✨ Financial Statements
2. Surplus Before Taxation
| Distribution | Retail | |||
|---|---|---|---|---|
| 2002 | 2001 | 2002 | 2001 | |
| $ | $ | $ | $ |
After Charging:
| Audit Fees | $ 8,056 | $ 7,744 | $ 9,164 | $ 7,616 |
| Audit Fees Other Services | $ 1,601 | $ 1,596 | $ 1,821 | $ 1,570 |
| Depreciation | $ 528,588 | $ 537,588 | $ 38,232 | $ 38,275 |
| Directors’ Fees | $ 15,306 | $ 16,346 | $ 17,412 | $ 16,078 |
| Interest: Fixed Loans | $ 330,426 | $ 382,113 | $ 23,308 | $ 43,943 |
| Rental & Operating Lease Costs | $ 71,683 | $ 72,272 | $ 23,083 | $ 22,333 |
| Movements in provision for Doubtful Debts | $ - | $ - | $ 6,235 | - |
| Bad debts written off | $ - | $ - | $ 21,893 | $ 21,668 |
After Crediting:
| Interest From Short Term Deposits | $ 70,094 | $ 70,740 | $ 29,730 | $ 17,727 |
| Contract Settlement Fee | $ - | $ - | $ - | - |
| Profit On Sales Of Assets | $ 3,273 | $ 5,031 | $ 1,159 | $ 1,495 |
3. Taxation Expense
| Net Profit Before Taxation | $ 1,753,771 | $ 1,698,171 | $ 1,517,319 | $ 375,330 |
| Prima Facie Taxation | $ 578,744 | $ 560,397 | $ 500,715 | $ 123,858 |
Plus (Less): Items
| Non Deductible Items | $ 3,796 | - | - | - |
| Non Taxable Income | - | - | $ 849 | $ 4 |
| Unrecognised Timing Differences | $ 21,855 | $ 11,981 | $ 3,162 | $ 11,132 |
| Prior Period Adjustment | $ 114 | $ 253 | $ 17 | $ 234 |
| TAXATION EXPENSE FOR THE PERIOD | $ 590,571 | $ 549,518 | $ 503,906 | $ 112,984 |
The Taxation Charge is Represented By:
| Current Taxation | $ 590,571 | $ 549,518 | $ 503,906 | $ 112,984 |
The Company has not recognised the deferred tax liability on timing differences which are not expected to reverse in the foreseeable future. The tax liability in respect of these timing differences at 33% is $1,519,365 (2001: $1,334,595) for Distribution and a future tax benefit to Retail of $24,859 (2001: $21,250), subsequent realisation of which is subject to the requirements of the Income Tax Act 1994.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 171
Gazette.govt.nz —
NZ Gazette 2002, No 171
✨ LLM interpretation of page content
💰 Surplus Before Taxation
💰 Finance & RevenueFinancial Statements, Surplus, Taxation, Audit Fees, Depreciation, Interest, Bad Debts
💰 Taxation Expense
💰 Finance & RevenueTaxation Expense, Net Profit, Prima Facie Taxation, Non Deductible Items, Current Taxation, Income Tax Act 1994