New Zealand Gazette – 2002 – No. 119

Page 3198

✨ Financial Statements Notes



WESTPOWER LIMITED - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2002

2002 2001
$'000 $'000

Note 1. Revenue

  • Line Charges * | 11,217 | 11,157 |

  • Special Discount on Line Charges | — | — |

  • Interest | 72 | 80 |

  • AC loss-rental rebates | 368 | 569 |

  • Sundry Income | 296 | 284 |

    Total Revenue | 11,953 | 12,090 |

Note 2. Expenses

  • Audit fees for Companies financial statements | 28 | 30 |
  • Other services provided by Auditors | 12 | 5 |
  • Directors' Fees | 35 | 40 |
  • Depreciation | 1,490 | 1,619 |
  • Loan Interest | 746 | 911 |
  • Bad debts written off | — | — |
  • Increase (decrease) in estimated doubtful debts | — | — |
  • Loss (Profit) on Sale of Fixed Assets | — | 37 |
  • Write Down in Valuation of Buildings and Land | — | — |

Note 3. Taxation

  • Net Surplus before taxation | 3,931 | 3,329 |

  • Prima facie taxation at 33% | 1,297 | 1,099 |

  • Plus Tax effect of permanent differences | 489 | 499 |

  • Imputation Credits | -1 | — |

  • Taxation adjustment previous year | -140 | (1) |

  • Timing differences not Recognised | -660 | (569) |

    Total Taxation Expense | 985 | 1,028 |

The Taxation charge comprises:

  • current taxation | 985 | 1,028 |

  • deferred taxation | — | — |

    Total | 985 | 1,028 |

Timing differences of the Company have not been recognised in the Statements of Financial Position because they are not likely to reverse within the foreseeable future. At 31 March 2002 such timing differences amount to $20,662,485 (2001 $18,763,669) deferred taxation assessed at the current corporate taxation rate of 33 cents in the dollar is a liability of $6,818,620 (2001 $6,192,011).



Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 119


Gazette.govt.nz — PDF NZ Gazette 2002, No 119




✨ LLM interpretation of page content

🏭 Westpower Limited Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
31 March 2002
Financial Statements, Revenue, Expenses, Taxation, Westpower Limited