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New Zealand Gazette – 2005 – No. 150

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✨ Financial Statements

3682 NEW ZEALAND GAZETTE, No. 150 31 AUGUST 2005

Scanpower Limited

Notes to the Financial Statements (Continued)

For the Year Ended 31 March 2005

Note 14. Related Party Information

Scanpower Limited Customer Trust owns, through its nominees, all of the issued capital of Scanpower Limited.

Directors’ transactions with the company were made under normal terms and conditions of supply and sale available to members of staff.

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.

	2005	2004
	$'000	$'000
Construction of subtransmission assets	0	0
Construction of zone substations	0	0
Construction of distribution lines and cables	285	0
Construction of medium voltage switchgear	303	0
Construction of distribution transformers	314	0
Construction of distribution substations	48	0
Construction of low voltage reticulation	167	490
Construction of other system fixed assets	19	0
Maintenance of assets	462	518
Consumer connections and disconnections	0	0

An imputed rental of $16,600 (2004 - $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 150

Gazette.govt.nz — NZ Gazette 2005, No 150

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Related Party Information, Financial Instruments

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