New Zealand Gazette – 1996 – No. 87

Page 2301

✨ Financial Statements

KING COUNTRY ENERGY LIMITED

NOTES TO THE ANNUAL FINANCIAL STATEMENTS PREPARED IN ACCORDANCE

WITH THE ELECTRICITY INFORMATION DISCLOSURE REGULATIONS 1994

FOR THE YEAR ENDED 31 MARCH 1996

Note	Lines Business 1995/1996	Energy Business 1995/1996	Lines Business 1994/1995	Energy Business 1994/1995

4. INCOME TAX

The amount of Income Tax attributable to the financial period differs from the prima facie tax payable on the net profit before tax. The difference is reconciled as follows:

Operating Surplus before Taxation

		771,936	215,358	10,319	1,215,508
Taxation thereon at 33%		254,739	71,068	3,405	401,118

Permanent differences

| -Other | | 2,778 | - | 13,359 | 13,236 |
| -(Under) / Over) Provision in prior year | | 66 | - | (4,868) | - |
| INCOME TAX ATTRIBUTABLE TO OPERATING SURPLUS | | 257,583 | 71,068 | 11,896 | 414,354 |

Comprising:

Current Tax Provision | | 278,704 | 85,229 | (19,975) | 377,631 |
Deferred Income Tax Provision | | (21,187)| (14,161)| 36,739 | 37,723 |
Over Provision in prior year | | 66 | - | (4,868) | -
| | | 257,583 | 71,068 | 11,896 | 414,354 |

FUTURE INCOME TAX BENEFIT

	Lines Business	Energy Business	Lines Business	Energy Business
Balance at beginning of year	56,747	6,912	93,486	43,635
Current year timing differences	95,650	19,387	(36,739)	(36,723)
Balance at end of year	152,397	26,299	56,747	6,912

IMPUTATION CREDIT MEMORANDUM ACCOUNT

	Lines Business	Energy Business	Lines Business	Energy Business
Balance at beginning of period	96,521	498,264	91,181	108,819
Dividend Paid	(30,808)	(8,595)	-	-
Taxation Payments Made	280,782	78,334	5,340	389,445
Balance at end of period	346,495	568,003	96,521	498,264

THE NEW ZEALAND GAZETTE
21 AUGUST
2301

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VUW Te Waharoa — NZ Gazette 1996, No 87

NZLII — NZ Gazette 1996, No 87

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💰 King Country Energy Limited Annual Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Revenue, Expenses, Energy, Lines Business

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