New Zealand Gazette – 1998 – No. 141

Page 3434

✨ Financial Statements



Wairoa Power Limited - Lines Business

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

c) Investments

Investments are stated at the lower of cost or net realisable value.

d) Receivables

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

e) 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.

f) 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 - Lines Business

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

1998 1997

  1. NET PROFIT BEFORE TAXATION
    is calculated after charging:
    Audit fees and expenses 7,875 7,875
    Depreciation 324,217 309,888
    Directors Fees 29,750 36,142
    Interest 86 93
    Loss on disposal of fixed assets 6,945 14,116

    and after crediting
    Interest received 43,352 44,479
    Gain on disposal of fixed assets 10,590 -

  2. TAXATION
    Profit before taxation 849,715 562,324
    Prima facie taxation 280,406 185,567
    Plus/(Less) taxation effect
    Non deductible Legal Expenses 35856 -
    Other permanent differences (520) 7,758
    Taxation expense (benefit) 315,742 193,325
    The taxation charge is represented by:
    Current taxation 320,239 197,702
    Deferred taxation (4,497) (4,377)
    315,742 193,325

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



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✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial Statements, Performance, Equity, Assets, Liabilities, Wairoa Power Limited