New Zealand Gazette – 1997 – No. 105

Page 2452

✨ 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 1997

Lines Business 1996/1997 Energy Business 1996/1997 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:

1996/1997 1995/1996 1994/1995
Net Surplus before Taxation 1,128,963 (899,810) 771,936 215,358 10,319 1,215,508
Taxation thereon at 33% 372,558 (296,938) 254,739 71,068 3,405 401,118

Permanent differences

  • Write off non-deductible development costs | - | 279,868 | - | - | - | -
  • Other | 9,197 | (5,535) | 2,778 | - | 13,359 | 13,236 |
  • Under / (Over) Provision in prior year | 52 | - | 66 | - | (4,868) | -

| INCOME TAX ATTRIBUTABLE TO OPERATING SURPLUS | 381,807 | (22,605) | 257,583 | 71,068 | 11,896 | 414,354 |

Comprising:

  • Current Tax Provision | 336,660 | (31,400) | 278,704 | 85,229 | (19,975) | 377,631 |
  • Deferred Income Tax Provision | 45,095 | 8,795 | (21,187) | (14,161) | 36,739 | 36,723 |
  • Over Provision in prior year | 52 | - | 66 | - | (4,868) | -

| | 381,807 | (22,605) | 257,583 | 71,068 | 11,896 | 414,354 |

FUTURE INCOME TAX BENEFIT

1996/1997 1995/1996 1994/1995
Balance at beginning of year 152,397 26,299 56,747 6,912 93,486 43,635
Current year timing differences (45,095) (8,795) 95,650 19,387 (36,739) (36,723)
Balance at end of year 107,302 17,504 152,397 26,299 56,747 6,912

IMPUTATION CREDIT MEMORANDUM ACCOUNT

1996/1997 1995/1996 1994/1995
Balance at beginning of period 346,495 568,003 96,521 498,264 91,181 108,819
Dividend Paid (39,403) - (30,808) (8,595) - -


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🏭 Notes to the Financial Statements of King Country Energy Limited (continued from previous page)

🏭 Trade, Customs & Industry
Investments, Fixed Assets, Depreciation, Taxation, Development Assets, GST, Employee Entitlements, Accounting Policy