8 5
Tainui Group Holdings
Annual Report
2012
8 5
Tainui Group Holdings
Annual Report
2012
1 General information
Waikato-Tainui Fisheries Limited’s (the ‘Company’) principal activity is to receive, hold and manage, for so long as they
are to be retained, the income shares of Aotearoa Fisheries Limited (AFL), as that term is defned in the Maori Fisheries
Act 2004, allocated by Te Ohu Kai Moana Trustee Limited to, or otherwise acquired by the Company.
The Company is a limited liability company incorporated and domiciled in New Zealand.
The fnancial statements were authorised for issue by the Board of Directors on the 22nd of June 2012.
2 Summary of signifcant accounting policies
The fnancial statements have been prepared in accordance with Generally Accepted Accounting Practice in New
Zealand (‘NZ GAAP’). They comply with the New Zealand equivalents to International Financial Reporting Standards (‘NZ
IFRS’) and other applicable fnancial reporting standards as appropriate for the proft-oriented entities that qualify for
and apply differential reporting concessions.
The principal accounting policies applied in preparation of these fnancial statements are set out below. These policies
have been consistently applied for all years presented, unless otherwise stated.
2.1 Basis of preparation
Entities reporting
The fnancial statements are for the Company as a separate legal entity.
The Company is designated as proft-oriented for fnancial reporting purposes.
Statutory base
Waikato-Tainui Fisheries Limited is a company registered under the Companies Act 1993. The fnancial statements have
been prepared in accordance with the requirements of the Financial Reporting Act 1993 and the Companies Act 1993.
Historical cost convention
The fnancial statements have been prepared under the historical cost convention, as modifed by the revaluation of other
fnancial assets at fair value through the proft or loss which are carried at fair value.
Differential reporting
The Company is a qualifying entity within the Framework for Differential Reporting. The Company qualifes on the basis
that it is not publicly accountable and there is no separation between the owner and governing body.
The Company has taken advantage of all differential reporting exemptions except for NZ IAS 18 – Revenue, for which it
has fully complied.
2.2 Critical accounting estimates and judgments
The preparation of fnancial statements in conformity with NZ IFRS requires the use of certain critical accounting
estimates.
It also requires management to exercise its judgement in the process of applying the Company’s accounting policies.
The estimates and judgements are reviewed by management on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised.
The following are the critical estimates and judgements management has made in the process of applying the
Company’s accounting policies and that have the most signifcant impact on the amounts recognised in the fnancial
statements.
Fair value of assets
Financial assets at fair value through proft or loss (note 5) are comprised of shares in an unlisted company held at fair value.
The fair value of these shares, in the absence of quoted prices, has been determined by using valuation techniques.
Waikato-Tainui Fisheries Limited
Notes to the financial statements
for the year ended 31 March 2012