New Zealand Gazette – 2002 – No. 132

Page 3553

✨ Financial Statements Notes



NOTES TO THE FINANCIAL STATEMENTS

Note 2:
Taxation (contd.)
Income tax charge for the year comprises:

2002 2001
$'000 $'000
Current taxation (liability) 179 160
Deferred taxation 0 299
179 459

Deferred Tax Asset / (Liability):

2002 2001
$'000 $'000
Opening balance 0 299
Prior period adjustment 0 0
Current year movement 0 (299)
Tax losses 0 0
Closing balance 0 0

A deferred tax liability of $2,053,734 (2001 - $2,703,587) has not been recognised. The proposed revision of the financial reporting standards is expected to require deferred taxation to be accounted for on a comprehensive basis and the liability to be recognised in the statement of financial position in future.

Imputation Credit Account:

2002 2001
$'000 $'000
Opening balance 658 299
Tax paid during the year 0 384
Tax refunds during the year 0 0
Resident withholding tax paid 9 0
Credits attached to dividends paid (25) (25)
Closing balance at end of the year 642 658

Comparative tax paid during the year has been adjusted to correct an omission last year.

Note 3:
Retained Earnings & Reserves

Retained Earnings

2002 2001
$'000 $'000
Balance at beginning of the year 2,924 2,279
Adjustment to opening equity (1,584) 0
Net surplus for the year 118 695
Dividends paid and proposed (80) (50)
Balance at end of the year 1,398 2,924

Reserves

2002 2001
$'000 $'000
General 420 0
Share premium reserve 0 398
Capital reserve 0 22
Asset revaluation reserve - distribution system 17,649 22,250
Balance at end of the year 18,069 22,670

Amounts previously held as share premium and capital reserves were transferred to a General reserve account.

Note 4:
Receivables and prepayments

2002 2001
$'000 $'000
Trade debtors 550 847
Estimated doubtful receivables 0 0
GST clearing account 110 0
Miscellaneous prepayments 20 45
Accruals 57 0
737 892

The Company incurs credit risk from transactions with trade receivables and financial institutions in the normal course of its business.

The Company has a credit policy which restricts the exposure to individual trade receivables and the Board of Directors reviews exposure to trade receivables on a regular basis. Where there is a significant concentration of credit risk, the exposure is minimised by provisions in use of systems agreements between the parties. Amounts owed by trade receivables are unsecured.

Note 5:
Inventories

2002 2001
$'000 $'000
Network and contracting stocks 450 350
450 350

Certain inventories are subject to restriction of title, including Romalpa Clauses.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 132


Gazette.govt.nz — PDF NZ Gazette 2002, No 132




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