New Zealand Gazette – 1999 – No. 185

Page 4385

✨ Financial Statements

3 DECEMBER NEW ZEALAND GAZETTE 4385

2. Surplus Before Taxation

After Charging:	Distribution 1999 $	Distribution 1998 $	Retail 1999 $	Retail 1998 $
Audit Fees	$ 8,300	$ 7,900	$ 8,300	$ 7,900
Audit Fees Other Services	$ 1,350	$ 2,900	$ 1,350	$ 2,900
Depreciation	$ 660,232	$ 706,804	$ 48,736	$ 58,384
Directors’ Fees	$ 19,000	$ 19,000	$ 19,000	$ 19,000
Interest: Fixed Loans	$ 277,854	$ 368,069	$ 22,356	$ 12,423
Rental & Operating Lease Costs	$ 78,152	$ 69,108	$ 23,149	$ 21,664
Movements in provision for Doubtful Debts	$ -	$ -	$ 8,568	$ 5,822
Bad debts written off	$ -	$ -	$ 12,726	$ 11,567

| After Crediting: | | | | |
| Interest From Short Term Deposits | $ 26,544 | $ 53,315 | $ 12,832 | $ 11,552 |
| Contract Settlement Fee | $ - | $ - | $ - | $ 369,438 |
| Profit On Sales Of Assets | -$ 646 | $ 8,882 | -$ 427 | $ 5,682 |

3. Taxation Expense

| Net Profit Before Taxation | $ 1,187,769 | $ 1,359,267 | $ 160,569 | $ 338,993 |
| Prima Facie Taxation | $ 391,964 | $ 448,558 | $ 52,988 | $ 111,868 |

| Plus (Less): | | | | |
| Non Deductible Items | $ 354 | $ 284 | $ 241 | $ 211 |
| Non Taxable Income | $ - | $ - | $ - | $ 82,500 |
| Unrecognised Timing Differences | $ 48,921 | $ 63,002 | $ 1,507 | $ 1,029 |
| Prior Period Adjustment | $ 11,757 | $ - | $ 362 | $ - |

| TAXATION EXPENSE FOR THE PERIOD | $ 452,996 | $ 511,844 | $ 55,098 | $ 30,608 |

The Taxation Charge Is Represented By:

| Current Taxation | $ 452,996 | $ 511,844 | $ 55,098 | $ 30,608 |

The Company has not recognised the deferred tax liability on timing differences which are not expected to reverse in the foreseeable future. The potential tax liability in respect of these timing differences at 33% is $986,613 (1998: $868,374) for Distribution and a future tax benefit to Retail of $29,614 (1998: $25,559).

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VUW Te Waharoa — NZ Gazette 1999, No 185

NZLII — NZ Gazette 1999, No 185

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Wanganui Gas Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Accounting Policies, Gas Industry, Wanganui Gas Limited

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