New Zealand Gazette – 2003 – No. 127

Page 3430

✨ Financial Statements



WESTPOWER LIMITED - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2003

2003 2002
$'000 $'000

Note 1. Revenue

  • Line Charges | 11,902 | 11,217 |

  • Special Discount on Line Charges | | |

  • Interest | 55 | 72 |

  • AC loss-rental rebates | 280 | 368 |

  • Sundry Income | 2,635 | 296 |

    Total Revenue | 14,872 | 11,953 |

Note 2. Expenses

  • Audit fees for Companies financial statements | 24 | 28 |
  • Other services provided by Auditors | 5 | 12 |
  • Directors' Fees | 37 | 35 |
  • Depreciation | 1,617| 1,490|
  • Loan Interest | 451 | 746 |
  • Bad debts written off | - | - |
  • Increase (decrease) in estimated doubtful debts | - | -
  • Loss (Profit) on Sale of Fixed Assets | 312 | 0 |
  • Write Down in Valuation of Buildings and Land | - | - |

Note 3. Taxation

  • Net Surplus before taxation | 6,487 | 3,931 |

  • Prima facie taxation at 33% | 2,141 | 1,297 |

  • Plus Tax effect of permanent differences | | 489 |

  • Imputation Credits | (1) | (1) |

  • Taxation adjustment previous year | (924)| (140)|

  • Timing differences not Recognised | | (660)|

    Total Taxation Expense | 1,216 | 985 |

The Taxation charge comprises

  • current taxation | 1,216 | 985 |
  • deferred taxation | 0 | 0 |

Timing differences of the Company have not been recognised in the Statements of Financial Position because they are not likely to reverse within the foreseeable future. At 31 March 2003 such timing differences amount to $21,039,295 (2002 $20,662,485) deferred taxation assessed at the current corporate taxation rate of 33 cents in the dollar is a liability of $6,942,968 (2002 $6,818,620).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 127


Gazette.govt.nz — PDF NZ Gazette 2003, No 127




✨ LLM interpretation of page content

🏭 Westpower Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
29 August 2003
Financial Statements, Revenue, Expenses, Taxation, Audit Fees, Directors' Fees, Depreciation, Loan Interest, Bad Debts, Fixed Assets, Buildings, Land, Taxation Charge, Deferred Taxation, Timing Differences