New Zealand Gazette – 2000 – No. 71

Page 1603

✨ Financial Statements Notes



28 JUNE NEW ZEALAND GAZETTE 1603

NOTES TO THE ACCOUNTS

2000 1999
$'000 $'000

Note 1 : Taxation

Net Profit Before Tax | 6,183 | 9,801 |
Permanent Difference | 4,678 | 2,418 |
| 10,861 | 12,219 |

Tax at 33 Cents in the Dollar | 3,584 | 4,032 |
Under/(over) Provided Prior Year | - | - |
Timing Differences Not Recognised | 2,059 | - |

Income Tax Charge | 1,525 | 4,032 |

Income Tax Charge comprises:
Current Taxation | (125) | 4,032 |
Deferred Taxation | 1,650 | - |
| 1,525 | 4,032 |

There is a potential deferred taxation liability relating to timing differences which are not expected to crystallise within the foreseeable future and which have not been recognised as a liability in the statement of financial position. This potential tax liability amounts to approximately $12.2 million ($8.6 million in 1999).

Note 2 : Shareholders Funds

Issued and paid up capital
2,000,000 ordinary shares | 2,000 | 2,000 |

Reserves

Asset Revaluation Reserve
Balance at beginning of year | 69,470 | 69,470 |
Revaluation | 7,105 | - |
Balance at end of year | 76,575 | 69,470 |

Retained Earnings

Balance at Beginning of year | - | 5,769 |
Net surplus for year | 4,658 | - |
Dividend Distributions | (2,000) | (5,769) |
| 2,658 | - |

Total Shareholders Funds | 81,233 | 71,470 |



Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 71


Gazette.govt.nz — PDF NZ Gazette 2000, No 71




✨ LLM interpretation of page content

💰 Notes to the Accounts for 2000 and 1999

💰 Finance & Revenue
Financial Statements, Taxation, Shareholders Funds, Income Tax Charge, Reserves, Retained Earnings