New Zealand Gazette – 2008 – No. 185

Page 4852

✨ Financial Statements Notes



4852 NEW ZEALAND GAZETTE, No. 185 28 NOVEMBER 2008

NGC HOLDINGS LIMITED

GAS WHOLESALING ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2008

3. DEFERRED TAX (continued)
PROPERTY, PLANT AND EQUIPMENT PROVISIONS AND ACCRUALS TOTAL
$000 $000 $000
2007
Balance at the beginning
of the year (26) 904 878
Decrease relating to
change in company tax rate - (128) (128)
Relating to current period (5) 136 131
Balance at the end of
the year (31) 912 881
Deferred tax assets (31) 912 881
Deferred tax liabilities (31) - (31)
Net deferred tax
(liability) / asset (31) 912 881
4. GAS CONTRACTS AND PREPAID GAS
2008 2007
$000 $000
Current
Maui prepaid gas - 4,210
Total - 4,210
5. NOTIONAL RESERVES
2008 2007
$000 $000
Balance at the beginning of the
year 100 100
Net surplus for the year 29,418 30,009
Notional dividend declared (29,418) (30,009)
Balance at the end of the year 100 100

The gas wholesaling activities is not a company and therefore has no share capital. A provision has been made for a notional dividend of $29 million (30 June 2007 $30 million) payable for the current year.

6. RECEIVABLES AND PREPAYMENTS
2008 2007
$000 $000
Current
Trade receivables 4,647 4,955
Trade receivables - gas retailing
activities (related party) 9,295 11,817
Prepayments and other receivables 2,018 1,110
Total 15,960 17,882

All trade receivables are expected to be realised therefore no doubtful debts have been provided for.



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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, Deferred tax, Gas contracts, Notional reserves, Receivables, NGC Holdings Limited