New Zealand Gazette – 2003 – No. 98

Page 2591

✨ Financial Statements



Buller Electricity Limited

Line Business Financial Statements

2 INCOME TAX

2003 2002
$ $
Operating Surplus before Income Tax 893,666 833,614
Prima Facie Taxation at 33% 294,910 275,093
Plus tax loss not previously applied 0 0
Plus Tax effect of permanent differences 0 (30,867)
Less Tax effect of timing differences not Recognised (19,011) (49,678)
Less Prior Year Adjustment 0 0
Total Income Tax Expense (Benefit) 275,899 194,548

The income tax expense comprises:

  • current taxation | 275,899 | 194,548 |

| | 275,899 | 194,548 |

A deferred tax liability of $1,687,437 has not been recognised (2002 $1,576,364). This liability primarily relates to asset revaluations of the reticulation assets which would only crystallise on disposal.

3 RESERVES

Reserves 2003 2002
Share Premium Reserve 255,796 255,796
Revaluation Reserve Land and Buildings 51,093 51,093
Revaluation Distribution System 8,643,987 8,643,987
Revaluation other Assets 33,958 33,958
8,984,834 8,984,834

4 PROPERTY, PLANT & EQUIPMENT

Distribution System Assets

2003 2002
Adjusted ODV Valuation at beginning of year 13,182,273 13,120,880
Plus Additions 2003 852,857 355,358
Less Disposals 2003 (143,232) 0
Less Depreciation 2003 (299,288) (293,965)
Net Book Value at end of year 13,592,610 13,182,273

Buildings

2003 2002
Net Book Value at Valuation at beginning of year 33,004 33,004
Accumulated Depreciation 0 0
Net Book Value at end of year 33,004 33,004

Customer Billing and IS

2003 2002
Cost 216,967 191,373
Accumulated Depreciation (151,238) (118,875)
Net Book Value at end of year 65,729 72,498

Office Equipment

2003 2002
Cost 80,920 76,679
Accumulated Depreciation (58,012) (46,400)
Net Book Value 22,908 30,279


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 98


Gazette.govt.nz — PDF NZ Gazette 2003, No 98




✨ LLM interpretation of page content

🏗️ Buller Electricity Limited Financial Statements (continued from previous page)

🏗️ Infrastructure & Public Works
Electricity, Financial Statements, Income Tax, Reserves, Property, Plant & Equipment, Distribution System, Buildings, Customer Billing, IS, Office Equipment