New Zealand Gazette – 2005 – No. 138

Page 3346

✨ Financial Statements



3346 NEW ZEALAND GAZETTE, No. 138 23 AUGUST 2005

3.2 Future Income Tax Benefits / Deferred Taxation

2005 $000's 2004 $000's
Balance at Beginning of Year 4,996 462
Prior Year Adjustments (8) -
Deferred Tax Arising on Revaluation - 4,533
Deferred Tax Arising on Timing Differences 520 -
Balance at End of Year 5,508 4,996
  1. EARNINGS PER SHARE

Earnings per share is calculated by dividing the net surplus after taxation by the average number of shares on issue during the year.

Average number of shares on issue | 8,736 | 8,371 |
Net surplus per share | 20 cents | 13 cents |

  1. SHARE CAPITAL

5.1 Marlborough Lines shares are held by the Trustees to the Marlborough Electric Power Trust.

5.2 Issued and Paid up Capital ordinary $1.00 shares | 8,736 | 8,736 |

  1. RETAINED EARNINGS / REVALUATION RESERVES

Retained Earnings
Balance at Beginning of Year | 17,049 | 15,978 |
Net Surplus for the Year | 1,781 | 1,112 |
Transfers to/from Other business | - | 109 |
Dividends Provided | (150) | (150) |
Retained Earnings Balance at End of Year | 18,680 | 17,049 |

Revaluations Reserve Balance at Beginning of Year | 89,819 | - |
Revaluations | - | 89,819 |
Revaluations Reserve Balance at End of Year | 89,819 | 89,819 |

Retained Earnings and Revaluations Reserve Balance at End of Year | 108,499 | 106,723 |

Distribution system assets were revalued as at 1 April 2003 to depreciated replacement cost (DRC). This valuation was completed in accordance with the requirements of FRS 3 by PricewaterhouseCoopers and their valuation report is dated 11 May 2004. The company’s land and building assets were also revalued to net current value. The total revaluation credit to reserves of $94.352m was offset by a charge to deferred tax of $4.533m representing the deferred tax liability on accumulated tax depreciation on revalued assets at 31 March 2003.

The revaluation reserve comprises revaluations in the following categories:

Category Amount ($000's)
Land and Buildings 4,368
Reticulation System Assets 85,451
Total 89,819
  1. ACCOUNTS RECEIVABLE

The balance of Accounts Receivable comprises:

2005 2004
Network and other trade debtors 1,520 1,225
GST Receivable 514 -
Total 2,034 1,225
  1. CREDITORS AND ACCRUALS

In current liabilities the balance of creditors and accruals comprises:

2005 2004
Trade Creditors Including GST 1,417 1,318
Employee Entitlements (Annual Leave) 151 110
Total 1,568 1,428


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 138


Gazette.govt.nz — PDF NZ Gazette 2005, No 138




✨ LLM interpretation of page content

🏭 Financial Statements Notes for Marlborough Lines Limited (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Employee Entitlements, Financial Instruments, Foreign Currency Transactions, Accounting Policies