New Zealand Gazette – 1995 – No. 97

Page 3043

✨ Financial Statements Notes



8 SEPTEMBER NEW ZEALAND GAZETTE 3043

Wairoa Power Limited - Lines Business

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1995 continued

2 NET PROFIT BEFORE TAXATION

After Charging:

Audit fees and expenses 11,463
Depreciation 337,409
Directors Fees 26,250
Interest - Local Authority loans 63,853
Interest - other 103
Loss on disposal of fixed assets 10,839

After crediting

Interest received 41,018

  1. TAXATION

Profit before taxation 992,784

Prima facie taxation 327,619
Plus/(Less) taxation effect
of permanent differences
Non-deductible legal expenses 555
Other permanent differences (697)
Recognition of Deferred Tax Asset (42,762)
Taxation expense (benefit) 284,715

The taxation charge is represented by:
Current taxation 318,006
Deferred taxation (33,291)
284,715

There are no income tax losses or unrecognised timing differences carried forward.

DEFERRED TAX ASSET

Balance as at 31 March 1994 -
Depreciation Movement for current year 33,291
Balance as at 31 March 1995 33,291



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🏭 Notes to Financial Statements for Wairoa Power Limited (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Financial Statements, Line Business, Wairoa Power Limited