✨ Financial Report Continuation
25 AUGUST NEW ZEALAND GAZETTE 2479
Expenditure
The expenditure shown in the Profit and Loss Account is derived as follows:
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Operating costs, interest and depreciation are directly attributable to the Generation Business.
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Overheads relating to Corporate Services are allocated on the basis of the relative and asset values.
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Overheads relating to Engineering Services are allocated on the basis of the relative book values of the Generation Business’ fixed assets.
Taxation
The taxation charge against the profit for the year is the estimated liability in respect of that profit after allowance for permanent differences and timing differences not expected to reverse in the foreseeable future. The Company follows the liability method, partial basis, of accounting for deferred taxation.
Future tax benefits attributable to tax losses or timing differences are only recognised when there is virtual certainty of realisation.
The taxation charge has been allocated on the basis of the Generation Business’ contribution to the Company’s net profit before taxation.
Stock
Stock is valued at cost determined by the last purchase price.
The stock shown in the Balance Sheet is that which is directly attributable to the Generation Business.
Other Current Assets
The other current assets shown in the Balance Sheet comprise cash and other current assets. These have been allocated on the basis of the relative working capital levels and an equal share basis respectively.
Current Liabilities
The current liabilities shown in the Balance Sheet include those which are directly attributable to the Generation Business and an allocation of Corporate Services and Engineering Services current liabilities. These have been allocated on an equal share to each activity basis and on the relative net book values of fixed assets respectively.
Investments
Investments are recorded at cost.
The investments shown in the Balance Sheet are those which are directly attributable to the Generation Business and an allocation based on the relative reserve fund levels.
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VUW Te Waharoa —
NZ Gazette 1995, No 86
NZLII —
NZ Gazette 1995, No 86
✨ LLM interpretation of page content
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Central Electric Limited Financial Position
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Position, Expenditure, Taxation, Stock, Current Liabilities, Investments, Energy Business