New Zealand Gazette – 2003 – No. 99

Page 2616

✨ Financial Statements Notes

NOTES TO THE FINANCIAL STATEMENTS

Note 1 : Taxation

	2003	2002
	$000	$000
Net profit before tax	11,457	11,093
Permanent difference	8,843	8,013
	20,300	19,106

Tax at 33 cents in the dollar | 6,699 | 6,305 |

Income tax charge | 6,699 | 6,305 |

Income tax charge comprises:

Current taxation | 1,703 | 1,316 |
Deferred taxation | 4,996 | 4,989 |
| 6,699 | 6,305 |

Note 2 : Shareholders Funds

Issued and paid up capital
2,000,000 ordinary shares | 2,000 | 2,000 |

Reserves

Asset revaluation reserve
| | 2003 | 2002 |
|----------------------------------|---------|---------|
| Balance at beginning of year | 111,775 | 72,708 |
| Revaluation | - | 42,301 |
| Adjustment for prior year deferred tax liability | - | (3,234) |
| Transferred to retained earnings on disposal of assets | (59) | - |
| Balance at end of year | 111,716 | 111,775 |

Retained Earnings
| | 2003 | 2002 |
|----------------------------------|-----------|---------|
| Balance at beginning of year | (3,078) | (200) |
| Net surplus for year | 4,758 | 4,788 |
| Dividend distributions | (9,082) | (7,666) |
| | (7,402) | (3,078) |

Total Shareholders Funds | 106,314 | 110,697 |

Note 3 : Fixed Assets

2002 Book Value $000		AS AT 31 MARCH 2003
		Cost or Revaluation $000	Accumulated Depreciation $000

Line Business
| | Network | 241,190 | 15,485 | 225,705 |
| 224,650 | Plant | 1,611 | 263 | 1,348 |
| 1,603 | Load Control Equipment | 509 | 114 | 395 |
| 573 | Subtotal | 243,310 | 15,862 | 227,448 |

| 9,880 | Buildings | 9,955 | 174 | 9,781 |
| 2,734 | Land | 2,734 | - | 2,734 |
| 0 | Motor Vehicles | - | - | - |

Subtotal | | 255,999 | 16,036 | 239,963 |
| | Furniture | - | - | - |
| 2,943 | Capital Work in Progress| 5,521 | - | 5,521 |

| 242,383 | | 261,520 | 16,036 | 245,484 |

VUW Te Waharoa — NZ Gazette 2003, No 99

Gazette.govt.nz — NZ Gazette 2003, No 99

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Disclosure of Information Required in Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated16 July 2003
KeywordsFinancial Statements, Disclosure, Regulations, Dunedin Electricity Limited

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