New Zealand Gazette – 1996 – No. 136

Page 3284

✨ Financial Statements



Wairoa Power Limited - Lines Business

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1996 continued

2. NET PROFIT BEFORE TAXATION

After Charging:

1996 1995
Audit fees and expenses 6,458 11,463
Depreciation 294,210 337,409
Directors Fees 26,250 26,250
Interest - Local Authority loans 2,662 63,853
Interest - other 191 103
Loss on disposal of fixed assets 3,968 10,839

After crediting:

1996 1995
Interest received 44,104 41,018

3. TAXATION

1996 1995
Profit before taxation 970,055 992,784
Prima facie taxation 320,110 327,819
Plus/(Less) taxation effect of permanent differences - 555
Non-deductible legal expenses - (607)
Other permanent differences 46,558 (42,762)
Recognition of Deferred Tax Asset (13,635)
Taxation expense (benefit) 353,041 284,715

The taxation charge is represented by:

1996 1995
Current taxation 366,676 318,006
Deferred taxation (13,635) (33,291)
353,041 284,715

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

DEFERRED TAX ASSET
1996 1995
Balance as at 31 March 33,291 -
Depreciation Movement for current year (13,635) 33,291
Balance as at 31 March 1996 19,656 33,291

Wairoa Power Limited - Lines Business

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1996 continued

4. DIVIDENDS AND BONUS ISSUES

Proposed distributions:

Proposed dividend 1996 1995
422,601 425,760

5. SHARE CAPITAL

Authorised Capital

| Balance as at 31 March 1995 | 4,753,053 |
| Issue of shares to employees | 22,586 |
| Total issued and paid up capital | 4,753,053 |

1996 1995
4,753,053 4,730,487

6. RESERVES

Asset revaluation

| Balance as at 31 March 1995 | 53,204 |
| Revaluation of Freehold land | 48,404 |
| Revaluation of Buildings | 16,685 |
| | 4,800 |
| Balance as at 31 March 1996 | 69,889 |

THE NEW ZEALAND GAZETTE

No. 136



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🏭 Wairoa Power Limited - Lines Business Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
31 March 1996
Financial Statements, Accounting Policies, Wairoa Power Limited, Electricity, Line Business