Tainui Group Holdings
Annual Report
2013
49
Tainui Group Holdings Limited
Notes to the Financial Statements
For the year ended 31 March 2013
1 General information
Tainui Group Holdings Limited (the ‘Company’ or ‘Parent’) and its subsidiaries (together referred to as ‘the
Group’) have the following principal activities in New Zealand:
‑ property investment;
‑ property development;
‑ agriculture;
‑ hotels;
‑ fishing, and
‑ investments.
The Company is a limited liability company incorporated and domiciled in New Zealand.
These consolidated financial statements have been approved for issue by the Board of Directors on the 18th of
June 2013.
The Group’s Directors do not have the power to amend the financial statements once they have been issued.
2 Summary of significant accounting policies
These consolidated financial 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 financial reporting standards as
appropriate for profit‑oriented entities that qualify for and apply differential reporting concessions.
The principal accounting policies adopted in the preparation of the financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of preparation
The financial statements include separate financial statements for Tainui Group Holdings Limited as an
individual entity and the consolidated Group consisting of Tainui Group Holdings Limited and its subsidiaries.
The Company and Group are designated as profit‑oriented entities for financial reporting purposes.
Statutory base
Tainui Group Holdings Limited is a company registered under the Companies Act 1993. The financial statements
have been prepared in accordance with the requirements of the Financial Reporting Act 1993 and the
Companies Act 1993.
Historical cost convention
The consolidated financial statements have been prepared under the historical cost convention, as modified
by the revaluation of farm land and buildings, investment properties, biological assets, financial assets and
liabilities (including derivative instruments) at fair value through profit or loss which are carried at fair value.
Differential reporting
The Company and Group are qualifying entities within the Framework for Differential Reporting. The Company
and Group qualify on the basis that they are not publicly accountable and there is no separation between the
owners and governing body of the Company. The Company and Group have taken advantage of all differential
reporting exemptions, except for the following with which they have fully complied:
‑ NZ IAS 7 – Statements of Cashflows
‑ NZ IAS 18 – Revenue
‑ NZ IAS 41 – Agriculture
2.2 Changes in accounting policy and disclosures
New and amended standards adopted by the Group
The Company and Group have not adopted any new standards during the year.
Changes in accounting policies
During the year the Group changed the accounting policy for depreciation on property, plant and equipment from
diminishing value to straight line. There has been no material impact as a result of the change in accounting policy.
Comparatives
Where necessary, certain comparative information has been reclassified in order to conform to changes in the
current year.
