New Zealand Gazette – 2000 – No. 114

Page 2866

✨ Financial Statements



2866 NEW ZEALAND GAZETTE No. 114

WESTPOWER LIMITED - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2000

Note 1. Revenue

2000 1999
$ '000 $ '000
Line Charges * 10,842 11,520
Special Discount on Line Charges (503) (1,098)
Interest 75 98
AC loss-rental rebates 152 160
Sundry Income 518 223
11,084 10,903
  • 1999 Line Charges include revenue for Meters and Ripple Relays which were sold to Trustpower in March 1999.

Note 2. Expenses

2000 1999
Audit fees for Companies financial statements 27 56
Other services provided by Auditors 6 8
Directors’ Fees 59 94
Depreciation 1,539 169
Loan Interest 1,103 955
Bad debts written off - 64
Increase (decrease) in estimated doubtful debts - (7)
Loss (Profit) on Sale of Fixed Assets 803 9
Write Down in Valuation of Buildings and Land 463 -

Note 3. Taxation

2000 1999
Net Surplus before taxation 1,255 2,740
Prima facie taxation at 33% 414 904
Plus Tax effect of permanent differences 657 35
Taxation adjustment previous year 11 (2)
Timing differences not Recognised (709) (560)
Total Taxation Expense 373 377

The Taxation charge comprises

  • current taxation 373 379
  • deferred taxation - (2)
    373 377

Timing differences of the Company have not been recognised in the Statements of Financial Position because they are not likely to reverse within the foreseeable future. At 31 March 2000 such timing differences amount to $17,002,945 (1999 $10,936,224) deferred taxation assessed at the current corporate taxation rate of 33 cents in the dollar is a liability of $5,610,972 (1999 $3,608,594).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 114


Gazette.govt.nz — PDF NZ Gazette 2000, No 114




✨ LLM interpretation of page content

🏭 Westpower Limited Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Revenue, Expenses, Taxation, Westpower Limited, Electricity