New Zealand Gazette – 2003 – No. 158

Page 4381

✨ Financial Statements



2. Surplus Before Taxation

Distribution Retail
2003 2002 2003 2002
$ $ $ $

After Charging:

  • Adult Fees | 11,713 | 8,056 | 13,105 | 9,164 |
  • Audit Fees Other Services | 3,196 | 1,601 | 0 | 1,321 |

Depreciation:

  • Distribution Network | 543,197 | 482,643 | 0 | 0 |
  • Leasehold Improvements | 14,147 | 24,850 | 8,963 | 15,979 |
  • Vehicles | 5,064 | 5,094 | 5,224 | 5,327 |
  • Office Equipment| 3,803 | 3,114 | 3,341 | 2,684 |
  • Furniture & Fittings | 2,251 | 2,284 | 1,106 | 1,138 |
  • Plant & Equipment | 13,192 | 12,308 | 200 | 188 |
  • Computer H/Ware & S/Ware | 34,932 | 18,293 | 24,338 | 12,816 |

Total Depreciation | 616,586 | 528,586 | 43,172 | 38,232 |

  • Directors' Fees | 28,273 | 15,306 | 31,633 | 17,412 |
  • Interest: Fixed Loans | 338,387 | 330,426 | 14,566 | 23,308 |
  • Rental & Operating Lease Costs | 71,058 | 71,683 | 22,997 | 23,089 |
  • Movements in provision for Doubtful Debts | 0 | 0 | 9,327 | 0 |
  • Bad debts written off | 0 | 0 | 0 | 36,314 |

After Crediting:

  • Interest From Short Term Deposits | 58,613 | 70,004 | (2,062) | 29,730 |
  • Profit On Sales Of Assets | 8,661 | 3,273 | 2,698 | 1,159 |

3. Taxation Expense

Distribution Retail
2003 2002 2003 2002
$ $ $ $
  • Net Profit Before Taxation | 1,471,353 | 1,753,771 | 529,246 | 1,517,319 |

Prima Facie Taxation | 485,546 | 578,744 | 174,651 | 500,715 |

Plus (Less):

  • Non Deductible Items | 6,907 | 3,796 | 22 | 12 |
  • Non Taxable Income | 0 | 0 | 0 | 0 |
  • Unrecognised Timing Differences | (47,929) | (21,855) | 3,717 | 3,162 |
  • Prior Period Adjustment | 0 | (114) | 0 | 17 |

TAXATION EXPENSE FOR THE PERIOD | 444,525 | 560,571 | 178,390 | 503,906 |

The Taxation Charge is Represented By:

  • Current Taxation | 444,525 | 560,571 | 178,390 | 503,906 |

The Company has not recognised the deferred tax liability on timing differences which are not expected to reverse in the foreseeable future. The tax liability in respect of these timing differences at 33% is $1,734,669 (2002: $1,519,365) for Distribution and a future tax benefit to Retail of $32,558 (2002: $24,859), the realisation of which is subject to the requirements of the Income Tax Act 1994.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 158


Gazette.govt.nz — PDF NZ Gazette 2003, No 158




✨ LLM interpretation of page content

🏭 Surplus Before Taxation

🏭 Trade, Customs & Industry
Surplus, Fees, Depreciation, Directors' Fees, Interest, Bad Debts, Profit

🏭 Taxation Expense

🏭 Trade, Customs & Industry
Taxation, Net Profit, Prima Facie Taxation, Non Deductible Items, Non Taxable Income, Timing Differences, Current Taxation, Deferred Tax Liability