New Zealand Gazette – 2005 – No. 18

Page 412

✨ Financial Statements



412

NEW ZEALAND GAZETTE, No. 18

19 JANUARY 2005

  1. INCOME TAX

3.1 Income Tax Expense

Operating Surplus before Taxation 2,271 1,883
Add/(Deduct)
Non Deductible Costs 3,905 521
Non Assessable Revenue (2,656) (0)
Taxable Income 3,520 2,403
Taxation Charge @ 33% 1,162 793
Prior Year Under/(Over) Provision (2) (188)
Tax Expense 1,159 605

The Income Tax Expense is represented by:
Tax Payable in Respect of the Current Year 1,159 633
Deferred Tax Liability - -
1,159 633

3.2 Future Income Tax Benefits / Deferred Taxation

Balance at Beginning of Year 462 (80)
Prior Year Adjustments - 542
Deferred Tax Arising on Revaluation 4,533 -
Deferred Tax Arising on Timing Differences - -
Balance at End of Year 4,996 462

  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 8,371 8,371
Net surplus per share 13 cents 15 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 8,006

  1. RETAINED EARNINGS / REVALUATION RESERVES

Balance at Beginning of Year 15,978 14,700
Net Surplus for the Year 1,112 1,278
Revaluations 89,819 -
Transfers to/from Other business (36) -
Dividends Provided (150) -
Balance at End of Year 106,723 15,978

Distribution system assets were revalued as at 1 April 2003 to depreciated replacement cost (DRC). This valuation was completed in accord 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:

Land and Buildings 4,368 -
Reticulation System Assets 85,451 -
89,819 -



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 18


Gazette.govt.nz — PDF NZ Gazette 2005, No 18




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial Performance, Revenue, Expenditure, Marlborough Lines Limited