New Zealand Gazette – 2003 – No. 93

Page 2394

✨ Financial Statements



2394 NEW ZEALAND GAZETTE No. 93

4. TAXATION

2003 $000 2002 $000
Accounting profit before taxation 3,211 4,391
Prima facie taxation (@ 33% 1,060 1,449

Plus/(less) taxation effect of:
| Over/(Under)estimation in prior year | 51 | 9 |
| Non deductible expenses | - | 4 |
| Other items treated as permanent differences | (715) | (653) |
| Reversal of prior year deferred tax liability | - | (2,398) |
| Income Tax Charge/(Credit) to Net Operating Surplus | 395 | (1,589) |

The deferred taxation adjustment in 2002 arises from a change from the comprehensive to the partial method of accounting for deferred taxation in that year.

The taxation charge is represented by:

2003 $000 2002 $000
Current Taxation 395 809
Deferred Taxation - (2,398)
395 (1,589)

Deferred taxation is represented by:

| Deferred taxation 1 April 2001 | - | 9,649 |
| Current charge/(credit) | - | (2,398) |
| Effect of revaluation of assets | - | - |
| Reversal of deferred tax effect of revaluation | - | (7,251) |
| Deferred taxation liability 31 March 2002 | - | - |

The Line Business has a potential deferred tax liability net of future tax benefits of $12,764,000 (2002 $11,052,000). This liability is not expected to crystallise and has therefore not been recognised in the financial statements, in accordance with the business’s accounting policy.

Imputation credit account:

| Balance as at 1 April 2002 | 2,593 | 2,285 |
| Income tax payments made during the period: | | |
| Line Business | 357 | 463 |
| Other Business | 290 | 337 |
| Imputation credits attached to dividends paid to shareholders: | | |
| Line Business | (111) | (369) |
| Other Business | (37) | (123) |
| Balance as at 31 March 2003 | 3,092 | 2,593 |

Imputation credits are recorded for both the Line and Other Businesses, as the two businesses operate as a single legal and tax entity. As a consequence all imputation credits are available for utilisation by either or both businesses.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 93


Gazette.govt.nz — PDF NZ Gazette 2003, No 93




✨ LLM interpretation of page content

💰 Counties Power Limited Line Business Financial Statements (continued from previous page)

💰 Finance & Revenue
Financial Statements, Revenue, Operating Expenditure, Counties Power Limited, Taxation, Deferred Taxation, Imputation Credit Account