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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 defined 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 financial statements were authorised for issue by the Directors on the 18th of June 2013.
2 Summary of significant accounting policies
The 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 the profit-oriented
entities that qualify for and apply differential reporting concessions.
The principal accounting policies applied in preparation of these financial 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 financial statements are for the Company as a separate legal entity.
The Company is designated as profit-oriented for financial reporting purposes.
Statutory base
Waikato-Tainui Fisheries 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 financial statements have been prepared under the historical cost convention, as modified by the
revaluation of other financial assets at fair value through the profit or loss which are carried at fair value.
Differential reporting
The Company is a qualifying entity within the Framework for Differential Reporting. The Company qualifies 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 financial 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 significant impact on the amounts recognised in the
financial statements.
Fair value of assets
Financial assets at fair value through profit 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.
2.3 Financial assets and liabilities
Recognition and measurement
A financial asset or liability is recognised if the Company becomes party to the contractual provisions of the
instrument. Regular purchases and sales of financial assets and liabilities are recognised on the trade date, the
date on which the Company commits to purchase or sell the asset or liability. A financial asset or liability is
WAIKATO-Tainui FISHERIES Limited
Notes to the Financial Statements
For the year ended 31 March 2013
