✨ Financial Statements Notes
Notes to and Forming Part of the Financial Statements
For the year ended 30 June 2005
GAS DIVISION
15 Related Party Transactions
As Powerco Limited is an integrated business, this disclosure relates to the business as a whole.
Powerco is deemed to have a related party relationship with New Plymouth District Council. The New Plymouth District Council held a 38.16% material interest in Powerco Limited until 31 October 2004. Powerco paid $190,204 (2004: $143,122) rent to the New Plymouth District Council at market rates. Rates have been paid to New Plymouth District Council to the value of $12,962 (2004: $29,395). Utility Rates have been paid to the New Plymouth District Council to the value of $44,871 (2004: $21,143). Other arms length transactions with the New Plymouth District Council amounted to $15,682 (2004: $30,837).
In the previous year ended 31 March 2004, Powerco paid consulting fees amounting to $35,932 to Upson Consulting Ltd, a company in which Mr B R Upson, a Director, has an interest. The nature of the work performed was in the area of corporate development, finance and regulatory advice.
Powerco Network Management Limited, Powerco Energy Services Limited and Powerco Energy Services Eastern Limited are wholly owned subsidiaries of Powerco. These companies charge Powerco market rates for services provided, which includes the following areas:
- Asset management
- Electrical and gas contracting
- Information systems
- Buildings and insurance
- Operational finance
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 167
Gazette.govt.nz —
NZ Gazette 2005, No 167
✨ LLM interpretation of page content
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Powerco Limited Gas Information Disclosure
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🏭 Trade, Customs & IndustryFinancial Statements, Related Party Transactions, New Plymouth District Council, Upson Consulting Ltd
- B. R. Upson, Director with interest in Upson Consulting Ltd