New Zealand Gazette – 1999 – No. 169

Page 4021

✨ Financial Statements



12 NOVEMBER NEW ZEALAND GAZETTE 4021

Merger/acquisition expenses 1999 1998
Research & development 42 -
Consultancy & legal expenses 449 -
Audit fees 23 17
Audit fees - Information Disclosure 2 2
Bad Debts 74 47
Directors’ fees 109 83
Finance Charges on Finance Leases 7 5
Interest on borrowings 1 1
Rental and operating lease costs - 42
Other expenditure 1,180 10,066

  1. TAXATION RECONCILIATION STATEMENT

i) The difference between the effective tax rate and the income tax rate of 33% is attributed to the following items:
Net earnings before taxation 4,014 3,535
Prima facie tax payable at 33% 1,325 1,167
Tax effect of permanent differences

  • expenses not deductible 21 3
  • prior year adjustments 5 (10)
  • capital contributions (30) (67)
    INCOME TAX EXPENSE 1,321 1,093

ii) The taxation charge comprises -

  • current taxation 1,164 1,051
  • future tax benefit 157 42
    INCOME TAX EXPENSE 1,321 1,093

iii) Tax Reconciliation statement:
Income Tax expense as per accounts 1,321 1,093
Liability brought forward (167) (74)
Tax effect of timing differences (31) (48)
Prior period adjustments 44 2
Terminal and Provisional tax paid (661) (1,140)
CURRENT INCOME TAX PAYABLE 506 (167)

iv) Future tax benefit -
Opening balance 496 544
Future tax benefit of current tax (161) (50)
Prior period adjustments 5 2
FUTURE TAX BENEFIT 340 496

v) Imputation credits
The following imputation credits are available for distribution to shareholders:
Opening balance 3,333 2,409
Prior period adjustments (86) 0
Tax paid during the year 661 1,139
Less : credits attached to dividends paid (377) (215)
Closing balance 3,531 3,333

  1. RECEIVABLES
    Trade Debtors 1,751 1,822
    Other Debtors 8 0
    Total Receivables 1,759 1,822

  2. INVENTORIES
    Construction stock 57 515
    Work in progress 0 83
    Total Inventories 57 598



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💰 Notes to Financial Statements of Eastland Network Limited (continued from previous page)

💰 Finance & Revenue
Financial Statements, Accounting Policies, Investments, Current Assets, Taxation, Leases, Research and Development, Foreign Currencies, Cash Flows, Eastland Network Limited, Gisborne