New Zealand Gazette – 2006 – No. 128

Page 3741

✨ Financial Statements



3 NOVEMBER 2006

NEW ZEALAND GAZETTE, No. 128

3741

Buller Electricity Limited
Line Business Financial Statements

2006 2005
$ $

2 INCOME TAX

Operating Surplus before Income Tax
808,261
462,581

Prima Facie Taxation at 33%
266,726
152,651

Plus tax losses offset
(18,726)
(107,651)

Plus Tax effect of permanent differences
(115,000)
(45,000)

Less Tax effect of timing differences not Recognised
6,000
(36,000)

Timing Differences on Holiday Pay
(24,000)
0

Total Income Tax Expense (Benefit)
115,000
(36,000)

The income tax expense comprises:

  • current taxation
    139,000
    (36,000)

Deferred Tax Charge/(Credit)
(24,000)
0

115,000
(36,000)

A deferred tax liability of $1,917,034 has not been recognised (2005 $1,887,712). This liability primarily relates to asset revaluations of the reticulation assets which would only crystallise on disposal.

3 RESERVES

Share Premium Reserve
255,796
255,796

Revaluation Reserve Land and Buildings
93,454
93,454

Revaluation Distribution System
9,074,427
10,298,174

Revaluation other Assets
34,050
34,050

9,457,727
10,681,474

4 PROPERTY, PLANT & EQUIPMENT

Distribution System Assets

At Valuation – end of previous year
20,128,645
18,653,438

System Fixed Assets acquired during the year
893,252
2,193,435

Less Disposal of Stock
0
0

Less Depreciation on System Fixed Assets
(744,880)
(718,228)

Revaluation Movement
(1,223,747)
0

System Fixed Assets at valuation – end of financial year
19,053,270
20,128,645

Land and Buildings

At Valuation
940,094
940,094

Accumulated Depreciation
(59,539)
(42,190)

Net Book Value at end of year
880,555
897,904

Customer Billing and IS

Cost
373,297
329,458

Accumulated Depreciation
(311,665)
(279,427)

Net Book Value at end of year
61,632
50,031

Office Equipment

Cost
96,835
94,044

Accumulated Depreciation
(61,747)
(52,162)

Net Book Value
35,088
41,882



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 128


Gazette.govt.nz — PDF NZ Gazette 2006, No 128




✨ LLM interpretation of page content

🏭 Buller Electricity Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
30 October 2006
Financial Statements, Income Tax, Reserves, Property, Plant & Equipment, Buller Electricity Limited