New Zealand Gazette – 1996 – No. 145

Page 3501

✨ Financial Statements



11 OCTOBER NEW ZEALAND GAZETTE

CAPITAL POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS ... continued

LINEBUSINESS ENERGYBUSINESS TOTAL
31-Mar-96 31-Mar-95 31-Mar-96
$'000 $'000 $'000

10 DIRECTORS' AND MANAGEMENT FEES

Directors' Fees | 56 | 39 | 53 | 39 | 109 | 78 |

Management Fees - Capital Holdings Limited | 37 | - | 38 | - | 75 | - |

TOTAL DIRECTORS' AND MANAGEMENT FEES | 56 | 76 | 53 | 77 | 109 | 153 |

11 MISCELLANEOUS INCOME

Gain on Sale of Fixed Assets | 1,463 | - | 187 | 1,782 | 1,650 | 1,782 |

Rental Income from Properties| 106 | - | - | 175 | 106 | 175 |

Street Lighting Income | - | - | 46 | 55 | 46 | 55 |

Services Income/(Loss) | - | - | - | (46) | - | (46) |

Appliance Trading Income/(Loss)| 1 | - | 2 | (584) | 3 | (584) |

TOTAL MISCELLANEOUS INCOME | 1,570 | - | 235 | 1,382 | 1,805 | 1,382 |

12 INCOME TAX EXPENSE/(BENEFIT)

The Income Tax Expense/(Benefit) has been calculated as follows:

Prima Facie Income Tax Expense/(Benefit) at 33% of Net Surplus before Tax | 6,767 | 4,868 | (3,669) | 2,084 | 3,098 | 6,952 |

Increase/(Decrease) in Income Tax Expense/(Benefit) due to Permanent Differences | (219) | (129) | (61) | (576) | (280) | (705) |

TOTAL INCOME TAX EXPENSE/(BENEFIT) | 6,548 | 4,739 | (3,730) | 1,508 | 2,818 | 6,247 |

Income Tax Expense Comprises:

Current Tax | 6,196 | 4,739 | (3,824) | 1,014 | 2,372 | 5,753 |

Deferred Income Tax | 352 | 291 | 94 | 203 | 446 | 494 |

TOTAL INCOME TAX EXPENSE/(BENEFIT) | 6,548 | 5,030 | (3,730) | 1,217 | 2,818 | 6,247 |

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

DEFERRED INCOME TAX

Balance at the Beginning of the Year | 2,007 | 1,716 | 137 | (66) | 2,144 | 1,650 |

Transferred to Statement of Financial Performance | 352 | 291 | 94 | 203 | 446 | 494 |

BALANCE AT THE END OF THE YEAR | 2,359 | 2,007 | 231 | 137 | 2,590 | 2,144 |

There is Income Tax in dispute with the Inland Revenue Department of approximately $698,000 (31 March 1995: $739,000) for the undergrounding of overhead lines. Of this amount $532,000 (31 March 1995: $573,000) has not been provided for in these financial statements.



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

🏭 Trade, Customs & Industry
Financial Statements, Income, Expenses, Tax, Directors Fees, Management Fees, Miscellaneous Income