New Zealand Gazette – 1996 – No. 90

Page 2360

✨ Financial Statements and Notes



2360 NEW ZEALAND GAZETTE No. 90

WAITOMO ENERGY SERVICES LIMITED

Line Business Activity

Notes to the Financial Statements continued...

Capitalisation of Distribution Work

The Company carries out a program of patrolling each of its distribution lines and testing individual poles. Where work is carried out as a result of the program and the cost of the work is five times greater than the normal cost of maintaining the relevant segment of line, the cost is capitalised.

Taxation

The income tax charge to the Statement of Financial Performance includes both the current year taxation and the income tax effects of timing differences calculated using the liability method.

Tax effect accounting has been applied on a comprehensive basis to timing differences.

Financial Instruments

The Company has entered into transactions using financial instruments as part of its ongoing business activities. These transactions are accounted for on the basis of the accounting policies set out above. There are no off balance sheet financial instruments.

Changes in Accounting Policies

There have been no changes in accounting policies during the year. All accounting policies have been applied on a basis consistent with last year, with the exception of the format of the Statement of Financial Performance which shows total Revenue and Expenses.

NOTE 2:

1996
$

Taxation Expense
Nominal Profit Before Taxation 2,021,000

Prima Facie Taxation @ 33% 666,930
Add/(Less) Effect of Permanent Tax Diff (32,997)
Plus Prior Period Liability 0

Net Taxation Expense 633,933

NOTE 3:

$

Customer Discount
Discount Declared 1,186,000
Less Taxation Effect 391,000

Net Customer Discount 795,000

NOTE 4:

Fixed Assets 1996

At Cost Accumulated Depreciation Net Carrying Value
$ $ $
Land 28,500 0 28,500
Buildings 447,800 9,349 438,451
Distribution System 12,054,123 1,870,389 10,183,734
MV Plant & Equipment 1,186,891 497,312 689,579
Capital Work in Progress 435,246 0 435,246

Total | 14,152,560| 2,377,050 | 11,775,510



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🏭 Information Disclosure by Waitomo Energy Services Limited (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Profit, Liabilities, Assets, Taxation, Financial Instruments, Accounting Policies