✨ Financial Statements
3 AUGUST 2005
NEW ZEALAND GAZETTE, No. 114
2747
WEL NETWORKS LIMITED
4 Taxation
Profit before taxation 14,025 17,670
Tax on profit at 33% 4,628 5,831
Tax effect of permanent differences 1,091 895
Total taxation expense 5,719 6,726
Represented by:
Deferred income tax liability 2,217 2,614
Current taxation provision 3,502 4,112
5,719 6,726
Deferred income tax liability
Balance at the beginning of the year 12,393 9,779
Adjustments for prior periods 5 -
Current year timing differences 2,217 2,614
Balance at the end of the year 14,615 12,393
The tax effect of timing differences arising from asset revaluations of the distribution system approximating $23,689,000, which would only crystallise on disposal, have not been recognised.
5 Shareholders Funds
Issued and Paid in Capital 41,504 41,504
All ordinary shares carry equal voting rights
Asset revaluation reserve 104,612 104,612
Retained earnings 8,788 30,872
Total Equity 154,904 176,988
Asset Revaluation Reserve
Balance at the beginning of the year 104,612 90,040
Asset revaluation - 14,572
Transfer to Retained Earnings - -
Balance at the end of the year 104,612 104,612
Retained Earnings
Balance at the beginning of the year 30,872 26,824
Net surplus after tax 8,306 10,944
Dividends (30,390) (6,896)
Transfer from Revaluation Reserve - -
Balance at the end of the year 8,788 30,872
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 114
Gazette.govt.nz —
NZ Gazette 2005, No 114
✨ LLM interpretation of page content
🏭
Statement of Accounting Policies for WEL Networks Limited
(continued from previous page)
🏭 Trade, Customs & Industry3 August 2005
Taxation, Shareholders Funds, Deferred Income Tax, Asset Revaluation, Retained Earnings, WEL Networks Limited