New Zealand Gazette – 1996 – No. 152

Page 4039

✨ Financial Statements



21 OCTOBER NEW ZEALAND GAZETTE 4039

ALPINE ENERGY LIMITED
FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH THE ELECTRICITY
(INFORMATION DISCLOSURE) REGULATIONS 1994

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1996 (CONTINUED)

  1. OPERATING REVENUE

Operating revenue comprises: Lines Other
Use of System Charges 9,301 -
Contracting Revenue - 641
Customer Contributions 795
Sundry - Other 149 7
10,245 648

  1. TAXATION

Income Tax Expense

Operating Surplus before Income Tax 3,948 42
Add/(Deduct)
Permanent Differences ( 70 )
Non Assessable Income ( 402 )
Timing Differences 9 5
Taxable Income 3,485 47

Taxation Charge @ 33% 1,150 15
Prior Year Under / (Over) Provisions ( 123 ) -

Income Tax Expense 1,027 15

Taxation Liability

Income Tax Expense 1,027 15
Add/(Deduct)
Income Tax Paid (1,027 ) (15)

Provision for Tax 0 0

Tax Effect of Timing Differences

Deferred tax is not established in the financial statements as timing differences are not expected to reverse in the foreseeable future. The main timing difference relates to holiday pay accrued for accounting purposes but not deductible. If deferred tax was established there would be a deferred tax asset of $66,488.

Imputation Credit Account

Opening Balance 1,111 -
Imputation Credits Attached to Dividends Paid
in the Year (1,117 ) (3)
Net Income Tax Payments During the Year 1,027 15
Closing Balance 1,021 12

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🏭 Alpine Energy Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Performance, Alpine Energy, Electricity, Disclosure Regulations