New Zealand Gazette – 1996 – No. 97

Page 2528

✨ Financial Statements



  1. GENERATION OPERATIONS

Marlborough Electric’s own generation provided 70 GWh (1995 69 GWh)

  1. TAXATION
1995/1996 1994/1995
4.1 Taxation Charge MONOPOLY BUSINESS (Network) $ GENERATION $ COMPETITIVE BUSINESS (Energy Trader) $ TOTAL BUSINESS $ MONOPOLY BUSINESS (Network) $ GENERATION $ COMPETITIVE BUSINESS (Energy Trader) $
Net Surplus Before Tax 1,602,399 2,775,235 1,047,113 5,424,747 912,200 3,245,738 971,249
Add/(Deduct)
Non Deductible Costs 129,453 96,056 225,509 20,476 4,816
Non Assessable Income (395) (494) (889) 1,544 (16,105)
Taxable Income 1,731,457 2,870,797 1,047,113 5,649,367 934,220 3,245,738 959,960
Taxation Charge @ 33% 581,924 947,526 344,841 1,864,291 308,292 1,071,093 316,788
Prior Year Under/(Over) Provision (1,886) (1,886) 5,768
Tax Expense 580,038 947,526 344,841 1,862,405 314,060 1,071,093 316,788

4.2 Tax Effect of Timing Differences

Deferred Tax is not recognised 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 on this item there would be a deferred tax asset of $90,000.

4.3 Imputation Credit Account

Year Ended (Marlborough Electric Ltd, Total Company)
| | Year Ended 31 March 1996 $ | Year Ended 31 March 1995 $ |
| --- | --- | --- |
| Balance at Beginning of Year | 2,080,021 | 993,439 |
| Less: Imputation credits attached to dividends paid in the year | (591,045) | (394,030) |
| Add: Income tax payments during the year | 2,062,895 | 1,480,612 |
| Balance at End of Year | 3,551,871 | 2,080,021 |

  1. SHAREHOLDERS EQUITY

5.1 Marlborough Electric’s shares are held by the trustees to the Marlborough Electric Power Trust.

5.2 Share Capital

Authorised Issued and Paid Up
28,000,000 ordinary shares of $1 each $28,000,000
NETWORK GENERATION ENERGY TOTAL BUSINESS
Issued and Paid Up 8,736,142 16,047,638 3,216,220 28,000,000

There have been no changes to issued and paid up capital during the 1995/96 financial year.

NEW ZEALAND GAZETTE

No. 97



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✨ LLM interpretation of page content

🏭 Certification of Financial Statements by Marlborough Electric Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Certification, Electricity Disclosure, Marlborough Electric Limited