New Zealand Gazette – 2002 – No. 88

Page 2348

✨ Financial Statements



WAIPA NETWORKS LIMITED - LINES BUSINESS

2002 $ 2001 $
3 TAXATION

Net surplus before taxation | 1,000,829 | 3,452,819 |
Prima facie taxation at 33% | 330,274 | 1,139,430 |

Plus Tax effect of permanent differences | 379,481 | 367,576 |
Less Tax effect of timing differences not Recognised | (393,556) | (355,658) |
Total Taxation Expense | 316,199 | 1,151,348 |

The Taxation charge comprises:

  • current taxation | 316,199 | 1,151,348 |
  • deferred taxation | - | -

| | 316,199 | 1,151,348 |

A deferred tax liability of $3,373,039 (2001 $3,064,972), has not been recognised. This liability primarily relates to asset revaluations of the reticulation assets which would only crystallise on disposal.

Imputation credit memorandum account:
Balance at the beginning of the year | 933,750 | 906,213 |
Dividends Allocated | (113,153) | (1,170,140) |
Taxation paid | 396,643 | 1,197,677 |
Balance at end of year | 1,217,240 | 933,750 |

4 SHARE CAPITAL

Balance at beginning of year | - | -
Shares Repurchased | - | -
Balance at end of year | - | -

At 31 March 2001 the line business has 6,800,000 issued shares. During the year the line business has repurchased and cancelled a total of 1,200,000 shares at a total cost of $8,705,826. $8,000,000 of this was paid in 2000.

All shares carry equal voting rights and share in any surplus on winding up of the company equally. None of the shares carry fixed dividend rights.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 88


Gazette.govt.nz — PDF NZ Gazette 2002, No 88




✨ LLM interpretation of page content

🏭 Net Surplus Before Taxation for Waipa Networks Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Taxation, Net Surplus, Waipa Networks Limited