✨ Financial Statements Continuation
WAIPA NETWORKS LIMITED - LINES BUSINESS
3 TAXATION
| 2006 | 2005 | |
|---|---|---|
| $ | $ | |
| Net surplus before taxation | 942,536 | 716,713 |
| Prima facie taxation at 33% | 311,037 | 236,515 |
| Plus Tax effect of permanent differences | 494,135 | 474,997 |
| Less Tax effect of timing differences not Recognised | (653,317) | (632,515) |
| Total Taxation Expense | 151,855 | 78,997 |
The Taxation charge comprises:
- current taxation | 151,855 | 78,997 |
- deferred taxation | - | - |
A deferred tax liability of $4,910,331 (2005 $4,076,136), has not been recognised. This liability primarily relates to asset revaluations of the reticulation assets which would only crystallise on disposal.
Imputation credit memorandum account.
| 2006 | 2005 | |
|---|---|---|
| $ | $ | |
| Balance at the beginning of the year | 1,659,269 | 1,665,063 |
| Dividends Allocated | 178,442 | - |
| Taxation paid | - | (5,794) |
| Balance at end of year | 1,837,711 | 1,659,269 |
4 SHARE CAPITAL
Balance at end of year
At 31 March 2006 the company has 6,800,000 fully paid issued shares.
All shares carry equal voting rights and share in any surplus on winding up of the company equally.
None of the shares carry fixed dividend rights.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 136
Gazette.govt.nz —
NZ Gazette 2006, No 136
✨ LLM interpretation of page content
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Notes to Financial Statements of Waipa Networks Limited
(continued from previous page)
🏭 Trade, Customs & Industry24 October 2006
Taxation, Imputation Credit, Share Capital, Financial Statements, Waipa Networks Limited