New Zealand Gazette – 2005 – No. 144

Page 3522

✨ Financial Statements Notes



Alpine Energy Limited Lines Business

Notes to and Forming Part of the Financial Statements - Continued

for the Year Ending 31 March 2005

h) Financial Instruments

Financial instruments carried in the Statement of Financial Position include cash and bank balances, receivables and trade creditors. These instruments are generally carried at their estimated fair value.

i) Goods and Services Tax (GST)

The financial statements have been prepared on a GST exclusive basis except for Accounts Receivable and Accounts Payable.

j) Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

2. Taxation

2005 2004
Income Tax Expense
Operating Surplus before Income Tax 10,379,286 12,419,882
Add/(Deduct):
Non Deductible Costs 3,611,447 3,229,174
Non Assessable Income (1,305,259) (1,438,034)
Timing Differences 0 0
Taxable Income 12,685,474 14,211,022
Taxation Charge @ 33% 4,186,206 4,689,637
Prior Year Over (Under) Provisions 0 0
Income Tax Expense 4,186,206 4,689,637

The income tax expense is represented by:

2005 2004
Current Taxation 3,039,169 3,686,733
Deferred Taxation 1,147,037 1,002,904
4,186,206 4,689,637

Deferred Income Tax Liability (Asset)

2005 2004
Balance at Beginning of Year 13,738,845 (913,059)
Current Year Timing Differences 1,147,037 14,651,904
Adjustment on Disposal of Business 0 0
Balance at End of Year 14,885,882 13,738,845

Taxation Liability (Asset)

2005 2004
Income Tax Expense 4,186,206 4,689,637
Add/(Deduct):
Deferred Tax (1,147,037) (1,002,904)
Income Tax Paid (3,018,379) (2,794,796)
Income Tax Liability at Beginning of Year 918,939 27,002
Provision for Tax 939,729 918,939

3. Reserves

2005 2004
Asset Revaluation Reserve
Balance at Beginning of the Year 34,907,000 40,928,000
Net Revaluations 0 (6,021,000)
Transfer on Disposal of Property, Plant & Equipment 0 0
Balance at End of the Year 34,907,000 34,907,000


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 144


Gazette.govt.nz — PDF NZ Gazette 2005, No 144




✨ LLM interpretation of page content

🏭 Alpine Energy Limited Lines Business Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Revenue, Depreciation, Taxation, Alpine Energy Limited