New Zealand Gazette – 2003 – No. 102

Page 2710

✨ Financial Statements



Alpine Energy Limited (Lines)

Financial Statements Prepared in Accordance with the Electricity (Information Disclosure) Regulations

Notes to and Forming Part of the Financial Statements - Continued

for the Year Ending 31 March 2003

i) Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

2. Taxation

2003 2002
$ $
Income Tax Expense
Operating Surplus before Income Tax 11,962,517 11,048,906
Add/(Deduct):
Non Deductible Costs (1,285,892) 0
Non Assessable Income 0 (1,206,038)
Timing Differences
Taxable Income 10,676,625 9,842,868
Taxation Charge @ 33% 3,523,286 3,248,146
Prior Year Over (Under) Provisions 0 0
Income Tax Expense 3,523,286 3,248,146

The income tax expense is represented by:

2003 2002
Current Taxation 3,594,264 3,384,227
Deferred Taxation (70,978) (136,081)
3,523,286 3,248,146

Deferred Income Tax Liability (Asset)

2003 2002
Balance at Beginning of Year (Asset) (842,081) (706,000)
Current Year Timing Differences (70,978) (136,081)
Adjustment on Disposal of Business 0 0
Balance at End of Year (913,059) (842,081)

Taxation Liability (Asset)

2003 2002
Income Tax Expense (Asset) 3,523,286 3,248,146
Add/(Deduct):
Deferred Tax 70,978 136,081
Income Tax Paid (3,137,989) (3,776,500)
Income Tax Liability at Beginning of Year (429,273) (37,000)
Provision for Tax 27,002 (429,273)

3. Reserves

2003 2002
$ $
Asset Revaluation Reserve
Balance at Beginning of the Year 40,928,000 41,101,000
Net Revaluations 0 (173,000)
Transfer on Disposal of Assets 0 0
Balance at End of the Year 40,928,000 40,928,000

4. Contingent Liabilities

In respect of the business activities being reported on, the Company has no contingent liabilities as at 31 March 2003 (2002 nil).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 102


Gazette.govt.nz — PDF NZ Gazette 2003, No 102




✨ LLM interpretation of page content

🌾 Financial Statements for Alpine Energy Limited (continued from previous page)

🌾 Primary Industries & Resources
Electricity, Financial Statements, Information Disclosure, Alpine Energy Limited, Cash Flows