New Zealand Gazette – 1999 – No. 175

Page 4182

✨ Financial Statements Notes



4182

NEW ZEALAND GAZETTE

No. 175

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
for the year ended 31 March 1999

1 NET PROFIT BEFORE TAXATION

1999        1998
141,571     849,715

is calculated after charging:

Audit fees and expenses        19,563       7,875
Directors Fees                 97,900      29,750
Loss on disposal of fixed assets   -         6,945

and after crediting

Gain on disposal of fixed assets   -       10,590

2 TAXATION

1999        1998
Profit before taxation         141,571     849,715
Prima facie taxation            46,718     280,406
Plus/(Less) taxation effect
of permanent differences
  Non-deductible legal expenses     -       35,856
  Other permanent differences     -        (520)
Taxation expense (benefit)        46,718     315,742

The taxation charge is represented by:

Current taxation               57,500     320,239
Deferred taxation             (10,782)     (4,497)
                            46,718     315,742

There are no income tax losses or unrecognised timing differences carried forward.

3 DEFERRED TAX ASSET

Balance as at 31 March 1999      10,782      15,279
Depreciation Movement for current year  (10,782)   (4,497)
Balance as at 31 March 1999        -        10,782

4 FIXED ASSETS

1999        1998
System fixed assets           10,620,034   3,207,210
Centralised load control equipment   67,400       -
Consumer billing and information system  33,750       -
Motor vehicles                 287,320       -
Office equipment                13,715       -
Land & Buildings               364,177     503,269
Capital works under construction
  Medium voltage switchgear       97,446       -
Other fixed assets              55,469     470,848
Total Fixed Assets            11,539,311   4,181,327


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✨ LLM interpretation of page content

🏗️ Statement of Significant Accounting Policies for Wairoa Power Limited (continued from previous page)

🏗️ Infrastructure & Public Works
Accounting Policies, Financial Statements, Fixed Assets, Depreciation, Inventories, Receivables, Taxation, Employee Entitlements

💰 Notes to the Financial Statements for the year ended 31 March 1999

💰 Finance & Revenue
Net Profit, Taxation, Deferred Tax, Fixed Assets, Audit Fees, Directors Fees