New Zealand Gazette – 2002 – No. 107

Page 2892

✨ Financial Statements



Alpine Energy Limited (Lines)

Financial Statements Prepared in Accordance with the Electricity (Information Disclosure) Regulations

Notes to and Forming Part of the Financial Statements - Continued
for the Year Ending 31 March 2002

i) Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

2. Taxation

2002 2001
Income Tax Expense $ $
Operating Surplus before Income Tax 11,048,906 9,763,568
Add/(Deduct):
Non Deductible Costs 0 0
Non Assessable Income (1,208,038) (518,957)
Timing Differences 0 1,122,622
Taxable Income 9,842,868 10,367,233

| Taxation Charge @ 33% | 3,248,146 | 3,417,887 |
| Prior Year Over/(Under) Provisions | 0 | 172,000 |
| Income Tax Expense | 3,248,146 | 3,589,887 |

The income tax expense is represented by:

2002 2001
Current Taxation 3,384,227 3,960,352
Deferred Taxation (136,081) (370,465)
3,248,146 3,589,887

Deferred Income Tax Liability (Asset)

(2002) (2001)
Balance at Beginning of Year (706,000) (86,178)
Current Year Timing Differences (136,081) (370,465)
Adjustment on Disposal of Business 0 (249,357)
Balance at End of Year (842,081) (706,000)

Taxation Liability (Asset)

2002 2001
Income Tax Expense 3,248,146 3,589,887
Add/(Deduct):
Deferred Tax 136,081 370,465
Income Tax Paid (3,776,500) (4,169,352)
Income Tax Liability at Beginning of Year (37,000) 172,000
Provision for Tax (429,273) (37,000)

3. Reserves

2002 2001
Asset Revaluation Reserve $ $
Balance at Beginning of the Year 41,101,000 40,865,000
Net Revaluations (173,000) (3,014,000)
Transfer on Disposal of Assets 0 3,250,000
Balance at End of the Year 40,928,000 41,101,000

4. Contingent Liabilities

In respect of the business activities being reported on, the Company has no contingent liabilities as at 31 March 2002 (2001 nil).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 107


Gazette.govt.nz — PDF NZ Gazette 2002, No 107




✨ LLM interpretation of page content

🌾 Alpine Energy Limited Financial Statements (continued from previous page)

🌾 Primary Industries & Resources
Electricity, Financial Statements, Alpine Energy, Information Disclosure