New Zealand Gazette – 2003 – No. 160

Page 4416

✨ Financial Statements



4416 NEW ZEALAND GAZETTE No. 160

vi) Deferred Expenditure

Deferred expenditure is expenditure which provides benefits beyond the current accounting period and is written off over periods up to ten years. These expenditures relate to the connection of new customers to the gas system and the conversion of existing customers’ appliances to the use of natural gas.

vii) Goodwill

The excess of cost over the fair value of businesses acquired is recognised as goodwill and is amortised to the Statement of Financial Performance over periods of up to 20 years.

viii) Changes in Accounting Policies

There have been no changes in accounting policies.

  1. Surplus before Taxation
$ Thousands
2003 2002

Surplus before Taxation is stated after charging:

| Audit fees and expenses | 28 | 28 |
| Fees for other services paid to the Auditors | - | - |
| Depreciation | 496 | 1,098 |

  1. Taxation
$ Thousands
2003 2002

The Income Tax Expense has been calculated as follows:

| Surplus before taxation | 76,458 | 4,118 |
| Income tax at 33% | 25,231 | 1,359 |

Adjustments to tax for:

| Non-assessable income | (12,251) | - |
| Non-deductible expenditure | 1,368 | 265 |
| Tax charge | 14,348 | 1,624 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 160


Gazette.govt.nz — PDF NZ Gazette 2003, No 160




✨ LLM interpretation of page content

🏭 Certification of Financial Statements by Auditor (continued from previous page)

🏭 Trade, Customs & Industry
20 November 2003
Financial Statements, Certification, Gas Distribution, NGC Holdings Limited, Gas (Information Disclosure) Regulations 1997