✨ Financial Statements
NEW ZEALAND GAZETTE
23 SEPTEMBER 1996
3153
| 1996 | 1995 | ||||
|---|---|---|---|---|---|
| Total | Line | Energy | Total | Line | |
| $000 | $000 | $000 | $000 | $000 |
3. REVENUE
Appliance sales and servicing | 1,118 | 0 | 1,118 | 1,651 | 0 | 1,651 |
Sales of electricity | 26,984 | 15,103 | 11,881 | 25,798 | 14,113 | 11,685 |
Other miscellaneous income | -1,713 | -440 | -1,273 | -1,749 | -467 | -1,282 |
Total Revenue | 29,815 | 15,543 | 14,272 | 29,198 | 14,580 | 14,618 |
4. NET SURPLUS BEFORE TAXATION
Is stated after taking into account the following:
Income from:
Interest received | 331 | 312 | 29 | 389 | 357 | 32 |
Charges in respect of:
Audit fees and expenses | 28 | 20 | 8 | 30 | 23 | 7 |
Depreciation | 1,435 | 1,311 | 124 | 1,402 | 1,303 | 99 |
Directors’ fees | 70 | 51 | 19 | 70 | 54 | 16 |
Interest on borrowings | 133 | 133 | 0 | 336 | 336 | 0 |
Rental and operating lease costs | 104 | 75 | 29 | 135 | 117 | 18 |
Research and development | 151 | 0 | 151 | 113 | 0 | 113 |
Foreign currency losses | 0 | 0 | 0 | 11 | 11 | 0 |
5. TAXATION RECONCILIATION STATEMENT
i) The difference between the effective tax rate and the income tax rate of 33% is attributed to the following items:
| Total | Line | Energy | |
|---|---|---|---|
| Net earnings before taxation | 2,308 | 2,207 | 101 |
| Prima facie tax payable at 33% | 762 | 729 | 33 |
| Tax effect of permanent differences: | |||
| - expenses not deductible | 3 | 2 | 1 |
| - prior year adjustments | 94 | 94 | 0 |
| - capital profits on sale of assets | (20) | (15) | (5) |
| INCOME TAX EXPENSE | 839 | 810 | 29 |
ii) The taxation charge comprises -
| Total | Line | Energy | |
|---|---|---|---|
| - current taxation | 724 | 695 | 29 |
| - future tax benefit | 115 | 115 | 0 |
| INCOME TAX EXPENSE | 839 | 810 | 29 |
iii) Tax Reconciliation statement:
| Total | Line | Energy | |
|---|---|---|---|
| Income Tax expense as per accounts | 839 | 810 | 29 |
| Liability brought forward | 219 | 197 | 22 |
| Tax effect of timing differences | 4 | 4 | 0 |
| Prior period adjustments | (92) | (92) | 0 |
| Terminal and Provisional tax paid | (1,262) | (1,197) | (64) |
| CURRENT INCOME TAX PAYABLE | (291) | (278) | (13) |
iv) Future tax benefit -
| Total | Line | Energy | |
|---|---|---|---|
| Opening balance | 258 | 258 | 0 |
| Future tax benefit of current tax | 4 | 4 | 0 |
| Prior period adjustments | 345 | 345 | 0 |
| FUTURE TAX BENEFIT | 607 | 607 | 0 |
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VUW Te Waharoa —
NZ Gazette 1996, No 126
NZLII —
NZ Gazette 1996, No 126
✨ LLM interpretation of page content
💰
Financial Performance Summary for Continuing and Discontinued Activities
(continued from previous page)
💰 Finance & RevenueFinancial Performance, Operating Revenue, Operating Surplus, Discontinued Activities