✨ Financial Statements and Related Party Transactions
2892
NEW ZEALAND GAZETTE, No. 119
5 AUGUST 2005
Network Tasman Limited
Line Business Financial Statements
Notes to and forming part of the financial statements
For the year ended 31 March 2005
| 2005 | 2004 | |
|---|---|---|
| $000 | $000 | |
| Net transmission costs on-charged (1 April 2004 to 31 March 2005) | 1,666 | 1,528 |
| Balance due from Nelson Electricity Limited as at 31 March 2005 | 154 | 138 |
Mr C Turner - Nelson Pine Industries Limited
Nelson Pine Industries Limited, a company in which Mr C Turner (a director of Network Tasman Limited) is General Manager, contracts directly on an arms length basis with Network Tasman Limited, for distribution services. The services amount to 5.2% of total net sales.
As at 31 March 2005, the balance owing by Nelson Pine Industries Limited was $110,317 (2004: $2,450).
No related party debts have been written off or forgiven during the year (2004: nil).
15. Financial Instruments
The company estimates that in respect of the reported financial instruments, being cash, short-term investments and debtors, fair value is equivalent to the carrying amount as stated in the statement of financial position.
Credit risk
The company places short-term investments with registered banks only. The company has a credit policy which is used to manage this exposure to credit risk. As part of this policy, limits on the amount of surplus funds placed with any one banking institution have been set and approved by the Board of Directors.
Concentrations of credit risk
The company's customers are electricity retailers. The credit risk is not considered to be high. The company does not have any other significant concentrations of credit risk.
Interest rate risk
Short-term investments mature within the range of on-call to 180 days. The interest rates on these investments range from 6.68% to 6.97% (2004: 5.25% to 5.57%).
16. Segmental Information
For reporting purposes the company operates predominantly in one industry - the distribution of electricity. The operations of the company are carried out in New Zealand and are therefore within one geographical segment for reporting purposes.
17. Commitments
Capital commitments
Capital commitments as at 31 March 2005 were $3,421,072 (2004: $1,511,632).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 119
Gazette.govt.nz —
NZ Gazette 2005, No 119
✨ LLM interpretation of page content
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Network Tasman Limited Financial Statements
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Operating Surplus, Cash Flows, Related Parties
- C Turner, Director of Network Tasman Limited