New Zealand Gazette – 1997 – No. 134

Page 3145

✨ Financial Statements



19 SEPTEMBER NEW ZEALAND GAZETTE 3145
WAIPA POWER LIMITED - LINE BUSINESS

2 NET PROFIT BEFORE TAXATION

After Charging:
Direct Expenditure 1,851,501 1,805,777
Audit fees and expenses 18,238 22,650
Directors' fees 36,083 49,440
Bad Debts 17,413 8,136
Other Indirect expenditure 1,113,074 1,237,150
Depreciation 244,587 200,456
Net Loss on Disposal of Fixed Assets 448,537 -

After Crediting:
Interest Received 67,639 480,553

3 TAXATION

Net profit before taxation 2,021,946 2,186,221
Prima facie taxation at 33% 667,242 721,453
Tax effect of permanent differences 148,017 (125,963)
Tax effect of timing differences not recognised (168,299) 26,243
Taxation Expense 646,960 621,733
Over provision previous year 345 2,245
Adjustments Previous Years - (123,327)
Total Taxation Expense 647,305 500,651

The Taxation charge comprises:

  • current taxation 647,305 565,735
  • deferred taxation - (65,084)
    647,305 500,651

Deferred Taxation/(Future Taxation Benefit)
Opening balance - 101,989
Adjustments Previous Years - (36,905)
Deferred portion of current year tax expense - (65,084)

  •        -

Deferred tax relates primarily to non-deductible provisions.

4 SHARE CAPITAL

Authorised, Issued & Paid-up Share Capital
8,000,000 ordinary shares of $1 each 8,000,000 8,000,000



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Financial Statements, Net Profit, Taxation, Share Capital, Waipa Power Limited