New Zealand Gazette – 1998 – No. 141

Page 3428

✨ Financial Statements



Wairoa Power Limited - Other Businesses

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1998 continued

c) Receivables

Receivables are stated at estimated realisable value after providing against debts where collection is doubtful.

d) Income tax

The income tax expense charged to the statement of financial performance includes both the current year's provision and the income tax effects of timing differences calculated using the liability method.

Tax effect accounting has been applied on a comprehensive basis to all timing differences. A debit balance in the deferred tax account arising from timing differences or income tax benefits from income tax losses, is only recognised if there is virtual certainty of realisation.

e) Inventories

Inventories are stated at the lower of cost, determined on weighted average cost and net realisable value.

Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

Wairoa Power Limited - Other Businesses

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1998 continued

  1. NET PROFIT BEFORE TAXATION
    is calculated after charging:

Audit fees and expenses 10,125 10,125
Bad debts Written Off 11,762 7,446
Depreciation 106,699 114,309
Directors Fees 38,250 46,469
Interest - Local Authority loans 105,624 106,792

and after crediting
Interest received 173,409 177,917
Gain on disposal of fixed assets 5,762 -
Reduction in Bad Debts Provision 2,453 3,178

  1. TAXATION

Profit before taxation 327,888 253,388
Prima facie taxation 108,203 83,618
Plus/(Less) taxation effect
of permanent differences
Other permanent differences 13,636 3,494
Taxation expense (benefit) 121,839 87,112
============================ ======== ========
Current taxation 116,208 81,637
Deferred taxation 5,631 5,475
121,839 87,112
============================ ======== ========

There are no income tax losses or unrecognised timing differences carried forward.

NEW ZEALAND GAZETTE
No. 141
3428



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✨ LLM interpretation of page content

🏭 Financial Position of Wairoa Power Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Fixed Assets, Depreciation, Wairoa Power Limited