New Zealand Gazette – 2007 – No. 132

Page 3429

✨ Financial Statements



NGC HOLDINGS LIMITED

GAS RETAILING ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2007

  1. OPERATING SURPLUS BEFORE INTEREST AND INCOME TAX
NOTE 2007 2006
$000 $000

Operating surplus before interest and income tax includes:

  • Depreciation – plant, vehicles and equipment | 195 | 48 |
  • Audit fees | 28 | 28 |
  • Interest expense | 78 | - |
  • Operating leasing costs | 11 | 29 |
  • Provision release | (1,200)| (522) |
  • Movement in provision for doubtful debts | (321) | 375 |
  • Loss on disposal of property, plant and equipment | 3 | - |
  1. INCOME TAX EXPENSE
2007 2006
$000 $000

Operating surplus before income tax | 22,897 | 61,962 |
Prima facie tax at 33% | 7,556 | 20,448 |
Plus tax effect of permanent differences: | | |

  • Prior period adjustment | - | 1 |
  • Other permanent differences | 3 | 4 |

Income tax expense | 7,559 | 20,453 |

The income tax expense is represented by:

  • Current tax | 7,053 | 20,798 |
  • Deferred tax | 506 | (345) |

Total | 7,559 | 20,453 |

  1. DEFERRED TAX
2007 2006
$000 $000

Balance at the beginning of the year | (522) | (177) |
On net surplus for the year | 506 | (345) |

Balance at the end of the year | (16) | (522) |

  1. NOTIONAL RESERVES
2007 2006
$000 $000

Balance at the beginning of the year | 100 | 14,894 |
Net surplus for the year | 15,338 | 41,509 |
Notional dividend declared | (15,338)| (41,509)|
Reset of equity position | - | (14,794)|

Balance at the end of the year | 100 | 100 |

The gas retailing activities is not a company and therefore has no share capital. A provision has been made for a notional dividend of $15.3 million payable for the current year.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2007, No 132


Gazette.govt.nz — PDF NZ Gazette 2007, No 132




✨ LLM interpretation of page content

💰 Statement of Accounting Policies for NGC Holdings Limited (continued from previous page)

💰 Finance & Revenue
Accounting policies, Leased assets, Operating leases, Employee entitlements, Provisions, Financial instruments, Derivatives, Debt finance, Interest, Fair value adjustments