New Zealand Gazette – 1998 – No. 194

Page 4584

✨ Financial Statements



4584 NEW ZEALAND GAZETTE No. 194

  1. Surplus before Taxation

    $ Thousands

    1998 1997
    Surplus before Taxation is stated after charging:
    Directors’ fees - 9
    Audit fees and expenses 18 5
    Fees for other services paid to the Auditors 2 18
    Depreciation 421 466
    Leasing Costs 247 249

  2. Income Tax

    $ Thousands

    1998 1997
    The Income Tax Expense has been calculated as follows:
    Surplus before Taxation 7,769 4,430
    Income Tax at 33% 2,564 1,462
    Adjustments to taxation for:
    Non-deductible expenditure (11) (22)
    Taxation charge in Statement of Financial Performance 2,553 1,440

  3. Fixed Assets

    $ Thousands

    | | 1998 | 1997 |
    | | Cost/ | Accumulated | Net Book | Cost/ | Accumulated | Net Book |
    | | Valuation | Depreciation| Value | Valuation | Depreciation| Value |
    |-----------------------|------------|--------------|----------|-----------|--------------|----------|
    | Machinery and Equipment| 2,209 | 1,498 | 711 | 5,014 | 3,262 | 1,752 |
    | Motor Vehicles | 596 | 210 | 386 | 1,511 | 569 | 942 |
    | Freehold Land and Buildings | 22 | 2 | 20 | 81 | 7 | 74 |
    | | 2,827 | 1,710 | 1,117 | 6,606 | 3,838 | 2,768 |

    Based on the latest Government valuations the Directors estimate that the fair valuation of land and buildings is approximately equivalent to their net book value as at 30 June 1998.

  4. Deferred Expenditure

    $ Thousands

    1998 1997
    Balance as at 1 July 1,351 1,391
    Plus amounts capitalised 211 124
    Less amounts amortised to expenses (186) (164)
    1,376 1,351

  5. Notional Reserves

    Gas Retailing is not a company and therefore has no share capital. Notional reserves are determined on the basis that Gas Retailing is fully equity funded by Natural Gas Corporation of New Zealand Limited. Notional Reserves therefore represents all funding provided to Gas Retailing by the Natural Gas Corporation Group.



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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements of Natural Gas Corporation – Gas Retailing Activities (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Financial Statements, Gas Retailing, Natural Gas Corporation