✨ Financial Statements
1 SEPTEMBER
NEW ZEALAND GAZETTE
2617
Taxation
The taxation charge against the profit for the year is the estimated liability in respect of that profit after allowance for permanent differences and timing differences not expected to reverse in the foreseeable future. The Company follows the liability method, partial basis, of accounting for deferred taxation.
Future tax benefits attributable to tax losses or timing differences are only recognised when there is virtual certainty of realisation.
The taxation charge has been allocated on the basis of the Energy Business’ contribution to the Company’s net profit before taxation.
Accounts Receivable
Accounts receivable are valued at net realisable value.
Accounts receivable shown in the Balance Sheet are those which are directly attributable to the Line Business.
Stock
Stock is valued at the lower of cost and net realisable value. In determining cost, weighted average cost has been used.
The stock shown in the Balance Sheet is that which is directly attributable to the Energy Business.
Other Current Assets
The other current assets shown in the Balance Sheet have been allocated on the basis of an equal share basis per respective business.
Current Liabilities
The current liabilities shown in the Balance Sheet include those which are directly attributable to the Energy Business and an allocation of Corporate Services and Engineering Services current liabilities. These have been allocated on an equal share to each activity basis and on the relative net book values of fixed assets respectively.
Cash at Bank and Investments
Investments are recorded at cost. Cash at Bank are the balances held at the Bank. Investments and Cash at Bank have been allocated on the basis of relative funding requirements per business.
Fixed Assets and Depreciation
Fixed assets are valued at cost less accumulated depreciation. Depreciation has been charged at the following rates:
| % | |
|---|---|
| Motor Vehicles | 20.0-25.0 |
| Plant | 10.0-12.5 |
| Furniture and Fittings | 20.0-25.0 |
| Office and computer equipment | 20.0-40.0 |
Fixed assets shown in the Balance Sheet include those which are directly attributable to the Energy Business and an allocation of Corporate Services and Engineering Services fixed assets. The allocation of the fixed assets is based on:
- For Corporate Services, the assets have been allocated on an equal share basis between each activity;
- For Engineering Services, the assets have been allocated on the basis of the relative net book values.
Term Liabilities
The term liabilities shown in the Balance Sheet are those which are directly attributable to the Energy Business.
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VUW Te Waharoa —
NZ Gazette 1997, No 111
NZLII —
NZ Gazette 1997, No 111
✨ LLM interpretation of page content
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Central Electric Limited Line Business Financial Performance
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