✨ Financial Statements
NEW ZEALAND GAZETTE
No. 110
WEL NETWORKS LIMITED
| Line Business | 2001 | 2000 |
|---|---|---|
| ($000s) | ($000s) |
4 Taxation
Profit before taxation | 24,172 | 25,517 |
Tax on profit at 33% | 7,976 | 8,421 |
Tax effect of permanent differences | 1,289 | 852 |
Total taxation expense | 9,265 | 9,273 |
Represented by:
Deferred income tax liability | 1,701 | 969 |
Current taxation provision | 7,564 | 8,304 |
| 9,265 | 9,273 |Deferred income tax liability
Balance at the beginning of the year | 6,051 | 5,082 |
Adjustments for prior periods | 67 | - |
Current year timing differences | 1,701 | 969 |
Balance at the end of the year | 7,819 | 6,051 |
The tax effect of timing differences arising from asset revaluations of the distribution system approximating $11,900,000, which would only crystallise on disposal, have not been recognised.
5 Shareholders Funds
Issued and Paid In Capital | 131 | 131 |
All ordinary shares carry equal voting rights
Asset revaluation reserve | 90,171 | 82,799 |
Retained earnings | 26,486 | 22,152 |
Other Reserves | 41,374 | 121,824 |
Total Equity | 158,162 | 226,906 |
Asset Revaluation Reserve
Balance at the beginning of the year | 82,799 | 82,799 |
Asset revaluations | 7,372 | - |
Balance at the end of the year | 90,171 | 82,799 |
Retained Earnings
Balance at the beginning of the year | 22,152 | 19,902 |
Net surplus after tax | 14,907 | 16,244 |
Dividends | (10,573) | (13,994) |
Balance at the end of the year | 26,486 | 22,152 |
Other Reserves
Balance at the beginning of the year | 121,824 | 121,824 |
Transfer to other business | (80,450) | - |
Balance at the end of the year | 41,374 | 121,824 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 110
Gazette.govt.nz —
NZ Gazette 2001, No 110
✨ LLM interpretation of page content
🏭
Statement of Accounting Policies for WEL Networks Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Taxation, Shareholders Funds, Deferred Income Tax, Asset Revaluation, Retained Earnings, Other Reserves