New Zealand Gazette – 2003 – No. 90

Page 2328

✨ Financial Statements



HORIZON ENERGY DISTRIBUTION LIMITED - Lines Business

NOTES TO THE FINANCIAL STATEMENTS

NOTE Lines Business 2003 $000 Lines Business 2002 $000

3 INTEREST

Net Interest comprises:

  • Interest Expense on Borrowings | 2,250 | 2,424 |
  • Other interest expense not listed elsewhere | 14 | -
  • Interest Income on Cash, Bank Balances and Short Term Investments | - | -

Net Interest | 2,264 | 2,424 |

Total Interest Expense | 2,264 | 2,424 |

4 INCOME TAX

Income Tax Expense

The taxation expense has been calculated as follows:

2003 $000 2002 $000
Operating Surplus before Taxation 8,086 10,657
Income Tax on Surplus for the year at 33% 2,668 3,517
Plus/(less) Permanent Differences
- Non-Deductible Depreciation on revalued portion of fixed assets 476 476
- Non-Deductible Expenses 19 26
- Non-Taxable Income (47) (119)

Income Tax Expense | 3,116 | 3,900 |

Income Tax Expense comprises:

2003 $000 2002 $000
Tax Payable in respect of current year 2,969 3,664
Deferred Taxation 147 236

Income Tax Expense | 3,116 | 3,900 |

Deferred Taxation

2003 $000 2002 $000
Opening Balance 759 917
Deferred tax in respect of current year 147 (158)
Balance as at 31 March 906 759

Taxation Payable

Income Tax Payable (Prepaid) comprises:

2003 $000 2002 $000
Opening Balance 2,270 1,904
Tax Payable in respect of current year 2,969 3,664
Tax payable in respect of prior years - (394)
* Income Tax Paid (2,610) (2,004)

Balance as at 31 March (Asset) | 2,629 | 2,270 |

  • The figure for Income Tax Paid includes $80,000 Use of Money Interest credited but unpaid by the Inland Revenue Department. As this amount was not a cash item it is not included in the Income Tax Paid figure shown in the Statement of Cash Flows.


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 90


Gazette.govt.nz — PDF NZ Gazette 2003, No 90




✨ LLM interpretation of page content

🏭 Financial Statements for Horizon Energy Distribution Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Interest, Income Tax, Deferred Taxation, Taxation Payable