✨ Financial Statements
3930 NEW ZEALAND GAZETTE No. 164
BULLER ELECTRICITY LIMITED ■ LINE BUSINESS
STATEMENT OF ACCOUNTING POLICIES (Continued)
(g) Changes in Accounting Policies
This is the first year that distribution and some other assets have been recorded at valuation rather than cost. The effect of this change is to increase fixed assets and equity by $8,893,652.
Other than the revaluation there has been no other material changes in accounting policies and have been applied on bases consistent with those used in previous years.
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
Line Business
| 1999 | Note | 1998 |
|---|---|---|
| $ | $ |
2. Auditors Remuneration
Accounts payable or due and payable to the Auditor for auditing financial statements
23,200
22,020
3. Directors Remuneration
Remuneration paid to directors
45,500
42,350
4. Accounts Receivable
Line Charges
427,272
234,686
Provision for Doubtful Debts
0
(17,443)
Accrued Interest
5,216
1,403
432,488
218,646
5. Accounts Payable
Trade Creditors
161,836
126,708
Staff Entitlements
6,255
51,761
Other Accruals
90,415
67,932
258,506
246,401
6. Taxation
Surplus Before Taxation
776,865
669,074
Income Tax at 33¢
256,365
220,794
Plus Permanent Differences Tax Effect
0
9,587
Tax Expense as per Statement of Financial Performance
256,365
230,381
Comprising
Current Tax
209,589
183,230
Deferred Tax
46,776
47,151
256,365
230,381
(7)
7. Deferred Taxation
Deferred Tax April 1
(107,317)
(60,166)
(Less)\Plus Deferred Tax Movement
(46,776)
(47,151)
Deferred Tax Balance March 31
(154,093)
(107,317)
(6)
The accompanying notes form part of these financial statements
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VUW Te Waharoa —
NZ Gazette 1999, No 164
NZLII —
NZ Gazette 1999, No 164
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Buller Electricity Limited Accounting Policies
(continued from previous page)
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