New Zealand Gazette – 2002 – No. 116

Page 3116

✨ Financial Statements Notes



TOP ENERGY LIMITED

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 2002

14 RELATED PARTY TRANSACTIONS

There have been no material related party transactions requiring disclosure in accordance with SSAP 22 "Related Party Disclosures", apart from the following:

i. Bay of Islands Electric Power Trust:

Top Energy Ltd is wholly owned by Bay of Islands Electric Power Trust. For the period ended 31 March 2002, Top Energy Ltd paid $4.35m (31 March 2001: $3.8m) in the form of a dividend to the above Trust. This payment is reflected in the Statement of movements in Equity of Top Energy Ltd.

During the period Top Energy processed transactions on an agency basis on behalf of the Trust in order to settle routine business dealings. As at 31 March 2002, a balance of $2,589 (31 March 2001 $486) owing by the Trust to the Company has been included in accounts receivable in the statement of financial position. All transactions with the Trust were made on normal business terms.

ii. Transfer Payments between Line & 'Other' business:

The following related party transactions occurred in the year between the Line & Other businesses.

Note 2002 2001
(Income)/cost (Income)/cost
------ ---------------------- ---------------- ----------------
Transfer Payment Cost to Line:
a Asset maintenance services 1,709,608 1,944,168
b Avoided transmission charges 336,000 648,000
c Property rental 43,537 51,000
Payment for meter data Nil Nil
Consumer based load control Nil Nil
Disconnection/reconnection services Nil Nil
d Asset construction
Subtransmission assets Nil Nil
Zone substations 36,604 34,630
Distribution lines & cable 1,895,108 1,794,205
Medium voltage switchgear - -
Distribution transformers 71,916 78,705
Distribution substations - -
Low voltage lines & cables 1,398,339 1,657,761
Other system fixed assets - -


Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 116


Gazette.govt.nz — PDF NZ Gazette 2002, No 116




✨ LLM interpretation of page content

🏭 Notes to the Special Purpose Financial Statements of Top Energy Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Related Party Transactions, Dividends, Transfer Payments, Asset Maintenance