✨ Financial Statements Notes
NEW ZEALAND GAZETTE
9 SEPTEMBER
3369
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 1998
| Line Business | Energy Business | |||
|---|---|---|---|---|
| 1998 | 1997 | 1998 | 1997 | |
| $ | $ | $ | $ | |
| 1. Operating Revenue | ||||
| Electricity Sales | 23,720,870 | 28,659,037 | 40,172,368 | 39,256,987 |
| Line Contributions | 1,622,713 | 1,065,005 | - | - |
| Contracting Work | - | - | 5,055,007 | 3,523,447 |
| Interest Received | 316,717 | 334,398 | 861,455 | 855,342 |
| Application Fees etc. | - | - | - | - |
| Total | 25,660,300 | 30,058,440 | 46,088,830 | 43,635,776 |
| 2. Operating Surplus before Tax | | | | |
| After Charging: | | | | |
| Bad Debts Written Off | 36,600 | 43,910 | 61,991 | 60,147 |
| Depreciation | 3,674,132 | 2,978,263 | 350,205 | 337,700 |
| Directors' Fees | 57,000 | 57,000 | 57,000 | 57,000 |
| Interest | 1,578 | 4,705 | - | - |
| Rental and Operating Lease Costs | 12,305 | 14,109 | 3,900 | 1,210 |
| Research & Development | 3,272 | 42,439 | - | 58,132 |
| Donations | - | - | - | 500 |
| 3. Auditors Remuneration | | | | |
| Auditing Financial Statements | 19,900 | 21,000 | 2,000 | 2,000 |
| Other Services | 9,000 | 4,000 | 9,000 | 4,000 |
| 4. Taxation | | | | |
| Profit Before Taxation | 362,953 | 6,110,589 | 1,537,414 | 2,768,618 |
| Prima Facia Taxation @ 33% | 119,774 | 2,016,494 | 507,347 | 913,644 |
| Plus Tax Effect of Permanent Differences: | | | | |
| Use of Money Interest | - | - | - | - |
| Depreciation on Globo Assets | 112,529 | 80,076 | 6,833 | 5,055 |
| Legal Fees | - | (1,219) | - | - |
| Other Permanent Differences | (5,929) | - | - | - |
| Entertainment Expenses | - | - | 437 | 148 |
| | 226,374 | 2,095,351 | 514,617 | 918,847 |
| Tax on Profits for Year | (15,873) | (19,413) | - | (9,706) |
| Prior Period Adjustment | 210,501 | 2,075,938 | 514,617 | 909,141 |
The Taxation Charge is Represented by:-
| | | | | |
| Prior Period Adjustment | (15,873) | (19,413) | - | (9,706) |
| Current Taxation | 96,747 | 1,506,685 | 384,990 | 918,847 |
| Deferred Taxation | 129,627 | 588,666 | 129,627 | - |
| | 210,501 | 2,075,938 | 514,617 | 909,141 |
Movements in Provision for Deferred Taxation:
| Opening Balance | (1,807,959) | (1,246,746) | - | - |
| Prior Period Adjustment | 9,861 | 27,453 | - | - |
| Current Movement in Timing Differences | (129,627) | (588,666) | (129,627) | - |
| | (1,927,725) | (1,807,959) | (129,627) | - |
Imputation Credit Account:
| Opening Balance | 3,377,238 | 3,475,649 | 881,670 | 494,175 |
| Imputation credits attached to dividends paid | (996,429) | (2,093,971) | (460,250) | (521,645) |
| Income tax payments during year | 725,388 | 1,995,560 | 1,514,617 | 909,140 |
| | 3,106,197 | 3,377,238 | 1,936,037 | 881,670 |
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VUW Te Waharoa —
NZ Gazette 1998, No 139
NZLII —
NZ Gazette 1998, No 139
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Certification of Financial Statements for Northpower Ltd
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🏭 Trade, Customs & Industry20 August 1998
Electricity, Information Disclosure, Financial Statements, Northpower Ltd