New Zealand Gazette – 2002 – No. 112

Page 2981

✨ Financial Statements



21 AUGUST
NEW ZEALAND GAZETTE
2981

NELSON ELECTRICITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the year to 31 March 2002

3. Taxation

Year Ended 31-Mar-02 $000 Year Ended 31-Mar-01 $000
Surplus Before Taxation 3,606 3,182
Taxation @ 33 % 1,190 1,050
Under Provision from Prior Year (10) 6
Timing Differences 342 333
Tax Expense as per Statement of Financial Performance 1,522 1,389

Comprising:

Year Ended 31-Mar-02 $000 Year Ended 31-Mar-01 $000
Current Taxation 1,421 1,393
Deferred Taxation 101 (4)
Total 1,522 1,389

Imputation Credit Account

Year Ended 31-Mar-02 $000 Year Ended 31-Mar-01 $000
Balance 1 April 92,079 702,492
Imputation Credits Attached to Dividends Paid in the Year (1,083,582) (2,122,836)
Income Tax Payments During the Year 1,450,000 1,512,423
Refunds Received From Inland Revenue (7,446) —
Balance 31 March 451,051 92,079

4. Deferred Taxation

31-Mar-02 $000 31-Mar-01 $000
Balance 01.04.01 57 59
Deferred Tax Prior Period — (6)
Deferred Tax Current Period 101 4
Balance 31.03.02 158 57

5. Share Capital

Authorised Issued and Paid up Share Capital

31-Mar-02 $000 31-Mar-01 $000
1 1

Subsequent to agreement of its two shareholders Nelson Electricity repurchased a total of 4,999,000 $1 shares on 22 March 2001.

As at 31 March 2002 Marlborough Lines Ltd and Network Tasman Ltd each hold 500 shares.

6. Retained Earnings

31-Mar-02 $000 31-Mar-01 $000
Opening Balance 1 April 2,031 88
Net Surplus for Year 2,084 1,793
Dividends Paid (2,200) 150
Closing Balance 31 March 1,915 2,031

7. Reserves

Pre acquisition Reserves (Retained earnings accumulated to 19.06.96 when the company was purchased by Marlborough Lines Ltd and Network Tasman Ltd)

31-Mar-02 $000 31-Mar-01 $000
1,291 1,291

Revaluation Reserves - Credits to Revaluation Reserves

31-Mar-02 $000
Land 665
Distribution System assets 10,554
Total 11,219

Distribution system assets were revalued as at 1 April 2001 to depreciated replacement cost (DRC). The valuation was completed in accord with the requirements of FRS 3 by PricewaterhouseCoopers and their valuation report is dated 25 March 2002. The company’s Haven Road land was also revalued to net current value as at 31 July 2001.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 112


Gazette.govt.nz — PDF NZ Gazette 2002, No 112




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Nelson Electricity Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Taxation, Imputation Credits, Deferred Taxation, Share Capital, Retained Earnings, Reserves