✨ Financial Statements
NEW ZEALAND GAZETTE
No. 147
CITIPOWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS ... continued
| LINE BUSINESS | ENERGY BUSINESS | TOTAL | |
|---|---|---|---|
| 31-Mar-96 | 31-Mar-95 | 31-Mar-96 | |
| $'000 | $'000 | $'000 |
8 MISCELLANEOUS INCOME/(LOSS)
Gross Profit on Appliance Trading
-
| - | 22 | 31 | 22 | 31
Other Miscellaneous Income/(Loss)
148 | 248 | 210 | (59) | 358 | 189
TOTAL MISCELLANEOUS INCOME/(LOSS)
148 | 248 | 232 | (28) | 380 | 220
9 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
54 | - | (54) | - | - | -
Increase/(Decrease) in Income Tax Expense/(Benefit) due to:-
Non-Deductible Expenses
-
| - | 1 | 2 | 1 | 2
TOTAL INCOME TAX EXPENSE/(BENEFIT)
54 | - | (53) | 2 | 1 | 2
Income Tax Expense Comprises:
Current Tax
54 | 150 | (10) | 4 | 44 | 154
Deferred Income Tax
-
| (150) | (43) | (2) | (43) | (152)
TOTAL INCOME TAX EXPENSE/(BENEFIT)
54 | - | (53) | 2 | 1 | 2
There are no income tax losses or unrecognised timing differences carried forward.
DEFERRED INCOME TAX BENEFIT
Balance at the Beginning of the Year
150 | - | 102 | 100 | 252 | 100
Transferred to Statement of Financial Performance
-
| 150 | 43 | 2 | 43 | 152
BALANCE AT THE END OF THE YEAR
150 | 150 | 145 | 102 | 295 | 252
10 COMMITMENTS
Capital Commitments
-
| - | - | - | - | -
Operating Lease Commitments
Not Later Than One Year
752 | 805 | 42 | 45 | 794 | 850
Later Than One Year But Not Later Than Two Years
777 | 777 | 17 | 17 | 794 | 794
Later Than Two Years But Not Later Than Five Years
2,330 | 2,330 | 51 | 51 | 2,381 | 2,381
Later Than Five Years
625 | 651 | 156 | 162 | 781 | 813
TOTAL COMMITMENTS
4,484 | 4,563 | 266 | 275 | 4,750 | 4,838
11 CONTINGENT LIABILITIES
The participation fee paid to Nelson City Council is treated as fully tax deductible. If the payment was treated as non-deductible for tax purposes the tax liability for Citipower Limited would increase by approximately $1,324,000 (1995: $931,000)
TOTAL CONTINGENT LIABILITIES
1,324 | 931 | - | - | 1,324 | 931
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VUW Te Waharoa —
NZ Gazette 1996, No 147
NZLII —
NZ Gazette 1996, No 147
✨ LLM interpretation of page content
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Citipower Limited Financial Performance Statement
(continued from previous page)
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