New Zealand Gazette – 1999 – No. 145

Page 3476

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 145

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1999

Lines Business
1999
Bad debts written off 14,532
Operating lease expense 10,112
Interest paid 0
Audit fees 20,580
Other fees paid to auditors 0
Directors’ fees 91,272
Other expenditure 133,720
Total expenditure 6,934,884

3. EARNINGS BEFORE INTEREST AND TAX

532,504

4. INCOME TAX

The amount of Income Tax attributable to the financial period differs from the prima facie tax payable on the net profit before tax. The difference is reconciled as follows:

1999 1998
Net surplus/(deficit) before taxation 801,302 981,751
Taxation thereon at 33% 264,430 323,978
Permanent differences
- Other 350,966 9,298
- Under/(over) provision in prior year 0 (122,407)
Income tax attributable to operating surplus 615,396 210,869

Tax attributable to extraordinary item (Note 5)

| | (58,901) | |
| Comprising: | | |
| - Current tax provision | 465,897 | 334,581 |
| - Deferred income tax provision | 90,598 | (1,305) |
| - Under/(over) provision in prior year | 0 | (122,407) |
| | 556,495 | 210,869 |

FUTURE INCOME TAX BENEFIT

| | |
| Balance at beginning of year | 108,607 | 107,302 |
| Current year timing differences | (90,598) | 1,305 |
| Balance at end of year | 18,009 | 108,607 |

IMPUTATION CREDIT MEMORANDUM ACCOUNT

| | |
| Balance at beginning of year | 1,125,230 | 636,119 |
| Dividends paid | (30,000) | (39,403) |
| Taxation payments made | | 528,514 |
| Balance at end of year | 1,095,230 | 1,125,230 |



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🏭 Statement of Accounting Policies for King Country Energy Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Revenue, Expenses, Discontinued Activities, Line Rental, Interest, Capital Contributions, Operating Expenses, Transmission Charges, Asset Maintenance, Depreciation, Corporate Administration