New Zealand Gazette – 2006 – No. 138

Page 4023

✨ Financial Statements



17 NOVEMBER 2006

NEW ZEALAND GAZETTE, No. 138

4023

2. Surplus Before Taxation

Distribution Retail
2006 2005 2006 2005
$ $ $ $
After charging:
Audit fees 8,327 7,273 23,028 21,200
Audit focs other services 1,256 1,043 3,473 3,042
Depreciation:
Distribution network 733,074 541,880 - -
Leasehold improvements 23,424 10,338 2,250 2,396
Vehicles 25,888 21,144 2,597 5,540
Office equipment 5,109 5,910 1,932 3,148
Furniture & fittings 4,727 2,935 3,928 2,424
Plant & equipment 24,141 17,368 135 198
Computer h/ware & s/ware 114,032 115,725 120,093 114,849
------------------- --------------- ------------------- ---------------
930,995 715,300 130,935 128,555

| Directors' fees | 39,064 | 35,000 | 35,167 | 31,500 |
| Interest: fixed loans | 370,799 | 397,633 | 144,149 | 116,967 |
| Rental & operating lease | 68,010 | 68,014 | 28,839 | 28,985 |
| Movements in provision | - | - | 2,610 | 11,411 |
| for doubtful debts | | | | |
| Bad debts written off | - | - | 71,540 | 50,564 |

| After crediting: | | | | |
| Interest from short term | 34,675 | 18,723 | 48,706 | 51,562 |
| deposits | | | | |
| Profit on sales of assets | 2,217 | 8,695 | 461 | 3,540 |
| Dividends received | 302 | 986 | - | - |

3. Taxation Expense

Distribution Retail
2006 2005 2006 2005
$ $ $ $
Net profit before taxation 1,210,599 1,334,834 2,169,415 658,510
Prima facie taxation 399,498 440,495 715,907 217,308
Plus/(Loss):
Non deductible items 11,815 23,858 70 310
Non taxable income - - - -
Unrecognised timing 15,684 60,447 1,004 4,059
differences
Prior Period Adjustment - - - -
Taxation expense for the
period 426,977 403,906 716,981 221,677

The taxation charge is represented by:

| Current taxation | 426,977 | 403,906 | 716,981 | 221,677 |

The Company has not recognised the deferred tax liability on timing differences which are not expected to reverse in the foreseeable future. The tax liability in respect of these timing differences at 33% is $2,451,757 (2005: $2,661,703) for Distribution and a future tax benefit to Retail of $35,412 (2005: $147,883).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 138


Gazette.govt.nz — PDF NZ Gazette 2006, No 138




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Wanganui Gas Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounting Policies, Gas Regulations, Wanganui Gas Limited, Distribution, Retail