✨ Financial Statements
10 AUGUST 2005 NEW ZEALAND GAZETTE, No. 121 2923
4. TAXATION
| | 2005
$000 | 2004
$000 |
|------------------------|----------------|----------------|
| Accounting profit before taxation | 6,223 | 4,180 |
| Prima facie taxation @ 33% | 2,054 | 1,379 |
Plus/(less) taxation effect of:
| Over/(Under)estimation in prior year | 215 | 74 |
| Other items treated as permanent differences | (184) | (546) |
| Income Tax Charge/(Credit) to Net Operating Surplus | 2,085 | 907 |
The taxation charge is represented by:
| | 2005
$000 | 2004
$000 |
|------------------------|----------------|----------------|
| Current Taxation | 2,085 | 907 |
| Deferred Taxation | - | - |
| | 2,085 | 907 |
The Lines Business has a potential deferred tax liability net of future tax benefits of $15,266,000 (2004 $15,122,000). This liability is not expected to crystallise and has therefore not been recognised in the financial statements, in accordance with the business’s accounting policy.
Imputation credit account:
| Balance as at 1 April 2004 | 3,273 | 3,092 |
| Overestimation in prior year | - | (21) |
| Income tax payments/(benefit from operating deficit) during the period:
| Lines Business | 1,988 | 711 |
| Other Business | (1,058) | (361) |
| Imputation credits attached to dividends paid to shareholders:
| Lines Business | (123) | (148) |
| Other Business | - | - |
| Balance as at 31 March 2005 | 4,080 | 3,273 |
Imputation credits are recorded for both the Lines and Other Businesses, as the two businesses operate as a single legal and tax entity. As a consequence all imputation credits are available for utilisation by either or both businesses.
5. SHARE CAPITAL
| | 2005
$000 | 2004
$000 |
|------------------------|----------------|----------------|
| Issued and Paid In Capital: 15,000,000 Ordinary Shares | 29,311 | 29,311 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 121
Gazette.govt.nz —
NZ Gazette 2005, No 121
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Counties Power Limited Financial Statements
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💰 Finance & RevenueFinancial Statements, Taxation, Imputation Credits, Share Capital, Counties Power Limited