New Zealand Gazette – 1998 – No. 123

Page 2963

✨ Financial Statements Notes

KING COUNTRY ENERGY LIMITED AND SUBSIDIARY

NOTES TO THE ANNUAL FINANCIAL STATEMENTS PREPARED IN ACCORDANCE

WITH THE ELECTRICITY INFORMATION DISCLOSURE REGULATIONS 1994

FOR THE YEAR ENDED 31 MARCH 1998

	Lines Business 1997/1998	Energy Business 1997/1998	Generation Business 1997/1998	Lines Business 1996/1997	Energy Business 1996/1997	Lines Business 1995/1996	Energy Business 1995/1996
4. INCOME TAX
The amount of Income Tax attributable to the financial period differs from the prima facie tax payable on the net profit before tax. The difference is reconciled as follows:

Net Surplus before Taxation	981,751	(1,603,403)	887,654	1,128,963	(899,810)	771,936	215,358
Taxation thereon at 33%	323,978	(529,124)	292,926	372,558	(296,938)	254,739	71,068
Permanent differences
- Write off non-deductible development costs	9,298	-	19,061	9,197	279,868	2,778	-
- Other	-	-	-	52	(5,535)	66	-
-Under / (Over) Provision in prior year	(122,407)	-	-	-	-	-	-
INCOME TAX ATTRIBUTABLE TO OPERATING SURPLUS	210,869	(529,124)	311,987	381,807	(22,605)	257,583	71,068
Comprising:
-Current Tax Provision	334,581	(528,057)	247,601	336,660	(31,400)	278,704	85,229
-Deferred Income Tax Provision	(1,305)	(1,067)	64,386	45,095	8,795	(21,187)	(14,161)
-Over Provision in prior year	(122,407)	-	-	52	-	66	-
INCOME TAX ATTRIBUTABLE TO OPERATING SURPLUS	210,869	(529,124)	311,987	381,807	(22,605)	257,583	71,068

FUTURE INCOME TAX BENEFIT

| | | | | | | | |
| Balance at beginning of year | 107,302 | 15,754 | 1,750 | 152,397 | 26,299 | 56,747 | 6,912 |
| Current year timing differences | 1,305 | 1,067 | (64,386) | (45,095) | (8,795) | 95,650 | 19,387 |
| Balance at end of year | 108,607 | 16,821 | (62,636) | 107,302 | 17,504 | 152,397 | 26,299 |

IMPUTATION CREDIT MEMORANDUM ACCOUNT

| | | | | | | | |
| Balance at beginning of period | 636,119 | 483,354 | 53,706 | 346,495 | 568,003 | 96,521 | 498,264 |

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VUW Te Waharoa — NZ Gazette 1998, No 123

NZLII — NZ Gazette 1998, No 123

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

🏭 King Country Energy Limited Financial Performance (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsRevenue, Expenses, Sales, Interest, Depreciation, Audit Fees, Directors Fees, Income Tax, Financial Statements

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