✨ Financial Statements
21 JANUARY 2005 NEW ZEALAND GAZETTE, No. 24 573
4. TAXATION
| 2004 | 2003 | |
|---|---|---|
| $000 | $000 | |
| Accounting profit before taxation | 4,180 | 3,211 |
| Prima facie taxation (@ 33% | 1,379 | 1,059 |
Plus/(less) taxation effect of:
- Over/(Under)estimation in prior year | 74 | 51 |
- Other items treated as permanent differences | (546) | (715) |
- Income Tax Charge/(Credit) to Net Operating Surplus | 907 | 395 |
The taxation charge is represented by:
| 2004 | 2003 | |
|---|---|---|
| $000 | $000 | |
| Current Taxation | 907 | 395 |
| Deferred Taxation | - | - |
| 907 | 395 |
The Lines Business has a potential deferred tax liability net of future tax benefits of $15,122,000 (2003 $12,764,000). This liability is not expected to crystallise and has therefore not been recognised in the financial statements, in accordance with the business’s accounting policy.
Imputation credit account:
| 2004 | 2003 | |
|---|---|---|
| $000 | $000 | |
| Balance as at 1 April 2003 | 2,593 | |
| Overestimation in prior year | (21) | - |
| Income tax payments/(benefit from operating deficit) during the period: | ||
| - Lines Business | 711 | 357 |
| - Other Business | (361) | 290 |
| Imputation credits attached to dividends paid to shareholders: | ||
| - Lines Business | (148) | (111) |
| - Other Business | - | (37) |
| Balance as at 31 March 2004 | 3,273 | 3,092 |
Imputation credits are recorded for both the Lines and Other Businesses, as the two businesses operate as a single legal and tax entity. As a consequence all imputation credits are available for utilisation by either or both businesses.
5. SHARE CAPITAL
| 2004 | 2003 | |
|---|---|---|
| $000 | $000 | |
| Issued and Paid In Capital: 15,000,000 Ordinary Shares | 29,311 | 29,311 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 24
Gazette.govt.nz —
NZ Gazette 2005, No 24
✨ LLM interpretation of page content
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Counties Power Limited - Operating Revenue and Expenditure
(continued from previous page)
💰 Finance & RevenueOperating Revenue, Operating Expenditure, Transmission Charges, Asset Maintenance, Depreciation, Financial Statements, Taxation, Imputation Credits, Share Capital