New Zealand Gazette – 2002 – No. 113

Page 3004

✨ Financial Statements



HORIZON ENERGY DISTRIBUTION LIMITED

Financial Statements for the purposes of the Electricity (Information Disclosure) Regulations 1999 and the Electricity (Information Disclosure) Amendment Regulations 2000, 2001

NOTES TO THE FINANCIAL STATEMENTS

Lines Business 2002 $000 Lines Business 2001 $000

3 INTEREST

Net Interest comprises:

  • Interest Expense on Borrowings | 2,424 | 2,850 |
  • Interest Income on Cash, Bank Balances and Short Term Investments | - | - |

Net Interest | 2,424 | 2,850 |

Total Interest Expense | 2,424 | 2,850 |

4 INCOME TAX

Income Tax Expense

The taxation expense has been calculated as follows:

2002 2001
Operating Surplus before Taxation 10,657 7,851
Income Tax on Surplus for the year at 33% 3,517 2,591
Plus/(Less) Permanent Differences
- Non-Deductible Depreciation on revalued portion of fixed assets 476 487
- Non-Deductible Expenses 26 21
- Non-Taxable Income (119) (135)

Income Tax Expense | 3,900 | 2,964 |

Income Tax Expense comprises:

2002 2001
Tax Payable in respect of current year 3,664 3,260
Deferred Taxation 236 (296)

Income Tax Expense | 3,900 | 2,964 |

Deferred Taxation

2002 2001
Opening Balance 917 1,213
Deferred tax in respect of current year (158) (296)
Balance as at 31 March 759 917

Taxation Payable

Income Tax Payable (Prepaid) comprises:

2002 2001
Opening Balance 1,004 441
Tax Payable in respect of current year 3,664 3,260
Tax payable in respect of prior years (394) -
Income Tax Paid (2,004) (2,697)
Balance as at 31 March (Asset) 2,270 1,004


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 113


Gazette.govt.nz — PDF NZ Gazette 2002, No 113




✨ LLM interpretation of page content

🏗️ Financial Statements of Horizon Energy Distribution Limited (continued from previous page)

🏗️ Infrastructure & Public Works
Electricity, Financial Performance, Revenue, Expenditure, Taxation, Horizon Energy, Distribution