New Zealand Gazette – 2001 – No. 165

Page 4025

✨ Financial Statements



30 NOVEMBER NEW ZEALAND GAZETTE 4025

viii) Deferred Expenditure

Deferred expenditure is expenditure which provides benefits beyond the current accounting period and is written off over periods up to ten years. These expenditures relate to the connection of new customers to the gas system and the conversion of existing customers’ appliances to the use of natural gas.

ix) Changes in Accounting Policy and Comparatives

There have been no changes in accounting policies. The presentation of certain comparatives has been restated to ensure consistency with current year disclosures.

  1. Surplus before Taxation
$ Thousands
2001 2000

Surplus before Taxation is stated after charging/(crediting):

| Audit fees and expenses | 11 | 35 |
| Depreciation | 5,776 | 6,025 |
| Amortisation | 1,403 | 1,267 |
| Leasing Costs | 635 | 223 |
| Abnormal Items: | | |
| Deferred Income | - | (4,235) |
| Profit on Sale of Metering Assets | (7,652) | - |

  1. Income Tax
$ Thousands
2001 2000

The Income Tax Expense has been calculated as follows:

| Surplus before Taxation | 27,438 | 18,854 |
| Income Tax at 33% | 9,054 | 6,222 |
| Adjusted for: | | |
| Permanent Differences | (2,182) | (37) |
| Prior Period Adjustments | 17 | (105) |
| | 6,889 | 6,080 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 165


Gazette.govt.nz — PDF NZ Gazette 2001, No 165




✨ LLM interpretation of page content

🏭 Natural Gas Corporation Financial Position Statement (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statement, Natural Gas, Accounting Policies, Assets, Liabilities, Equity, Depreciation, Taxation