New Zealand Gazette – 1985 – No. 205

Page 4891

✨ Financial Notes and Accounts



7 NOVEMBER
THE NEW ZEALAND GAZETTE
4891

  1. Taxation—
    The charge for income tax is the amount of tax liability in respect of the accounting profit for the year.
    The liability for deferred taxation arises from items of income and expenditure being included in taxation calculations in periods different from those in which they are dealt with in the financial accounts. The significant timing differences relate to depreciation and accrued income.

Balance
Total tax provided in accounts
Less timing differences transferred to deferred tax
Less tax paid
Tax payable

1985
$
505,101
1,900,000
2,405,101
162,391
2,242,710
1,723,844
$518,866

1984
$
358,931
1,350,000
1,708,931
162,891
1,546,040
1,040,939
$505,101

Provision for deferred tax
Plus 1984–85 movement

1985
$
1,144,959
162,391
$1,307,350

1984
$
982,068
162,891
$1,144,959

  1. Cash Deposits—
    Coupon maturity dates cover the period April 1985 to August 1985. As these investments can be realised as liquidity conditions dictate they have been treated as current assets.

  2. New Zealand Government Stock—(refer also note 1)

Cost
Amortised discount
Market value

1985
$
65,119,217
367,182
$65,486,399
58,084,496

1984
$
63,637,183
438,418
$64,075,601
68,542,143

  1. Personal Loans—
    Interest on loans is added to the principal sum at the date of the advance. The interest revenue is recognised on the basis of the ‘Rule of 78’ method. Unearned interest as at 31 March was $1,186,005 (1984: $950,325).

  2. Trusteebank Computer Ltd.—
    The ordinary share investment has been shown using the equity accounting basis.

Ordinary shares $1 each
Accumulated profits to previous year
Plus share of profit for year
Less share of provision for taxation
Debentures (at cost)

1985
$
140,000
104,086
62,352
28,058
278,380
563,000
$841,380

1984
$
140,000
74,435
34,294
29,651
244,086
93,000
$337,086

  1. Fixed Assets—
    Fixed assets are recorded at cost:

Cost
$
Land
856,407
Buildings
5,748,482
Plant, furniture and fittings
3,764,287
Total 1985
$10,369,176
Total 1984
9,022,479

Accumulated Depreciation
$
331,163
1,561,028
$1,892,191
1,520,808

Book Value
1985
$
856,407
5,417,319
2,203,259
$8,476,985

1984
$
727,094
4,924,055
1,850,522
7,501,671

The latest Government valuations of land buildings plus additions at cost are:

Date of Valuation
1980
1981
1982
1983
1984

Land
$
501,500
86,600
64,700
22,500
14,300
$689,800

Buildings
$
4,046,882
727,614
196,800
84,300
195,300
$5,251,296

Total
$
4,548,382
814,214
261,500
107,000
210,000
$5,941,096

The latest valuers’ valuation of buildings plus additions at cost is $11,296,196.



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✨ LLM interpretation of page content

💰 Notes to the Accounts (continued from previous page)

💰 Finance & Revenue
Taxation, Cash Deposits, Government Stock, Personal Loans, Fixed Assets