✨ Financial Statements
28 NOVEMBER 2008 NEW ZEALAND GAZETTE, No. 185 4835
NGC HOLDINGS LIMITED
GAS TRANSMISSION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2008
4. DEFERRED TAX
| PROPERTY, PLANT AND EQUIPMENT | PROVISIONS AND ACCRUALS | TOTAL | |
|---|---|---|---|
| $000 | $000 | $000 | |
| 2008 | |||
| Balance at beginning of the year | (96,029) | 1,480 | (94,549) |
| On surplus for the year | 2,214 | 508 | 2,722 |
| Prior period adjustment | - | (232) | (232) |
| Increase relating to change in company tax rate | (90) | - | (90) |
| Balance at end of the year | (93,905) | 1,756 | (92,149) |
| Deferred tax assets | - | 1,756 | 1,756 |
| Deferred tax liabilities | (93,905) | - | (93,905) |
| Net deferred tax (liability) / asset | (93,905) | 1,756 | (92,149) |
| PROPERTY, PLANT AND EQUIPMENT | PROVISIONS AND ACCRUALS | TOTAL | |
|---|---|---|---|
| $000 | $000 | $000 | |
| 2007 | |||
| Balance at beginning of the year | (104,853) | 2,489 | (102,364) |
| On surplus for the year | 197 | (868) | (671) |
| Prior period adjustment | - | (141) | (141) |
| Decrease relating to change in company tax rate | 8,627 | - | 8,627 |
| Balance at end of the year | (96,029) | 1,480 | (94,549) |
| Deferred tax asset | - | 1,480 | 1,480 |
| Deferred tax liability | (96,029) | - | (96,029) |
| Net deferred tax (liability) / asset | (96,029) | 1,480 | (94,549) |
The tax charge is notional; therefore no tax payments are made and as a result there are no imputation credits available.
5. NOTIONAL RESERVES
| 2008 | 2007 | |
|---|---|---|
| $000 | $000 | |
| Balance at beginning of the year | 114,247 | 84,730 |
| Net surplus for the year | 25,575 | 29,517 |
| Balance at end of the year | 139,822 | 114,247 |
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NZ Gazette 2008, No 185
✨ LLM interpretation of page content
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NGC Holdings Limited Financial Statements for Gas Transmission Activities
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🏭 Trade, Customs & IndustryFinancial statements, Deferred tax, Notional reserves, Operating surplus, Tax charge