New Zealand Gazette – 2006 – No. 140

Page 4058

✨ Financial Statements



Alpine Energy Limited Lines Business

Notes to and Forming Part of the Financial Statements - Continued

For the Year Ending 31 March 2006

h) Financial Instruments

Financial instruments carried in the Statement of Financial Position include cash and bank balances, receivables and trade creditors. These instruments are generally carried at their estimated fair value.

i) Goods and Services Tax (GST)

The financial statements have been prepared on a GST exclusive basis except for Accounts Receivable and Accounts Payable.

j) Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

2. Taxation

2006 2005
Income Tax Expense
Operating Surplus before Income Tax 13,379,192 10,379,286
Add/(Deduct):
Non Deductible Costs 4,197,276 3,611,447
Non Assessable Income (2,183,347) (1,305,259)
Timing Differences 0 0
Taxable Income 15,393,121 12,685,474

Taxation Charge @ 33% | 5,080,114 | 4,186,206 |
Prior Year Over (Under) Provisions | 0 | 0 |
| Income Tax Expense | 5,080,114 | 4,186,206 |

The income tax expense is represented by:

2006 2005
Current Taxation 3,732,094 3,039,169
Deferred Taxation 1,348,020 1,147,037
5,080,114 4,186,206

Deferred Income Tax Liability (Asset)

2006 2005
Balance at Beginning of Year 14,885,882 13,738,845
Current Year Timing Differences 1,348,020 1,147,037
Adjustment on Disposal of Business 0 0
Balance at End of Year 16,233,902 14,885,882

Taxation Liability (Asset)

2006 2005
Income Tax Expense 5,080,114 4,186,206
Add/(Deduct):
Deferred Tax (1,348,020) (1,147,037)
Income Tax Paid (3,525,978) (3,018,379)
Income Tax Liability at Beginning of Year 939,729 918,939
Provision for Tax 1,145,845 939,729

3. Reserves

2006 2005
Asset Revaluation Reserve
Balance at Beginning of the Year 34,907,000 34,907,000
Net Revaluations 0 0
Transfer on Disposal of Property, Plant & Equipment 0 0
Balance at End of the Year 34,907,000 34,907,000


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 140


Gazette.govt.nz — PDF NZ Gazette 2006, No 140




✨ LLM interpretation of page content

🏭 Alpine Energy Limited Financial Statements for Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Electricity Information Disclosure Requirements, Alpine Energy Limited, Lines Business