New Zealand Gazette – 2005 – No. 21

Page 476

✨ Financial Statements Notes



476 NEW ZEALAND GAZETTE, No. 21 19 JANUARY 2005

2. Commitments and Contingent Liabilities

There were capital commitments at 31 March 2004 of $380,500 (2003 $302,475). The Lines Business has no contingent liabilities at the end of the period (2003 Nil).

3. Related Party Transactions

Associated Entity: Networks South Limited

Networks South Limited is 50% owned by Network Waitaki Limited and provided administrative, engineering and planning functions for the network from 1 April 2003 to 31 March 2004. These services are charged on a fixed contract basis.

During the period, this charge totalled $985,200 (2003 $865,000). The outstanding amount as at 31 March 2004 was $238 (2003 Nil) payable on normal commercial terms.

No debts were written off or forgiven and no transactions took place at nil or nominal value. Transactions do not relate to the categories specified in the Disclosure Regulations.

Associated Entity: NetCon Limited

NetCon is wholly owned by Networks South Limited and provided asset maintenance and construction services for the network from 1 April 2003 to 31 March 2004. Services were charged on both a fixed price basis or “time and materials” basis.

During the period, this charge totalled $1,675,229 (2003 $1,161,711). The outstanding amount as at 31 March 2004 was $173,138 (2003 $87,125) payable on normal commercial terms.

No debts were written off or forgiven and no transactions took place at nil or nominal value.

During the period capital construction transactions totalled the following:

Year to 31/3/2004 Year to 31/3/2003
Subtransmission assets $0 $0
Zone substations $17,259 $34,045
Distribution lines $403,534 $285,839
Medium voltage switchgear $97,083 $48,657
Distribution transformers $11,733 $8,126
Distribution substations $68,663 $34,819
Low voltage lines $215,205 $92,878
Other property, plant & equip. $36,477 $27,556

Other transactions totalled:

Year to 31/3/2004 Year to 31/3/2003
Maintenance of System Property, Plant & Equip $825,275 $629,791
Cost of customer connections and disconnections $0 $0

4. Taxation

2004 2003
Surplus (Deficit) Before Taxation 1,500,349 520,813
Income tax expense at 33 cents in the dollar 495,115 171,868

Plus (Less) the Effect of:

2004 2003
Realised capital gains 0 0
Non-assessable receipts (216,256) (49,349)
Non-deductible expenses 536,976 714,086
Unrecognised timing differences 0 0
815,835 836,605

Taxation Charge is Represented by:

2004 2003
Income Tax Liability (Benefit) in respect of the current year 455,239 505,000
Deferred Taxation 360,596 331,605
815,835 836,605


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 21


Gazette.govt.nz — PDF NZ Gazette 2005, No 21




✨ LLM interpretation of page content

🏭 Network Waitaki Limited Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
23 December 2004
Financial Statements, Accounting Policies, Electricity Information Disclosure Requirements, Network Waitaki Limited