✨ Financial Statements
UNISON NETWORKS - LINES BUSINESS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2005
19 CAPITAL WORK IN PROGRESS
| 2005 | 2004 | |
|---|---|---|
| $000 | $000 | |
| Electrical distribution network | 9,805 | 3,338 |
| 9,805 | 3,338 |
20 ACCOUNTS PAYABLE AND ACCRUALS
| 2005 | 2004 | |
|---|---|---|
| $000 | $000 | |
| Trade creditors | 6,863 | 5,403 |
| Interest payable | 1,201 | 1,109 |
| 8,064 | 6,512 |
21 EVENTS SUBSEQUENT TO BALANCE DATE
There have been no significant reporting events subsequent to balance date.
22 OTHER MATTERS
Unison is subject to the Commerce Commission’s Price and Quality Threshold Regime which applies to electricity lines businesses.
The Commerce Commission is currently undertaking a stage 1 post-breach inquiry, in terms of its published Assessment and Inquiry Guidelines, following breaches of the price and quality thresholds by Unison. The Commerce Commission has yet to determine whether it considers it appropriate to move to a stage 2 inquiry. The outcome of the Commerce Commission post breach inquiry could result in price control, and materially impact the carrying value of assets.
The summary of 2004 Information Disclosure Requirements, recently published by the Commerce Commission indicates that Unison’s line charges are in the lower half of line charges for electricity line businesses in New Zealand. Unison believes that the Price and Quality Threshold Regime does not achieve its statutory purpose and, during the year, commenced proceedings for a judicial review of the Commerce Commission’s regime in the High Court. The judicial review proceedings are yet to be heard.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 143
Gazette.govt.nz —
NZ Gazette 2005, No 143
✨ LLM interpretation of page content
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Unison Networks Limited - Notes to Financial Statements
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial reporting, Capital work in progress, Accounts payable, Accruals, Events subsequent to balance date, Commerce Commission, Price and Quality Threshold Regime, Judicial review