New Zealand Gazette – 1997 – No. 86

Page 2067

✨ Financial Statements



11 AUGUST

NEW ZEALAND GAZETTE

2067

SCANPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1997

Liner Business Energy Business
1997 1996 1997 1996
$ $ $ $

Note 1: Other Income

  • Network Contracting | 245,982 | 332,022 | - | - |
  • Interest Income | 161,601 | 158,651 | - | - |
  • Appliance Sales, Servicing and Wiring | - | - | 1,674,886 | 1,915,220 |
    Total | 407,583| 490,673| 1,674,886 | 1,915,220|

Note 2: Taxation

Taxation Reconciliation
Accounting net operating surplus before taxation 255,003 23,917 (53,076) 100,832
Taxation at 33% 84,151 7,893 17,515 33,275
Plus Tax Effect of:
Non Deductible Expenditure 8,526 8,319 - -
Timing Differences not Recognised - - - -
Tax Loss not Previously Recognised - - - -
Income Tax Charge for the year 92,677 16,212 17,515 33,275

Comprising:

  • Current Taxation | 73,808 | 32,814 | 15,553 | 41,892 |
  • Deferred Taxation | 18,869 | (16,602) | 1,962 | (8,624) |
    Total | 92,677 | 16,212 | 17,515 | 33,275 |

Deferred Taxation Liability:

  • Opening Balance | 10,697 | (5,905) | (28,821) | (37,445) |
  • Less Prior Period Adjustment | - | - | - | - |
  • Current Year Movement | (25,577) | 16,602 | (1,962) | 8,624 |
    Balance at end of the year | (14,880) | 10,697 | (30,783) | (28,821) |

Note 3: Retained Earnings & Reserves

(I) Retained Earnings

  • Balance at beginning of the year | 66,867 | 69,162 | 233,861 | 176,297 |
  • Net Surplus for the year | 162,326 | 7,705 | 35,561 | 67,564 |
  • Dividends Paid and Proposed | (15,000) | (10,000) | (15,000) | (10,000) |
    Balance at end of the year | 214,193 | 66,867 | 254,422 | 233,861 |

(II) Reserves

  • Capital | 6,544,523 | 6,602,964 | 955,482 | 897,041 |
  • Adjustment to Capital | (3,855) | (58,441) | 3,855 | 58,441 |
  • Share Premium Reserve | 185,025 | 185,025 | - | - |
  • Asset Revaluation Reserve | 542,270 | 542,270 | - | - |
    Balance at end of the year | 7,267,963 | 7,271,818 | 959,337 | 955,482 |
    Total Retained Earnings & Reserves | 7,482,156 | 7,338,685 | 1,213,759 | 1,189,343 |

Note 4: Accounts Receivable

  • Trading Debtors | - | - | 476,752 | 571,450 |
  • GST Clearing Account | - | - | 7,229 | 44,280 |
  • Miscellaneous | 12,294 | 86,137 | - | - |
    Total | 12,294 | 86,137 | 483,981 | 615,730 |

Note 5: Inventories

  • Network and Contracting Stocks | 80,395 | 92,907 | - | - |
  • Appliance & Servicing Stocks | - | - | 374,338 | 375,393 |
  • Energy Marketing Stocks | - | - | 21,374 | 23,955 |
    Total | 80,395 | 92,907 | 395,712 | 399,348 |


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Financial Performance, Investments, Depreciation, Taxation, Employee Entitlements, Financial Instruments, Electricity, Scanpower Limited