New Zealand Gazette – 2005 – No. 12

Page 262

✨ Financial Statements Continuation

262 NEW ZEALAND GAZETTE, No. 12 18 JANUARY 2005

Scanpower Limited

Notes to the Financial Statements Continued

For the Year Ended 31 March 2004

The legal firm, Lloyd Dodson & Pringle, in which M. Dodson was previously involved, provided services to Scanpower to the value of $7,082. The amount outstanding at balance date was $0 (2003 also Nil).

All transactions with other related parties were 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 16 12(b)(i) below.

	2004	2003
	$'000	$'000
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 (maintenance)	518	289
Low voltage lines and cables (construction)	490	267
Other system fixed assets	0	0

An imputed rental of $16,436 (2003 - $16,436) is included in Note 16 12(b)(vii) as being paid to the "other" business.

Note 15. 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 system 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.

VUW Te Waharoa — NZ Gazette 2005, No 12

Gazette.govt.nz — NZ Gazette 2005, No 12

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

💰 Notes to the Financial Statements for Scanpower Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Related Party Transactions, Contestable Contracting, Asset Construction, Maintenance, Imputed Rental, Financial Instruments, Credit Risk
👱🏽 Names

M. Dodson, Involved in legal firm providing services

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