✨ Financial Statements
1856
NEW ZEALAND GAZETTE
No. 69
Network Tasman Limited
Line Business Financial Statements
Notes to and forming part of the financial statements
For the year ended 31 March 2002
- Income tax
(a) Income tax expense
Operating surplus before income tax
7,970
7,342
Permanent differences:
Vested asset income reversal
(1,332)
(1,140)
Depreciation
1,182
1,026
Other permanent differences
(237)
(76)
(387)
(190)
Taxable income
7,583
7,152
Tax expense @ 33%
2,503
2,360
Income tax (over) under provided in prior year
0
120
Total income tax expense
2,503
2,480
The income tax expense is represented by:
Current taxation
2,550
2,435
Deferred taxation
(47)
45
2,503
2,480
- Dividends
Distributions during the year:
Dividends paid
1,497
2,100
Total distributions paid
1,497
2,100
- Equity
Ordinary shares fully paid
14,280
14,280
Property, plant & equipment revaluation reserve
47,158
47,158
Share premium reserve
1,938
1,938
Retained earnings
21,083
18,169
Total equity
84,459
81,545
Share premium reserve
The share premium reserve was created on 1 May 1993, recognising the difference between the share capital issued and the closing value of corporate ownership of the Tasman Electric Power Board at 30 April 1993.
Property, plant & equipment revaluation reserve
The property, plant and equipment revaluation reserve relates to the revaluation of the distribution system assets. The initial valuation was carried out at 31 March 1997 with a subsequent valuation at 31 March 2001.
As at 1 April 2001, the company’s accounting asset register was reconstructed to a component level based on the ODRC asset register. The revaluation surpluses have been allocated to each asset component as required by FRS-3: Property, Plant & Equipment.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 69
Gazette.govt.nz —
NZ Gazette 2002, No 69
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Network Tasman Limited Line Business Financial Statements
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