New Zealand Gazette – 1997 – No. 106

Page 2478

✨ Financial Statements Continuation



Wairoa Power Limited - Lines Business

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1997 continued

2. NET PROFIT BEFORE TAXATION

1997 1996
After Charging:
Audit fees and expenses 7,875 6,458
Depreciation 309,888 294,210
Directors Fees 36,142 26,250
Interest - Local Authority loans -- 2,682
Interest - other 93 191
Loss on disposal of fixed assets 14,116 3,968
After crediting
Interest received 44,479 44,104

3. TAXATION

1997 1996
Profit before taxation 562,324 970,055
Prima facie taxation 185,567 320,118
(Plus)/Less taxation effect of permanent differences
Non-deductible legal expenses -- --
Other permanent differences 7,758 46,558
Taxation expense (benefit) 193,325 353,041

The taxation charge is represented by:

1997 1996
Current taxation 197,702 366,676
Deferred taxation (4,377) (13,635)
193,325 353,041

There are no income tax losses or unrecognised timing differences carried forward.

DEFERRED TAX ASSET

1997 1996
Balance as at 31 March 1996 19,656 33,291
Depreciation Movement for current year (4,377) (13,635)
Balance as at 31 March 1997 15,279 19,656

4. DIVIDENDS AND BONUS ISSUES

1997 1996
Proposed distributions:
Proposed dividend 258,207 425,760

5. ACCOUNTS PAYABLE AND ACCRUALS

1997 1996
Accounts Payable Trade 105,531 59,292
Accounts Payable Other 201,108 202,482
Customer Deposits 31,967 21,209
Accrued Expenses 278,673 399,496
617,279 682,479

6. FIXED ASSETS

1997 1996
Freehold Land (at valuation) 79,600 84,600
Freehold Buildings (at valuation)
Accumulated Depreciation (39,481) (39,872)
441,194 464,893
Distribution lines (at cost) 5,356,051 5,168,781
Accumulated Depreciation (2,111,563) (1,894,408)
3,244,488 3,274,373
Other Plant and Equipment (at cost) 868,264 829,691
Accumulated Depreciation (497,702) (470,327)
370,562 359,364

Total Fixed Assets

1997 1996
4,135,844 4,183,230

Valuation:
Revalued freehold land & buildings are stated at net current value as determined by an independent registered valuer C W Nyberg ANZIV, of the firm Darroch & Co Ltd, as at 31 March 1996.



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✨ LLM interpretation of page content

💰 Notes to Financial Statements of Wairoa Power Limited - Lines Business (continued from previous page)

💰 Finance & Revenue
29 July 1997
Financial Statements, Accounting Policies, Fixed Assets, Depreciation, Investments, Receivables, Income Tax, Inventories, Electricity, Wairoa Power Limited
  • C. W. Nyberg, Independent registered valuer