New Zealand Gazette – 2006 – No. 152

Page 4418

✨ Financial Statements



Scanpower Limited

Notes to the Financial Statements (Continued)

For the Year Ended 31 March 2006

Note 2. Taxation

| | 2006
$'000 | 2005
$'000 |
|-----------------------|----------|----------|
| Taxation Reconciliation | | |
| Accounting net operating surplus before taxation | 1,220 | 228 |
| Taxation at 33% | 402 | 75 |
| Plus tax effect of: | | |
| Permanent differences | (83) | 0 |
| Prior year adjustment | 0 | 0 |
| Deferred tax adjustment| 99 | 0 |
| Tax expense / (Benefit) | 418 | 75 |

Income tax charge for the year comprises:

| | 2006
$'000 | 2005
$'000 |
|-----------------------|----------|----------|
| Current taxation (Liability) | 319 | 107 |
| Deferred taxation | 99 | (32) |
| | 418 | 75 |

Deferred Tax Asset / (Liability):

| | 2006
$'000 | 2005
$'000 |
|-----------------------|----------|----------|
| Opening balance | (1,670) | (1,702) |
| Prior period adjustment: | | |
| Underground deferred tax adjustment | 0 | 0 |
| Current year movement | (224) | 32 |
| Closing balance | (1,894) | (1,670) |

Imputation Credit Account:

| | 2006
$'000 | 2005
$'000 |
|-----------------------|----------|----------|
| Opening balance | 618 | 529 |
| Tax paid during the year | 75 | 104 |
| Tax refunds during the year | 0 | 0 |
| Resident withholding tax paid | 0 | 0 |
| Credits attached to dividends paid | (37) | (15) |
| Closing balance at end of the year | 656 | 618 |

Note 3. Retained Earnings and Reserves

Retained Earnings

| | 2006
$'000 | 2005
$'000 |
|-----------------------|----------|----------|
| Balance at beginning of the year | (1,929) | (2,121) |
| Net surplus for the year | 802 | 153 |
| Dividends paid and proposed | (75) | (30) |
| Movement in revaluation reserve | 90 | 69 |
| Balance at end of the year | (1,112) | (1,929) |

Reserves

Asset revaluation reserves:

| | 2006
$'000 | 2005
$'000 |
|-----------------------|----------|----------|
| Freehold land | 14 | 14 |
| Freehold buildings & fixtures | 32 | 32 |
| Distribution assets | 13,715 | 13,805 |
| Balance at end of the year | 13,761 | 13,851 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 152


Gazette.govt.nz — PDF NZ Gazette 2006, No 152




✨ LLM interpretation of page content

💰 Scanpower Limited Notes to the Financial Statements (continued from previous page)

💰 Finance & Revenue
Taxation, Retained Earnings, Reserves, Financial Statements, Deferred Tax, Imputation Credit