New Zealand Gazette – 2006 – No. 162

Page 4714

✨ Financial Statements



4714 NEW ZEALAND GAZETTE, No. 162 1 DECEMBER 2006

3.2 Future Income Tax Benefits / Deferred Taxation

2006 2005
Balance at Beginning of Year $000's $000's
5,508 4,996
Prior Year Adjustments 13 (8)
Deferred Tax Arising on Timing Differences 620 520
Balance at End of Year 6,141 5,508

4. EARNINGS PER SHARE

Earnings per share is calculated by dividing the net surplus after taxation by the average number of shares on issue during the year.

2006 2005
Average number of shares on issue 8,736 8,736
Net surplus per share 57 cents 20 cents

5. SHARE CAPITAL

5.1

Marlborough Lines shares are held by the Trustees to the Marlborough Electric Power Trust.

5.2

Issued and Paid up Capital ordinary $1.00 shares

2006 2005
8,736 8,736

6. RETAINED EARNINGS / REVALUATION RESERVES

Retained Earnings 2006 2005
Retained Earnings Balance at Beginning of Year 18,680 17,049
Net Surplus for the Year 4,994 1,781
Transfers to/from Other business - -
Dividends (150) (150)
Retained Earnings Balance at End of Year 23,524 18,680
Revaluations Reserve 2006 2005
Revaluations Reserve Balance at Beginning of Year 89,819 89,819
Revaluation adjustments (580) -
Revaluations Reserve Balance at End of Year 89,239 89,819

| Retained Earnings and Revaluations Reserve Balance at End of Year | 112,763 | 108,499 |

Distribution system assets were revalued as at 1 April 2003 to depreciated replacement cost (DRC). This valuation was completed in accord with the requirements of FRS 3 by PricewaterhouseCoopers and their valuation report is dated 11 May 2004. The company’s land and building assets were also revalued to net current value. The total revaluation credit to reserves of $94.352m was offset by a charge to deferred tax of $4.533m representing the deferred tax liability on accumulated tax depreciation on revalued assets at 31 March 2003.

The revaluation reserve comprises revaluations in the following categories:

2006 2005
Land and Buildings 4,256 4,368
Reticulation System Assets 84,983 85,451
Total 89,239 89,819

7. ACCOUNTS RECEIVABLE

The balance of Accounts Receivable comprises:

2006 2005
Network and other trade debtors 2,262 1,520
GST Receivable 503 514
Total 2,765 2,034

8. CREDITORS AND ACCRUALS

In current liabilities the balance of creditors and accruals comprises:

2006 2005
Trade Creditors Including GST 2,048 1,417
Employee Entitlements (Annual Leave) 160 151
Total 2,208 1,568


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 162


Gazette.govt.nz — PDF NZ Gazette 2006, No 162




✨ LLM interpretation of page content

🏭 Marlborough Lines Limited Financial Statements for the Year Ended 31 March 2006 (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Revenue, Expenditure, Marlborough Lines Limited, Electricity Information Disclosure Requirements, Cash Flows, Operating Activities, Investing Activities, Financing Activities