New Zealand Gazette – 2008 – No. 185

Page 4851

✨ Financial Statements Notes



28 NOVEMBER 2008 NEW ZEALAND GAZETTE, No. 185 4851

NGC HOLDINGS LIMITED

GAS WHOLESALING ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2008

  1. OPERATING SURPLUS BEFORE INTEREST AND INCOME TAX
2008 2007
$000 $000
Operating surplus before income tax includes:
Audit fees 10 10
Depreciation – plant, vehicles and equipment 45 56
Operating leasing costs 42 11
Employee benefits 637 394
Amortisation of software intangibles 154 82
  1. INCOME TAX
NOTE 2008 2007
$000 $000
Operating surplus before income tax 43,911 45,286
Tax at current rate of 33% 14,491 14,944
Prior period adjustment - 162
Adjustment to deferred tax for change in company tax rate - 128
Other 2 43
Income tax expense 14,493 15,277

| | | |
| Current income tax | 14,893 | 15,280|
| Deferred income tax | 3 | (400) |
| | (400) | (3) |
| Total | 14,493 | 15,277 |

  1. DEFERRED TAX

| | PROPERTY, PLANT AND EQUIPMENT | PROVISIONS AND ACCRUALS | TOTAL |
| | $000 | $000 | $000 |
| 2008 | | | |
| Balance at the beginning of the year | (31) | 912 | 881 |
| Relating to current period | (5) | 405 | 400 |
| Prior period adjustment | - | 64 | 64 |
| Balance at the end of the year | (36) | 1,381 | 1,345 |

| Deferred tax assets | - | 1,381 | 1,381 |
| Deferred tax liabilities | (36) | - | (36) |
| Net deferred tax (liability) / asset | (36) | 1,381 | 1,345 |

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 wholesaling activities.



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Gazette.govt.nz — PDF NZ Gazette 2008, No 185




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for NGC Holdings Limited Gas Wholesaling Activities (continued from previous page)

🏭 Trade, Customs & Industry
28 November 2008
Financial statements, Operating surplus, Income tax, Deferred tax, NGC Holdings Limited, Gas wholesaling