✨ Financial Disclosures
12. Prescribed Business Relationships
Under Regulation 22 of the Gas (Information Disclosure) Regulations 1997, total costs and revenue must be disclosed for goods and services provided between entities in prescribed business relationships. GasNet Ltd, Wanganui Gas Ltd, and EDNZ Ltd fall within the definition of a prescribed business relationship.
| 2010 | 2009 | |
|---|---|---|
| Distribution Revenue from Retail (GST inclusive) | ||
| GasNet Distribution Tariffs * | $ 3,690,359 | $ 3,945,052 |
| Distribution Debtors from Retail | ||
| Energy Direct NZ Limited | $ 361,263 | $ 426,874 |
- Tariff represents revenue to GasNet Limited from Energy Direct NZ Limited for the transportation of gas through its distribution network.
The value of transactions is calculated by applying current published Distribution tariffs to actual Retail throughput gas volumes and connection numbers.
| 2010 | 2009 | |
|---|---|---|
| Distribution Charges from Retail (GST inclusive) | ||
| Energy and Admin support | $ 43,658 | $ 72,448 |
| Distribution Creditors from Retail | ||
| Energy Direct New Zealand | $ 12,814 | $ 11,038 |
13. Commitments
The Company has no commitments as at 30 June 2010 (2009: Nil).
14. Contingent Liabilities and Assets
There are no contingent liabilities which would have a material adverse effect on these accounts (2009: Nil).
15. Dividend
No Dividends have been declared for 2010 (2009: Nil).
16. Post Balance Date Events
There have been no material events since balance date.
17. Prior Period Error
In the 2009 financial statements net loans from related parties of $3,075,896 were disclosed as non-current liabilities.
This year the net loans have been classified as current liabilities as the company does not have an unconditional right to defer payment for more than 12 months. As the Company did not have an unconditional right to defer payment last year either, the 2009 comparatives have been restated accordingly.
Next Page →
NZ Gazette 2010, No 166
✨ LLM interpretation of page content
🏭 Prescribed Business Relationships Disclosure
🏭 Trade, Customs & IndustryFinancial Disclosure, Gas Industry, Revenue, Costs, Related Parties
🏭 Company Commitments
🏭 Trade, Customs & IndustryFinancial Commitments, Company Accounts
🏭 Contingent Liabilities and Assets
🏭 Trade, Customs & IndustryFinancial Liabilities, Company Accounts
🏭 Dividend Declaration
🏭 Trade, Customs & IndustryDividends, Company Accounts
🏭 Post Balance Date Events
🏭 Trade, Customs & IndustryFinancial Events, Company Accounts
🏭 Prior Period Error Correction
🏭 Trade, Customs & IndustryFinancial Restatement, Company Accounts, Liabilities