New Zealand Gazette – 2002 – No. 118

Page 3170

✨ Financial Statements



3170

NEW ZEALAND GAZETTE

No. 118

WEL NETWORKS LIMITED

4 Taxation

Profit before taxation 25,651 24,172
Tax on profit at 33% 8,465 7,976
Tax effect of permanent differences 868 1,289

Total taxation expense 9,333 9,265

Represented by:
Deferred income tax liability 1,249 1,701
Current taxation provision 8,084 7,564

                                          9,333     9,265

Deferred income tax liability
Balance at the beginning of the year 7,819 6,051
Adjustments for prior periods - 67
Current year timing differences 1,249 1,701

Balance at the end of the year 9,068 7,819

The tax effect of timing differences arising from asset revaluations of the distribution system approximating $15,400,000, which would only crystallise on disposal, have not been recognised

5 Shareholders Funds

Issued and Paid In Capital 131 131
All ordinary shares carry equal voting rights
Asset revaluation reserve 90,171 90,171
Retained earnings 32,895 26,486
Other Reserves 41,374 41,374

Total Equity 164,571 158,162

Asset Revaluation Reserve
Balance at the beginning of the year 90,171 82,799
Asset revaluations - 7,372

Balance at the end of the year 90,171 90,171

Retained Earnings
Balance at the beginning of the year 26,486 22,152
Net surplus after tax 16,318 14,907
Dividends (9,909) (10,573)

Balance at the end of the year 32,895 26,486

Other Reserves
Balance at the beginning of the year 41,374 121,824
Transfer to other business - (80,450)

Balance at the end of the year 41,374 41,374



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 118


Gazette.govt.nz — PDF NZ Gazette 2002, No 118




✨ LLM interpretation of page content

🏭 WEL Networks Limited Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Taxation, Profit, Deferred income tax, Shareholders funds, Asset revaluation, Retained earnings, Dividends