✨ Financial Statements
TOP ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS
FOR THE 12 MONTHS ENDED 31 MARCH 2003
| LINE BUSINESS | |
|---|---|
| $ | |
| 2003 | |
| ---------------- | ------- |
| 3. NET FINANCE COSTS | |
| Comprise: | |
| Interest - term debt | 587,120 |
| Interest - other | 19,159 |
| Net finance costs | 606,279 |
4. TAXATION
The taxation provision has been calculated as follows:
| Profit for the period | 6,039,886 | 6,361,848 |
Taxation for the period at 33%
Plus/(Less) tax effect of:
| Non taxable income | (125,603) | (178,619) |
| Non deductible items | 1,320 | 9,240 |
| Unrecognised timing differences | (261,879) | (366,146) |
| 1,607,000 | 1,563,885 |
The taxation charge is represented by:
| Taxation payable in respect of the current period | 1,607,000 | 1,563,885 |
| Prior year overprovision | (135,000) | |
| 1,472,000 | 1,563,885 |
The Company has not recognised a deferred tax liability of $3,507,233 (2002: $3,245,354) on timing differences of $10,633,390 (2002: $9,839,818), as these are not expected to reverse in the foreseeable future.
5. DIVIDENDS
| Ordinary dividend paid (.183 cents per share) | 4,575,000 |
| Ordinary dividend paid (.174 cents per share) |
Total dividends paid or provided
| | 4,575,000 | 4,350,000 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 105
Gazette.govt.nz —
NZ Gazette 2003, No 105
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Top Energy Limited Financial Performance Statement
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