New Zealand Gazette – 2005 – No. 14

Page 313

✨ Financial Statements



Buller Electricity Limited

Line Business Financial Statements

2 INCOME TAX

2004 2003
$ $
Operating Surplus before Income Tax 1,182,004 893,666
Prima Facie Taxation at 33% 390,061 294,910
Plus tax loss not previously applied 0 0
Plus Tax effect of permanent differences 0 0
Less Tax effect of timing differences not Recognised (55,313) (19,011)
Less Prior Year Adjustment 0 0
Total Income Tax Expense (Benefit) 334,748 275,899

The income tax expense comprises:

  • current taxation | 334,748 | 275,899 |

A deferred tax liability of $1,732,016 has not been recognised (2003 $1,687,437). This liability primarily relates to asset revaluations of the reticulation assets which would only crystallise on disposal.

3 RESERVES

2004 2003
$ $
Share Premium Reserve 255,796 255,796
Revaluation Reserve Land and Buildings 93,454 51,093
Revaluation Distribution System 10,298,174 8,643,987
Revaluation other Assets 34,050 33,958
Total Reserves 10,681,474 8,984,834

4 PROPERTY, PLANT & EQUIPMENT

Distribution System Assets

2004 2003
$ $
ODV Valuation – end of previous year 13,592,610 13,182,273
System Fixed Assets acquired during the year 4,545,747 852,857
Less Disposal of Stock 0 (143,232)
Less Depreciation on System Fixed Assets (365,360) (299,288)
ODV Revaluation Movement 880,441 0
System Fixed Assets at ODV – end of financial year 18,653,438 13,592,610

Land and Buildings

2004 2003
$ $
Net Book Value at Valuation 886,000 33,004
Accumulated Depreciation 0 0
Net Book Value at end of year 886,000 33,004

Customer Billing and IS

2004 2003
$ $
Cost 230,444 216,967
Accumulated Depreciation (186,689) (151,238)
Net Book Value at end of year 43,755 65,729

Office Equipment

2004 2003
$ $
Cost 68,146 80,920
Accumulated Depreciation (26,416) (58,012)
Net Book Value 41,730 22,908


Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 14


Gazette.govt.nz — PDF NZ Gazette 2005, No 14




✨ LLM interpretation of page content

🏭 Information for Disclosure pursuant to Section 57T of the Commerce Act 1986 (continued from previous page)

🏭 Trade, Customs & Industry
14 December 2004
Electricity Information Disclosure, Financial Statements, Performance Measures, Buller Electricity Limited