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New Zealand Gazette – 2005 – No. 129

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✨ Financial Statements Notes

17 AUGUST 2005
NEW ZEALAND GAZETTE, No. 129
3139

TOP ENERGY LIMITED

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 2005

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 2005 was $279,000 (2004: $206,000).

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 2005 was $50,900 (2004: $50,750).

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 $14,617 (2004: $13,996).

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 2005 was $301,800 (2004: $261,544).

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 2005.

VUW Te Waharoa — NZ Gazette 2005, No 129

Gazette.govt.nz — NZ Gazette 2005, No 129

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Related party transactions, Dividends, Asset maintenance, Transfer payments

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