✨ Financial Statements
NELSON ELECTRICITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the year to 31 March 2003
2.8 Network Revenue
The Company’s principal source of revenue arises from the supply of network services to electricity traders who trade across the network. Terms and conditions for supply of these services are provided for in "use of system" agreements signed with the electricity retailers.
2.9 Employee Entitlements
Provision is made in respect of the company’s liability for employees annual leave. Annual leave is calculated on an actual entitlement basis at current rates of remuneration.
2.10 Statement of Cash Flows
Cash means cash balances on hand, held in bank accounts, demand deposits and other highly liquid investments in which the company invests as part of its day to day cash management.
Operating activities include all cash received from all income sources of the company and records the cash payments made for the supply of goods and services.
Investing activities are those activities relating to the acquisition and disposal of non current assets.
Financing activities comprise the change in equity and debt capital structure of the company.
2.11 Changes in Accounting Policies
There have been no changes in accounting policies during the year. All policies have been applied on bases consistent with those used in other years.
| Year Ended | Year Ended | |
|---|---|---|
| 31-Mar-03 | 31-Mar-02 | |
| $000 | $000 | |
| Surplus Before Taxation | 3,057 | 3,606 |
| Taxation @ 33 % | 1,009 | 1,190 |
| Under Provision from Prior Year | (2) | (16) |
| Timing Differences | 173 | 342 |
| Tax Expense as per Statement of Financial Performance | 1,180 | 1,522 |
Comprising:
| | | |
| Current Taxation | 1,038 | 1,421 |
| Deferred Taxation | 142 | 101 |
| | 1,180 | 1,522 |
Imputation Credit Account
| | | |
| Balance 1 April | 451 | 92 |
| Imputation Credits Attached to Dividends Paid in the Year | (837) | (1,084) |
| Income Tax Payments During the Year | 1,111 | 1,450 |
| Refunds Received From Inland Revenue | 0 | (7) |
| Balance 31 March | 725 | 451 |
4. Deferred Taxation
| | | |
| Balance 1 April | 158 | 57 |
| Deferred Tax Prior Period | 0 | 0 |
| Deferred Tax Current Period | 142 | 101 |
| Balance 31 March | 300 | 158 |
5. Share Capital
| | 31-Mar-03 | 31-Mar-02 |
| | $000 | $000 |
| Authorised Issued and Paid up Share Capital | 1 | 1 |
Subsequent to agreement of its two shareholders Nelson Electricity repurchased a total of 4,999,000 $1 shares on 22 March 2001.
As at 31 March 2003 Marlborough Lines Ltd and Network Tasman Ltd each hold 500 shares.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 140
Gazette.govt.nz —
NZ Gazette 2003, No 140
✨ LLM interpretation of page content
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Notes to the Financial Statements for Nelson Electricity Limited
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