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New Zealand Gazette – 1997 – No. 119

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✨ Financial Statements

NEW ZEALAND GAZETTE

No. 119

TOP ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1997

	LINE BUSINESS		ENERGY TRADING
	$		$
	1997	1996	1997	1996

4 TAXATION

The taxation provision has been calculated as follows:
Profit for the period

| | 4,282,388 | 3,613,160 | 681,747 | 591,892 |

Taxation for the period at 33%
Plus/(Less) tax effect of:

| Non deductible items | 83,874 | 115,641 | 13,353 | 18,944 |
| Prior year adjustment | - | (94,998) | - | (15,562) |
| Losses utilised | - | (106,320)| - | (17,417) |
| Unrecognised timing differences| (706,791) | (337,265)| (112,520) | (55,249) |

| | 790,271 | 769,401 | 125,810 | 126,040 |

The taxation charge is represented by:

| Prior year adjustment | - | 55,832 | - | 9,146 |
| Taxation payable in respect of the current period | 790,271 | 864,399 | 125,810 | 141,602 |
| Deferred taxation | - | (150,830)| - | (24,708) |

| | 790,271 | 769,401 | 125,810 | 126,040 |

Movement on deferred taxation as:

| Opening balance | - | 150,830 | - | 24,708 |
| Movement for the period | - | (150,830)| - | (24,708) |
| Closing balance | - | - | - | - |

The Company has not recognised a deferred tax liability of $1,240,328 (1996: $497,395) on timing differences of $3,758,570 (1996: $1,507,257), as these are not expected to reverse in the foreseeable future.

5 DIVIDENDS

| Ordinary dividend paid (0.0018 cents per share) | 42,435 | 56,312 | 540 | 871 |
| Ordinary dividend recommended | - | - | - | - |
| Total dividends paid or provided | 42,435 | 56,312 | 540 | 871 |

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VUW Te Waharoa — NZ Gazette 1997, No 119

NZLII — NZ Gazette 1997, No 119

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Notes to the Special Purpose Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated8 September 1997
KeywordsFinancial Statements, Accounting Policies, Electricity Price Hedging, Long Term Debt, Top Energy Limited

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