New Zealand Gazette – 1996 – No. 121

Page 3042

✨ Financial Statements



3042

NEW ZEALAND GAZETTE

No. 121

SCANPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1996

Note 1: Other Income Lines Business 1996 $ Lines Business 1995 $ Energy Business 1996 $ Energy Business 1995 $
Network Contracting 332,022 304,449 - -
Interest Income 158,651 112,490 - -
Appliance Sales, Servicing and Wiring - - 1,915,220 2,137,165
490,673 416,939 1,915,220 2,137,165

Note 2: Taxation

Taxation Reconciliation

Accounting net operating surplus before taxation 23,917 26,292 100,832 138,676
Taxation at 33% 7,893 8,676 33,268 45,763
Plus Tax Effect of:
Non Deductible Expenditure 8,319 10,726 - -
Timing Differences not Recognised - - - (1,203)
Tax Loss not Previously Recognised - - - -
Income Tax Charge for the year 16,212 19,402 33,268 44,560

Comprising:

| Current Taxation | 32,814 | 22,079 | 41,892 | 44,560 |
| Deferred Taxation | (16,602) | (2,677) | (8,624) | - |
| | 16,212 | 19,402 | 33,268 | 44,560 |

Deferred Taxation Liability:

| Opening Balance | 5,905 | (24,523) | 37,445 | (21,905) |
| Less Prior Period Adjustment | - | 33,105 | - | 59,350 |
| Current Year Movement | (16,602) | (2,677) | (8,624) | - |
| | (10,697) | 5,905 | 28,821 | 37,445 |

Note 3: Retained Earnings & Reserves

(i) Retained Earnings

Balance at beginning of the year 69,162 170,438 176,297 92,181
Net Surplus for the year 7,705 6,890 67,564 94,116
Dividends Paid and Proposed (10,000) (10,000) (10,000) (10,000)
Equity Adjustments - (98,166) - -
Balance at end of the year 66,867 69,162 233,861 176,297

(ii) Reserves

| Capital | 6,602,964 | 6,602,964 | 897,041 | 897,041 |
| Adjustment to Capital | (58,441) | - | 58,441 | - |
| Share Premium Reserve | 185,025 | 185,025 | - | - |
| Asset Revaluation Reserve | 542,270 | - | - | - |
| Balance at end of the year | 7,271,818 | 6,787,989 | 955,482 | 897,041 |
| Total Retained Earnings & Reserves | 7,338,685 | 6,857,151 | 1,189,343 | 1,073,338 |

Note 4: Accounts Receivable

| Trading Debtors | - | - | 571,450 | 582,275 |
| GST Clearing Account | - | - | 44,280 | 53,627 |
| Miscellaneous | 86,137 | 8,458 | | |
| | 86,137 | 8,458 | 615,730 | 635,902 |

Note 5: Inventories

| Network and Contracting Stocks | 92,907 | 91,164 | - | - |
| Appliance & Servicing Stocks | - | - | 375,393 | 404,610 |
| Energy Marketing Stocks | - | - | 23,955 | 27,855 |
| | 92,907 | 91,164 | 399,348 | 432,465 |



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✨ LLM interpretation of page content

🏭 Financial Performance Measures for Scanpower Limited (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Fixed Assets, Investments, Depreciation, Taxation, Employee Entitlements, Financial Instruments, Other Income, Taxation Reconciliation, Retained Earnings, Reserves, Accounts Receivable, Inventories