✨ Financial Statements
28 NOVEMBER 2008 NEW ZEALAND GAZETTE, No. 185 4819
NGC HOLDINGS LIMITED
GAS RETAILING ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2008
- OPERATING SURPLUS BEFORE INTEREST AND INCOME TAX
| 2008 | 2007 | |
|---|---|---|
| $000 | $000 |
Operating surplus before interest and income tax includes:
- Depreciation – plant, vehicles and equipment | 58 | 107 |
- Audit fees | 28 | 28 |
- Operating leasing costs | 38 | 11 |
- Employee benefits | 539 | 368 |
- Amortisation of software intangibles | 145 | 88 |
- Provision release | - | (1,200) |
- Decrease in provision for doubtful debts | - | (321) |
- Increase in provision | 5,926 | - |
- Loss on disposal of property, plant and equipment | - | 3 |
- NET FINANCE COSTS
| 2008 | 2007 | |
|---|---|---|
| $000 | $000 |
Finance costs
- Interest expense | 528 | 78 |
- INCOME TAX EXPENSE
| NOTE | 2008 | 2007 |
|---|---|---|
| $000 | $000 |
Operating surplus before income tax | 10,591 | 22,897 |
Tax at current rate of 33% | 3,495 | 7,556 |
Other | 2 | 3 |
Income tax expense | 3,497 | 7,559 |
- Current income tax | 3,535 | 7,053 |
- Deferred income tax | (38) | 506 |
Total | 3,497 | 7,559 |
- DEFERRED TAX
| PROPERTY, PLANT AND EQUIPMENT | PROVISIONS AND ACCRUALS | TOTAL | |
|---|---|---|---|
| $000 | $000 | $000 |
2008
Balance at the beginning of the year | (56) | 72 | 16 |
Amounts recognised in the income statement:
- Relating to current period | 33 | 5 | 38 |
Balance at the end of the year | (23) | 77 | 54 |
Deferred tax assets | - | 77 | 77 |
Deferred tax liabilities | (23) | - | (23) |
Net deferred tax (liability) / asset | (23) | 77 | 54 |
The tax charge is notional, therefore no actual tax payments are made and as a result there are no imputation credits available to the gas retailing activities.
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NZ Gazette 2008, No 185
✨ LLM interpretation of page content
🏭
NGC Holdings Limited Balance Sheet for Gas Retailing Activities
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial statements, Operating surplus, Net finance costs, Income tax expense, Deferred tax, NGC Holdings Limited, Gas retailing