gazette.govt.nz — PDF NZ Gazette 2000, No 125




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for ScanPower Limited (continued from previous page)

🏭 Trade, Customs & Industry
Wind Generation, Environmental Policy, Capital Commitments, Related Party Transactions, Financial Instruments, Restatement of Figures, Post-Balance Date Events