✨ Financial Statements
4422 NEW ZEALAND GAZETTE, No. 152 27 NOVEMBER 2006
Scanpower Limited
Notes to the Financial Statements (Continued)
For the Year Ended 31 March 2006
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.
| 2006 | |
|---|---|
| $'000 | |
| Construction of subtransmission assets | 0 |
| Construction of zone substations | 0 |
| Construction of distribution lines and cables | 647 |
| Construction of medium voltage switchgear | 691 |
| Construction of distribution transformers | 219 |
| Construction of distribution substations | 25 |
| Construction of low voltage reticulation | 269 |
| Construction of other system fixed assets | 366 |
| Maintenance of assets | 604 |
| Consumer connections and disconnections | 0 |
| 2005 | |
|---|---|
| $'000 | |
| Construction of subtransmission assets | 0 |
| Construction of zone substations | 0 |
| Construction of distribution lines and cables | 285 |
| Construction of medium voltage switchgear | 303 |
| Construction of distribution transformers | 314 |
| Construction of distribution substations | 48 |
| Construction of low voltage reticulation | 167 |
| Construction of other system fixed assets | 19 |
| Maintenance of assets | 462 |
| Consumer connections and disconnections | 0 |
An imputed rental of $16,766 (2005 - $16,600) 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.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 152
Gazette.govt.nz —
NZ Gazette 2006, No 152
✨ LLM interpretation of page content
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Scanpower Limited Notes to the Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Related Party Information, Financial Instruments