✨ Financial Statements
14 JANUARY 2005
NEW ZEALAND GAZETTE, No. 3
69
WEL NETWORKS LIMITED
4 Taxation
Profit before taxation 17,670 19,958
Tax on profit at 33% 5,831 6,586
Tax effect of permanent differences 895 1,299
Total taxation expense 6,726 7,885
Represented by:
Deferred income tax liability 2,614 711
Current taxation provision 4,112 7,174
6,726 7,885Deferred income tax liability
Balance at the beginning of the year 9,779 9,068
Adjustments for prior periods - -
Current year timing differences 2,614 711
Balance at the end of the year 12,393 9,779
The tax effect of timing differences arising from asset revaluations of the distribution system
approximating $17,100,000, which would only crystallise on disposal, have not been recognised.
5 Shareholders Funds
Issued and Paid In Capital 131 131
All ordinary shares carry equal voting rights
Asset revaluation reserve 104,612 90,040
Retained earnings 41,886 37,838
Other Reserves 30,359 30,359
Total Equity 176,988 158,368
Asset Revaluation Reserve
Balance at the beginning of the year 90,040 90,171
Asset revaluation 14,572 -
Transfer to Retained Earnings - (131)
Balance at the end of the year 104,612 90,040
Retained Earnings
Balance at the beginning of the year 37,838 32,895
Net surplus after tax 10,944 12,073
Dividends (6,896) (7,261)
Transfer from Revaluation Reserve 131 131
Balance at the end of the year 41,886 37,838
Other Reserves
Balance at the beginning of the year 30,359 41,374
Loss on Amalgamation with WETSL - (11,015)
Balance at the end of the year 30,359 30,359
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 3
Gazette.govt.nz —
NZ Gazette 2005, No 3
✨ LLM interpretation of page content
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Notes to the Financial Statements for WEL Networks Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Taxation, Shareholders Funds, Asset Revaluation, Retained Earnings, Other Reserves, WEL Networks Limited