New Zealand Gazette – 2008 – No. 50

Page 1420

✨ Financial Statements Notes

TOP ENERGY LIMITED-LINE BUSINESS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2007

14 RELATED PARTY TRANSACTIONS

There have been no material related party transactions requiring disclosure in accordance with SSAP 22 "Related Party Disclosures", apart from the following:

i. Top Energy Consumer Trust:

Top Energy Ltd is wholly owned by Top Energy Consumer Trust. For the period ended 31 March 2007, Top Energy Ltd paid $5,665m (31 March 2006: $5.5m) in the form of a dividend to the above Trust. This payment is reflected in the Statement of movements in Equity of Top Energy Ltd.

During the year Top Energy processed transactions on an agency basis on behalf of the Trust in order to settle routine business dealings. As at 31 March 2007, a balance of $590,637 was owed by the Company to the Trust (31 March 2006: $1,644 owed by the Trust to the Company) and this has been included in Payables and Accruals in the Statement of Financial Position. All transactions with the Trust are made on normal business terms.

ii. Transfer Payments between Line & 'Other' business:

The following related party transactions occurred in the year between the Line & Other businesses.

| Note | 2007
(Income)/cost | 2006
(Income)/cost |
|------|----------------|----------------|
| Transfer Payment Cost to Line: |
| a | Asset maintenance services | 3,490,980 | 3,702,582 |
| b | Avoided transmission charges | 746,362 | 659,159 |
| | Property rental | 67,788 | 77,872 |
| c | Payment for meter data | Nil | Nil |
| | Consumer based load control | Nil | Nil |
| | Disconnection/reconnection services | Nil | Nil |
| d | Asset construction | Nil | Nil |
| | Sub transmission assets | Nil | Nil |
| | Zonc substations | 1,168,274 | 196,902 |
| | Distribution lines & cable | 2,912,834 | 2,333,096 |
| | Medium voltage switchgear | Nil | Nil |
| | Distribution transformers | 2,190,006 | 2,452,825 |
| | Distribution substations | Nil | Nil |
| | Low voltage lines & cables | 1,737,974 | 1,286,716 |
| | Other system fixed assets | Nil | Nil |

VUW Te Waharoa — NZ Gazette 2008, No 50

Gazette.govt.nz — NZ Gazette 2008, No 50

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Notes to Financial Statements of Top Energy Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Related party transactions, Dividends, Asset maintenance, Transfer payments

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