New Zealand Gazette – 2005 – No. 12

Page 258

✨ Financial Statements



258 NEW ZEALAND GAZETTE, No. 12 18 JANUARY 2005

Scanpower Limited

Notes to the Financial Statements (Continued)

For the Year Ended 31 March 2004

Note 2. Taxation

2004 2003
$'000 $'000

Taxation Reconciliation
Accounting net operating surplus before taxation | 449 | 282 |
Taxation at 33% | 148 | 93 |
Plus tax effect of:
Permanent differences | 0 | 0 |
Prior year adjustment | 0 | 0 |
Deferred tax adjustment | 0 | 0 |
Tax expense / (Benefit) | 148 | 93 |

Income tax charge for the year comprises:
Current taxation (liability) | 148 | (192) |
Deferred taxation | 0 | 285 |
| 148 | 93 |

Deferred Tax Asset / (Liability):
Opening balance | (226) | 59 |
Prior period adjustment:
Underground deferred tax adjustment | 0 | (146) |
Current year movement | (1,476)| (139) |
Closing balance | (1,702)| (226) |

Imputation Credit Account:
Opening balance | 647 | 526 |
Tax paid during the year | 46 | 158 |
Tax refunds during the year | (164) | 0 |
Resident withholding tax paid | 0 | (37) |
Credits attached to dividends paid | | |
Closing balance at end of the year | 529 | 647 |

Note 3. Retained Earnings and Reserves

Retained Earnings
Balance at beginning of the year | (2,407)| (2,521)
Net surplus for the year | 301 | 189 |
Dividends paid and proposed | (15) | (75) |
Balance at end of the year | (2,121)| (2,407)

Reserves
Asset revaluation reserves:
Freehold land | 14 | 14 |
Freehold buildings & fixtures | 32 | 32 |
Distribution assets | 13,874| 0 |
Balance at end of the year | 13,920| 46 |

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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 12


Gazette.govt.nz — PDF NZ Gazette 2005, No 12




✨ LLM interpretation of page content

💰 Statement of Significant Accounting Policies for Scanpower Limited (continued from previous page)

💰 Finance & Revenue
Accounting Policies, Financial Statements, Depreciation, Employee Entitlements, Financial Instruments, Cash Flows, Accounting Changes