✨ Financial Statements
TOP ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS
FOR THE 12 MONTHS ENDED 31 MARCH 2001
3 NET FINANCE COSTS
Comprise:
| LINE BUSINESS | ||
|---|---|---|
| $ | ||
| 2001 | 2000 | |
| Interest - term debt | 722,077 | 704,266 |
| Interest - other | 16,419 | 2,387 |
| Net finance costs | 738,496 | 706,653 |
4 TAXATION
The taxation provision has been calculated as follows:
Profit for the period
| 2001 | 2000 | |
|---|---|---|
| 5,018,720 | 4,131,530 |
Taxation for the period at 33%
| | 1,656,178 | 1,363,405 |
Plus/(Less) tax effect of:
| Non deductible items | 6,600 | 6,600 |
| Losses utilised | - | (371,275) |
| Unrecognised timing differences | (260,348) | (414,730) |
The taxation charge is represented by:
| | 1,402,430 | 584,000 |
Taxation payable in respect of the current period
| | 1,402,430 | 584,000 |
The Company has not recognised a deferred tax liability of $2,849,895 (2000: $2,637,435) on timing differences of $8,636,044 (2000: $7,992,228), as these are not expected to reverse in the foreseeable future.
5 DIVIDENDS
| 2001 | 2000 | |
|---|---|---|
| Ordinary dividend paid (.0028 cents per share) | - | 70,000 |
| Ordinary dividend paid (.048 cents per share) | - | 1,200,000 |
| Ordinary dividend paid (.152 cents per share) | 3,800,000 | - |
| Total dividends paid or provided | 3,800,000 | 1,270,000 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 98
Gazette.govt.nz —
NZ Gazette 2001, No 98
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Notes to the Special Purpose Financial Statements for Top Energy Limited
(continued from previous page)
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