New Zealand Gazette – 1996 – No. 95

Page 2482

✨ Financial Statements



2482 No. 95

NEW ZEALAND GAZETTE

WAIPA POWER LIMITED - LINE BUSINESS

2 NET PROFIT BEFORE TAXATION

1996 1995
$ $
After Charging:
Direct Expenditure 1,805,777 2,181,555
Audit fees and expenses 22,650 18,253
Directors' fees 49,440 43,760
Bad Debts 8,136 88,925
Other Indirect expenditure 1,237,150 931,454
Depreciation 200,456 187,651

| After Crediting: | | |
| Interest Received | 480,553 | 364,227 |

3 TAXATION

1996 1995
$ $
Net profit before taxation 2,186,221 2,110,290
Prima facie taxation at 33% 721,453 696,396
Tax effect of permanent differences (125,963)
Tax effect of timing differences not recognised 26,243 31,802

| Taxation Expense | 621,733 | 728,198 |
| Over provision previous year | 2,245 | (34,012) |
| Adjustments Previous Years | (123,327) | 12,961 |

| Total Taxation Expense | 500,651 | 707,147 |

The Taxation charge comprises:

  • current taxation | 565,735 | 557,923 |
  • deferred taxation | (65,084) | 149,224 |

| | 500,651 | 707,147 |

Deferred Taxation/(Future Taxation Benefit)

| | | |
| Opening balance | 101,989 | (51,624)|
| Adjustments Previous Years | (36,905) | 4,389 |
| Deferred portion of current year tax expense | (65,084) | 149,224 |

| | - | 101,989 |

Deferred tax relates primarily to non-deductible provisions.

Imputation credit memorandum account

| Balance at the beginning of the year | 753,303 | 508,874 |
| Dividends Allocated | (564,831)| (342,322)|
| Taxation paid | 537,567 | 586,751 |

| Balance at end of year | 726,039 | 753,303 |



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