New Zealand Gazette – 1998 – No. 127

Page 3141

✨ Financial Statements



31 AUGUST NEW ZEALAND GAZETTE 3141

SCANPOWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1998

Note 1: Other Income Lines Business Energy Business
1998 1997 1998 1997
$ $ $ $
Network Contracting 230,662 245,982
Interest Income 142,566 161,601
Appliance Sales, Servicing and Wiring 1,670,440 1,674,886
373,228 407,583 1,670,440 1,674,886
Note 2: Taxation
Taxation Reconciliation
Accounting net operating surplus
before taxation 60,910 255,003 (3,868) 53,076
Taxation at 33% 20,100 84,151 (1,276) 17,515
Plus Tax Effect of:
Non Deductible Expenditure 8,313 8,526
Timing Differences not Recognised
Tax Loss not Previously Recognised
Income Tax Charge for the year 28,413 92,677 (1,276) 17,515
Comprising:
Current Taxation (2,556) 67,100 (1,026) 15,553
Deferred Taxation 30,969 25,577 (250) 1,962
28,413 92,677 (1,276) 17,515
Deferred Taxation Liability:
Opening Balance (14,881) 10,697 (30,783) (28,821)
Less Prior Period Adjustment (1,060) (6,709)
Current Year Movement (29,909) (18,869) 250 (1,962)
(45,850) (14,881) (30,533) (30,783)

| Note 3: Retained Earnings & Reserves | | | | |
| (i) Retained Earnings | | | | |
| Balance at beginning of the year | 214,193 | 66,867 | 254,428 | 233,867 |
| Net Surplus/(Deficit) for the year | 32,497 | 162,326 | (2,592) | 35,561 |
| Dividends Paid and Proposed | (15,000) | (15,000) | (15,000) | (15,000) |
| Equity Adjustments | | | | |
| Balance at end of the year | 231,690 | 214,193 | 236,836 | 254,428 |
| (ii) Reserves | | | | |
| Capital | 6,864,936 | 6,544,523 | 635,064 | 955,476 |
| Adjustment to Capital | | (3,855) | | 3,855 |
| Share Premium Reserve | 185,025 | 185,025 | | |
| Asset Revaluation Reserve | 542,270 | 542,270 | | |
| Balance at end of the year | 7,592,231 | 7,267,963 | 635,064 | 959,331 |
| Total Retained Earnings & Reserves | 7,823,921 | 7,482,156 | 871,900 | 1,213,759 |

| Note 4: Accounts Receivable | | | | |
| Trading Debtors | 14,695 | | 370,435 | 476,752 |
| GST Clearing Account | | | | 7,229 |
| Miscellaneous | | 12,294 | | |
| | 14,695 | 12,294 | 370,435 | 483,981 |

| Note 5: Inventories | | | | |
| Network and Contracting Stocks | 105,146 | 80,395 | | |
| Appliance & Servicing Stocks | | | 352,285 | 374,338 |
| Energy Marketing Stocks | | | | 21,374 |
| | 105,146 | 80,395 | 352,285 | 395,712 |



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🏭 Certificate of Financial Statements for Scanpower Limited (continued from previous page)

🏭 Trade, Customs & Industry
14 August 1998
Financial Statements, Accounting Policies, Electricity Information Disclosure, Scanpower Limited, Regulations