✨ Financial Statements
22 AUGUST NEW ZEALAND GAZETTE 2967
WEL NETWORKS LIMITED
| | Line Business |
| | 2003 | 2002 |
| | ($000s) | ($000s)|
4 Taxation
Profit before taxation | 19,958 | 25,651 |
Tax on profit at 33% | 6,586 | 8,465 |
Tax effect of permanent differences | 1,299 | 868 |
Total taxation expense | 7,885 | 9,333 |
Represented by:
Deferred income tax liability | 711 | 1,249 |
Current taxation provision | 7,174 | 8,084 |
| 7,885 | 9,333 |
Deferred income tax liability
Balance at the beginning of the year | 9,068 | 7,819 |
Adjustments for prior periods | - | - |
Current year timing differences | 711 | 1,249 |
Balance at the end of the year | 9,779 | 9,068 |
The tax effect of timing differences arising from asset revaluations of the distribution system approximating $17,100,000, which would only crystallise on disposal, have not been recognised.
5 Shareholders Funds
Issued and Paid In Capital | 131 | 131 |
All ordinary shares carry equal voting rights
Asset revaluation reserve | 90,040 | 90,171 |
Retained earnings | 37,838 | 32,895 |
Other Reserves | 30,359 | 41,374 |
Total Equity | 158,368| 164,571|
Asset Revaluation Reserve
Balance at the beginning of the year | 90,171 | 90,171 |
Transfer to Retained Earnings | (131) | - |
Balance at the end of the year | 90,040 | 90,171 |
Retained Earnings
Balance at the beginning of the year | 32,895 | 26,486 |
Net surplus after tax | 12,073 | 16,318 |
Dividends | (7,261) | (9,909) |
Transfer from Revaluation Reserve | 131 | - |
Balance at the end of the year | 37,838 | 32,895 |
Other Reserves
Balance at the beginning of the year | 41,374 | 41,374 |
Loss on Amalgamation with WETSL | (11,015) | - |
Balance at the end of the year | 30,359 | 41,374 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 112
Gazette.govt.nz —
NZ Gazette 2003, No 112
✨ LLM interpretation of page content
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Certification of Financial Statements for WEL Networks Limited
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🏭 Trade, Customs & Industry17 June 2003
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