New Zealand Gazette – 2004 – No. 172

Page 4302

✨ Financial Statements Notes



HORIZON ENERGY DISTRIBUTION LIMITED - Lines Business

NOTES TO THE FINANCIAL STATEMENTS

NOTE Lines Business 2004 $000 Lines Business 2003 $000

3 INTEREST

Net Interest comprises:

  • Interest Expense on Borrowings 2,141 2,250
  • Other interest expense not listed elsewhere - 14
  • Interest Income on Cash, Bank Balances and Short Term Investments - -

Net Interest 2,141 2,264

Total Interest Expense 2,141 2,264

4 INCOME TAX

Income Tax Expense

The taxation expense has been calculated as follows:

  • Operating Surplus before Taxation 8,584 8,086
  • Income Tax on Surplus for the year at 33% 2,833 2,668
  • Plus/(Less) Permanent Differences
    • Non-Deductible Depreciation on revalued portion of fixed assets 478 476
    • Non-Deductible Expenses 18 19
    • Non-Taxable Income (311) (47)

Income Tax Expense 3,018 3,116

Income Tax Expense comprises:

  • Tax Payable in respect of current year 1,587 2,969
  • Deferred Taxation 1,431 147

Income Tax Expense 3,018 3,116

Deferred Taxation

  • Opening Balance 906 759
  • Deferred tax in respect of current year 1,431 147

Balance as at 31 March 2,337 906

Taxation Payable

Income Tax Payable (Prepaid) comprises:

  • Opening Balance 2,629 2,270
  • Tax Payable in respect of current year 1,587 2,969
  • Tax payable in respect of prior years - -
  • *Income Tax Paid (2,684) (2,610)

Balance as at 31 March (Asset) 1,532 2,629

  • The figure for Income Tax Paid includes $80,000 in 2003 Use of Money Interest credited 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 2004, No 172


Gazette.govt.nz — PDF NZ Gazette 2004, No 172




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

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Research and Development, Foreign Currency, Comparatives, Valuation of Distribution System Assets