New Zealand Gazette – 2005 – No. 127

Page 3074

✨ Financial Statements Notes



HORIZON ENERGY DISTRIBUTION LIMITED - Lines Business

NOTES TO THE FINANCIAL STATEMENTS

Lines Business 2005

$000

Lines Business 2004

$000

3 INTEREST

Net Interest comprises:

  • Interest Expense on Borrowings
    2,047
    2,141

  • Interest Income on Cash, Bank Balances and Short Term Investments
    (6)

Net Interest
2,041
2,141

Total Interest Expense
2,047
2,141

4 INCOME TAX

Income Tax Expense

The taxation expense has been calculated as follows:

Operating Surplus before Taxation
6,647
8,584

Income Tax on Surplus for the year at 33%
2,194
2,833

Plus/(Less) Permanent Differences

  • Non-Deductible Depreciation on Revalued Portion of Fixed Assets
    602
    478

  • Non-Deductible Expenses
    16
    18

  • Non-Taxable Income

    (311)

Income Tax Expense
2,812
3,018

Income tax expense comprises:

  • Tax Payable in Respect of Current Year
    2,571
    1,587

  • Deferred Taxation
    241
    1,431

Income Tax Expense
2,812
3,018

Deferred Taxation

  • Opening Balance
    2,337
    906

  • Deferred tax in respect of current year
    241
    1,431

Balance as at 31 March
2,578
2,337

Taxation Payable

Income tax payable/(prepaid) comprises:

  • Opening Balance
    1,532
    2,629

  • Tax Payable in Respect of Current Year
    2,571
    1,587

  • Tax payable in Respect of Prior Years

  • Income Tax Paid
    (2,340)
    (2,684)

Balance as at 31 March - Liability/(Asset)
1,763
1,532



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 127


Gazette.govt.nz — PDF NZ Gazette 2005, No 127




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial Statements, Interest, Income Tax, Deferred Taxation, Taxation Payable