New Zealand Gazette – 2003 – No. 105

Page 2779

✨ 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 2003

14 RELATED PARTY TRANSACTIONS

a. Asset maintenance services are provided by the Contracting Division in respect of the System fixed asset. Services are provided as contracted by the Line business and are charged at market rates on an arms length basis. Services were provided throughout the year. The outstanding balance at 31 March 2003 was $169,833 (2002: $142,467).

b. Avoided Transmission charges are paid in respect of embedded generation provided by Ngawha Generation Limited. Charges are based on the Transpower market rate. The service was provided for the full year. The outstanding balance at 31 March 2003 was $39,000 (2002: $28,000).

c. Property facilities are provided to the Line business by the Property Division. Rentals are at market rates for the specific sites. Services were provided throughout the year. The property rental includes cost recovery in respect of rates of $12,015 (2002: $11,443).

d. Asset construction services are provided by the Contracting Division in respect of the System fixed asset. Services are provided as contracted by the Line business and are charged on a full cost recovery basis. Services were provided throughout the year. The outstanding balance at 31 March 2003 was $289,461 (2002: $283,497).

15 FINANCIAL INSTRUMENTS

a. Currency and Interest Rate Risk

Nature of activities and management policies with respect to financial instruments:

i.  **Currency**

    The Group has undertaken foreign currency transactions from time to time in connection with its activities. To manage the foreign currency risk the Group has used forward exchange contracts. There are no contracts in place at 31 March 2003.


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 105


Gazette.govt.nz — PDF NZ Gazette 2003, No 105




✨ LLM interpretation of page content

🏭 Top Energy Limited Financial Performance Statement (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Related Party Transactions, Financial Instruments, Currency Risk, Interest Rate Risk