New Zealand Gazette – 2002 – No. 133

Page 3585

✨ Financial Statements Notes



6 SEPTEMBER
NEW ZEALAND GAZETTE
3585

NOTES TO THE FINANCIAL STATEMENTS

Note 15: Related Party Information

SCANPOWER Limited Customer Trust owns, through its nominees, all of the issued capital of SCANPOWER Limited.

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.

The legal firm, Lloyd Dodson and Pringle in which M Dodson was involved, provided services to SCANPOWER to the value of $7,072. The amount outstanding at balance date was $283 (2001 $2,576).

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.

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 18.12b below.

Subtransmission assets 2002 2001
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 355 346
Other system fixed assets 0 0

The comparative figure for "Low voltage lines and cables" above has been adjusted from 86 to 346 to properly reflect the inadvertent exclusion of maintenance costs in the financial statements for the year ended 31 March 2001.

An imputed rental of $16,436 is included in Note 18.12b (vii) as being paid to the "Other" business.

Note 16: Financial Instruments

SCANPOWER has no off balance sheet financing (other than those disclosed in these notes), nor any foreign exchange exposure. The fair value of financial instruments is approximated by the carrying amount disclosed in the Statement of Financial Position.

Concentrations of credit risk with respect to receivables in the Company’s core activity are managed by adequate safeguards in the Use of Systems agreements entered into with energy retailers. The large customer base of the other activities ensures little concentration of risk. No other form of security or collateral is required to support financial instruments with credit risk.

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

Note 17: Significant Events after Balance Date

A dividend of $75,000 payable to the only shareholder, The SCANPOWER Customer Trust was declared after balance date. The Company is not aware of any other post balance date events which would have a significant effect on the business activities of the Company.

Note 18: Electricity (Information Disclosure) Regulations 1999 (Schedule 1 Part 2) requirements:

  1. Current Assets
    a. Cash and bank balances 100 14
    b. Short-term investments 884 595
    c. Inventories 92 101
    d. Accounts receivable 391 169
    e. Other current assets not listed in (a) to (d) 31 79
    f. Total current assets 1,498 958


Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 133


Gazette.govt.nz — PDF NZ Gazette 2002, No 133




✨ LLM interpretation of page content

🏭 Scanpower Limited Financial Statements for the Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Related Party Transactions, Financial Instruments, Post Balance Date Events, Electricity Disclosure Regulations
  • M Dodson, Director involved in legal services