New Zealand Gazette – 1995 – No. 97

Page 3024

✨ Financial Statements

NEW ZEALAND GAZETTE

No. 97

Principles of Consolidation

The consolidated financial statements are prepared from the financial statements of the parent and its subsidiary (as disclosed in Note 17) at 31 March 1995 using the purchase method.

CHANGES IN ACCOUNTING POLICY

During the period there have been no changes in accounting policies.

2. SALES

For the Year Ended 31 March 1995

	Line Business	Other Business
	$000	$000
Electricity Sales	17,641	16,872

Other sales including:

CP Construction
Retail Appliances sales
Electrical servicing
Mechanical Workshop

	Line Business	Other Business
	732	3,607

3. NET PROFIT BEFORE TAXATION

For Year Ended 31 March 1995

	Line Business	Other Business
	$000	$000
Resulting net profit before taxation is stated	1,752	389

After charging:

	Line Business	Other Business
Directors Fees & Expenses	87	5
Audit Fees	20	2
Depreciation	2,025	144
Rent	-	25
Customer Discounts	2,070	-

After Crediting:

	Line Business
Interest and Sundries	493

4. TAXATION

For the Year Ended 31 March 1995

	Line Business	Other Business
	$000	$000
Accounting profit before taxation	1,752	389

Prima facie taxation
Plus/(less) taxation effect of permanent differences:

| Non deductible expenses | 15 | -
| Depreciation | 15 | -
| Non assessable income | (1) | -
| Tax effect of timing differences and overprovision in prior years | (17) | -

| The taxation charge is | 591 | 128 |

Represented by:

| Current Taxation | 377 | 128 |
| Deferred Taxation | 214 | -

Deferred taxation is represented by:

| Deferred taxation 1.4.94 | 224 | -
| Current charge | 214 | -
| Deferred taxation 31.3.95 | 438 | -

Imputation credit account:

| Balance at 1.4.94 | 971 | -
| Imputation credits attached to dividends paid during the period | (246) | -
| Tax refunds received | (229) | -

Income tax payments made during the period | 966 |
Balance as at 31.3.95 | 1,462 |

5. SHARE CAPITAL

As at 31 March 1995

	Line Business	Other Business
	$000	$000
Authorised & Issued Capital
15,000,000 Ordinary Shares of $1 each fully paid	13,514	1,486

6. SHARE PREMIUM RESERVE

As at 31 March 1995

	Line Business	Other Business
	$000	$000
Share Premium Reserve	15,797	-

The Establishment Plan for Counties Power Limited provided for the issue of ordinary shares at par value $15,000,000. The balance of corporate ownership of Franklin Electric Power Board at the date of incorporation of the company (17 May 1993) was allocated to a Share Premium Reserve.

7. ACCOUNTS RECEIVABLE

As at 31 March 1995

	Line Business	Other Business
	$000	$000
Accounts Receivable from normal trading	2,150	2,337
Finance Agreements/H.P	10	384
Other Receivables	276	85
Tax Refund Due	428	-
Provision for Bad Debts	(50)	(50)
	2,814	2,756

8. INVENTORIES

As at 31 March 1995

	Line Business	Other Business
	$000	$000
Inventories on hand comprise:
General Reticulation	1,215	-
Retail Appliances	-	296
Electrical Servicing	-	53
Other	8	-
	1,223	349

9. ACCOUNTS PAYABLE

As at 31 March 1995

	Line Business	Other Business
	$000	$000
Trade Creditors	1,622	1,500
Non Trade Creditors	314	145
Customer Deposits	319	272
Unclaimed Monies	13	-
	2,268	1,917

10. FIXED ASSETS

As at 31 March 1995

Line Business	Cost $000	Accumulated Depreciation $000	Net Book Value $000
Distribution System	32,849	11,470	21,379
Land	616	-	616
Buildings	2,741	442	2,299
Plant & Equipment	2,937	1,343	1,594
Vehicles	1,029	455	574
	40,172	13,710	26,462

Other Business	Cost $000	Accumulated Depreciation $000	Net Book Value $000
Plant & Equipment	521	336	185
Vehicles	1,419	1,045	374
	1,940	1,381	559

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VUW Te Waharoa — NZ Gazette 1995, No 97

NZLII — NZ Gazette 1995, No 97

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Notes to and Forming Part of the Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Financial Statements, Sales, Electricity Sales, Accounts Receivable, Inventories, Fixed Assets, Depreciation, Investments, Taxation, Counties Power Limited

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