New Zealand Gazette – 2002 – No. 93

Page 2508

✨ Financial Statements



Buller Electricity Limited

Line Business Financial Statements

2 INCOME TAX

2002 2001
$ $
Operating Surplus before Income Tax 833,614 1,421,903
Prima Facie Taxation at 33% 275,093 469,228
Plus tax loss not previously applied 0 (7,587)
Plus Tax effect of permanent differences (30,867) (14,373)
Less Tax effect of timing differences not Recognised (49,678) (34,823)
Less Prior Year Adjustment 0 (18,240)
Total Income Tax Expense (Benefit) 194,548 396,205

The income tax expense comprises:

  • current taxation | 194,548 | 396,205 |

A deferred tax liability of $1,576,364 has not been recognised (2001 $1,446,976). This liability primarily relates to asset revaluations of the reticulation assets which would only crystallise on disposal.

3 RESERVES

2002 2001
Share Premium Reserve 255,796 255,795
Revaluation Reserve Land and Buildings 51,093 51,093
Revaluation Distribution System 8,643,987 8,742,387
Revaluation other Assets 33,958 34,050
8,984,834 9,083,325

The Reserves have reduced by $98,491 when the distribution assets were revalued as at 31 March 2001 under the comprehensive audit carried out by the Commerce Commission in 2002 resulting in a 0.75% reduction in value.

4 FIXED ASSETS

System Fixed Assets

2002 2001
Adjusted ODV Valuation at 31/3/01 13,120,880 13,219,371
Plus Additions 2002 355,358 0
Less Depreciation 2002 (293,965) 0
Net Book Value 31/3/02 13,182,273 13,219,371

Buildings

2002 2001
Net Book Value at Valuation 31/03/01 33,004 27,500
Accumulated Depreciation 0 0
Net Book Value 31/3/02 33,004 27,500

Customer Billing and IS

2002 2001
Cost 191,373 116,112
Accumulated Depreciation (118,375) (98,336)
Net Book Value 72,498 17,776


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 93


Gazette.govt.nz — PDF NZ Gazette 2002, No 93




✨ LLM interpretation of page content

🏭 Certification of Financial Statements and Performance Measures by Buller Electricity Limited (continued from previous page)

🏭 Trade, Customs & Industry
30 July 2002
Financial Statements, Performance Measures, Electricity, Certification, Buller Electricity Limited, Accounting Policies