New Zealand Gazette – 1999 – No. 116

Page 2785

✨ Financial Statements



10 SEPTEMBER NEW ZEALAND GAZETTE 2785

TOP ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1999

3 NET FINANCE COSTS LINE BUSINESS $
Comprise: 1999 1998
Interest - term debt 1,046,898 978,891
Interest - other 11,006 7,370
Gross finance costs 1,057,904 986,261
Less - investment income (1,009,938)
Less - interest on short term deposits (5,099) -
Less - interest from IRD (6,125)
Net finance costs 1,046,680 (23,677)
4 TAXATION 1,692,839 3,611,688
The taxation provision has been calculated as follows: 558,637 1,191,857
Profit for the period
Taxation for the period at 33%
Plus/(Less) tax effect of: 16,705 95,261
Non deductible items - (256,733)
Prior year adjustment (288,195) (342,124)
Unrecognised timing differences 287,147 688,261
The taxation charge is represented by: - (256,733)
Prior year adjustment 287,147 944,994
Taxation payable in respect of the current period - -
Deferred taxation 287,147 688,261
The Company has not recognised a deferred tax liability of $2,222,705 (1998:$1,240,328) on timing differences of $6,735,469 (1998:$3,758,570), as these are not expected to reverse in the foreseeable future.
5 DIVIDENDS
Ordinary dividend paid (.0018 cents per share) 45,000 42,480
Ordinary dividend recommended
Total dividends paid or provided 45,000 42,480


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🏭 Notes to the Special Purpose Financial Statements for Top Energy Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Net Finance Costs, Taxation, Dividends, Top Energy Limited