New Zealand Gazette – 2006 – No. 135

Page 3903

✨ Financial Statements



14 NOVEMBER 2006 NEW ZEALAND GAZETTE, No. 135 3903

WEL NETWORKS LIMITED

Line Business 2006 2005
($000s) ($000s)

4 Taxation

Profit before taxation 15,611 14,025
Tax on profit at 33% 5,152 4,628
Tax effect of permanent differences 121 1,091

Total taxation expense 5,273 5,719

Represented by:
Deferred income tax liability 3,145 2,217
Current taxation provision 2,128 3,502

                    **5,273**       **5,719**

Deferred income tax liability

Balance at the beginning of the year 14,615 12,393
Adjustments for prior periods (21) 5
Current year timing differences 3,166 2,217
Balance at the end of the year 17,760 14,615

The tax effect of timing differences arising from asset revaluations of the distribution system approximating $28,036,000, which would only crystallise on disposal, have not been recognised.

5 Shareholders Funds

Issued and Paid In Capital 41,504 41,504
All ordinary shares carry equal voting rights
Asset revaluation reserve 104,612 104,612
Retained earnings 19,126 8,788
Minority interests in subsidiaries - -

Total Equity 165,242 154,904

Asset Revaluation Reserve

Balance at the beginning of the year 104,612 104,612
Asset revaluation - -
Transfer to Retained Earnings - -
Balance at the end of the year 104,612 104,612

Retained Earnings

Balance at the beginning of the year 8,788 30,872
Net surplus after tax 10,338 8,306
Dividends - (30,390)
Transfer from Revaluation Reserve - -
Balance at the end of the year 19,126 8,788



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 135


Gazette.govt.nz — PDF NZ Gazette 2006, No 135




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🏭 Certification of Financial Statements for WEL Networks Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Certification, Electricity Information Disclosure, WEL Networks Limited