New Zealand Gazette – 2001 – No. 165

Page 4037

✨ Financial Statements



30 NOVEMBER
NEW ZEALAND GAZETTE
4037

vi) 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.

vii) Goodwill
The excess of cost over the fair value of businesses acquired is recognised as goodwill and is amortised to the Statement of Financial Performance over periods of up to 20 years.

viii) Changes in Accounting Policies
There have been no changes in accounting policies.

  1. Surplus before Taxation

$ Thousands
2001 2000
Surplus before Taxation is stated after charging:
Audit fees and expenses 28 28
Fees for other services paid to the Auditors - 25
Depreciation 1,584 1,578
Leasing Costs 394 192
Goodwill Amortisation 250 250

  1. Taxation

$ Thousands
2001 2000
The Income Tax Expense has been calculated as follows:
Surplus before Taxation 11,037 1,624
Income Tax at 33% 3,642 536
Adjustments to tax for:
Non-deductible expenditure 89 -
Tax Charge 3,731 536

  1. Fixed Assets

$ Thousands $ Thousands
2001 2000
Cost/ Accumulated Net Book Cost/ Accumulated Net
Valuation Depreciation Value Valuation Depreciation Book Value
Equipment 9,213 5,123 4,090 9,684 4,977 4,707
Motor Vehicles 528 234 294 1,707 770 937
9,741 5,357 4,384 11,391 5,747 5,644



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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 Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
23 November 2001
Financial Statements, Accounting Policies, Deferred Expenditure, Goodwill, Surplus before Taxation, Taxation, Fixed Assets, Natural Gas Corporation