New Zealand Gazette – 2006 – No. 150

Page 4347

✨ Financial Statements



27 NOVEMBER 2006 NEW ZEALAND GAZETTE, No. 150 4347

4. TAXATION

2006
$000
Accounting profit before taxation 6,804
2005
$000
6,223

Prima facie taxation (@ 33%) | 2,245 |
| 2,054 |

Plus/(less) taxation effect of:
(Over)/Under estimation in prior year | (201) |
| 215 |
Other items treated as permanent differences | (424) |
| (184) |
Income Tax Charge/(Credit) to Net Operating Surplus | 1,620 |
| 2,085 |

The taxation charge is represented by:

2006
$000
Current Taxation 1,620
Deferred Taxation -
2005
$000
2,085
-

The Lines Business has a potential deferred tax liability net of future tax benefits of $15,507,000 (2005: $15,266,000). This liability is not expected to crystallise and has therefore not been recognised in the financial statements, in accordance with the business's accounting policy.

Imputation credit account:

2006
$000
Balance as at 1 April 2005 3,273
2005
4,080
Overestimation in prior year -
Income tax payments/(benefit from operating deficit) during the period:
Lines Business 1,623
Other Business (1,026)
1,988
(1,058)
Imputation credits attached to dividends paid to shareholders:
Lines Business (148)
Other Business -
(123)
Balance as at 31 March 2006 4,529
4,080

Imputation credits are recorded for both the Lines and Other Businesses, as the two businesses operate as a single legal and tax entity. As a consequence all imputation credits are available for utilisation by either or both businesses.

5. SHARE CAPITAL

2006
$000
Issued and Paid In Capital: 29,311
15,000,000 Ordinary Shares
2005
$000
29,311


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 150


Gazette.govt.nz — PDF NZ Gazette 2006, No 150




✨ LLM interpretation of page content

🏭 Counties Power Limited - Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Taxation, Accounting Profit, Tax Liability, Imputation Credits, Share Capital