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New Zealand Gazette – 2003 – No. 111

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✨ Financial Statements Notes

22 AUGUST

NEW ZEALAND GAZETTE

2941

THE LINES COMPANY LIMITED

Lines Business Activity

Notes to the Financial Statements

For the Year Ended 31st March 2003

(b) Basis of Allocations to Business Units

In general the Ministry of Economic Development guidelines for allocation of income and expenditure have been applied. Deviations from the guidelines have been used where assumptions made in the guidelines have not held true for The Lines Company Limited. These are as follows:

Various overhead costs that are an integral part of operating each business and have been allocated according to relative fixed assets involved in each business.

Interest costs allocated to the Lines Business reflects those costs associated with the Subordinated Debt and the Swap loan. The Subordinated Debts were set up to ensure the fair cost allocation of low density customers.

(i) Comparative Figures

Comparative figures have not been changed from those reported in prior periods, despite changes to the Financial Statements preparation basis as set by the Ministry of Economic Development.

(j) Changes in Accounting Policies

The group has changed the policy with regard to deferred tax. Whereas now adopted the comprehensive method of recording deferred tax. The effect of this has been to increase the deferred tax liability by $6,267,649.

(k) Statement of Cash Flows

The Statement of Cash Flows is prepared exclusive of GST, which is consistent with the method used in the Statement of Financial Performance.

Definitions of the terms used in the Statement of Cash Flows:

“Cash” includes coins and notes, demand deposits and other highly liquid investments readily convertible into cash and includes at call borrowings such as bank overdrafts, used by the company and the group as part of their day-to-day cash management.

VUW Te Waharoa — NZ Gazette 2003, No 111

Gazette.govt.nz — NZ Gazette 2003, No 111

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✨ LLM interpretation of page content

💰 Notes to the Financial Statements for The Lines Company Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Depreciation, Inventory, Taxation, Goods & Services Tax

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