✨ Financial Statements Notes
3582
NEW ZEALAND GAZETTE
No. 133
NOTES TO THE FINANCIAL STATEMENTS
Note 2: Taxation (continued)
Deferred Tax Asset / (Liability):
Opening balance 148 191
Prior period adjustment 0 (17)
Current year movement (89) (28)
Closing balance 59 148
Imputation Credit Account:
Opening balance 495 243
Tax paid during the year 50 274
Tax refunds during the year 0 0
Resident withholding tax paid 0 0
Credits attached to dividends paid (19) (22)
Closing balance at end of the year 526 495
Note 3: Retained Earnings & Reserves
Retained Earnings
Balance at beginning of the year (2,617) (2,795)
Net surplus for the year 96 218
Dividends paid and proposed 0 (40)
Balance at end of the year (2,521) (2,617)
Reserves
Asset revaluation reserves:
Freehold land 14 0
Freehold buildings & fixtures 32 28
Balance at end of the year 46 28
Note 4: Receivable and prepayments
Trading debtors 391 169
Estimated doubtful receivables 0 0
GST clearing account 23 57
Miscellaneous prepayments 7 22
Accruals 1 0
422 248
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
Network stocks 92 101
92 101
Certain inventories are subject to restriction of title, including Romalpa Clauses.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 133
Gazette.govt.nz —
NZ Gazette 2002, No 133
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Scanpower Limited Financial Statements for the Lines Business
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Taxation, Retained Earnings, Receivable, Inventories