✨ Financial Statements
4384
NEW ZEALAND GAZETTE, No. 151
27 NOVEMBER 2006
HORIZON ENERGY DISTRIBUTION LIMITED - Lines Business
NOTES TO THE FINANCIAL STATEMENTS
3 INTEREST
Net Interest comprises:
Interest Expense on Borrowings 2,104 2,047
Interest Income on Bank Balances, Short Term Investments & Legal Awards (117) (6)
Net Interest 1,987 2,141
Total Interest Expense 2,104 2,047
③ Includes interest of $0.11m relating to the resolution of Arbitration Proceedings as detailed in Note 22.
4 INCOME TAX
Income Tax Expense
The taxation expense has been calculated as follows:
Operating Surplus before Taxation 8,759 6,647
Income Tax on Surplus for the year at 33% 2,890 2,194
Plus/(Less) Permanent Differences
Non-Deductible Depreciation on Revalued
Portion of Fixed Assets 647 602
Non-Deductible Expenses 17 16
Non-Taxable Income (182) -
Income Tax Expense 3,372 2,812
Income tax expense comprises:
Tax Payable in Respect of Current Year 3,050 2,571
Deferred Taxation 322 241
Income Tax Expense 3,372 2,812
Deferred Taxation
Opening Balance 2,578 2,337
Deferred tax in respect of current year 322 241
Balance as at 31 March 2,900 2,578
Taxation Payable
Income tax payable/(prepaid) comprises:
Opening Balance 1,763 1,532
Tax Payable in Respect of Current Year 3,050 2,571
Tax payable in Respect of Prior Years - -
Income Tax Paid (2,900) (2,340)
Balance as at 31 March - Liability/(Asset) 1,913 1,763
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 151
Gazette.govt.nz —
NZ Gazette 2006, No 151
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Notes to the Financial Statements for Horizon Energy Distribution Limited
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