✨ Financial Statements
5 DECEMBER 2008 NEW ZEALAND GAZETTE, No. 189 4981
2. Surplus Before Taxation
| Distribution | Retail | |||
|---|---|---|---|---|
| 2008 $ | 2007 $ | 2008 $ | 2007 $ |
Surplus/(Deficit) before income tax | $ 2,137,328 | $ - | $ (2,336,201) | $ -
After charging:
Audit fees | $ 7,876 | $ 7,239 | $ 30,179 | $ 27,513
Audit fees other services | $ 1,144 | $ 3,756 | $ 4,382 | $ 14,276
Interest from short term deposits | $ 280,699 | $ (78,419) | - | -
Depreciation:
Distribution network | $ 788,152 | $ 739,310 | - | -
Leasehold improvements | $ 26,243 | $ 24,865 | $ 3,058 | $ 2,260
Vehicles | $ 28,623 | $ 28,331 | - | $ 1,434
Office equipment | $ 6,367 | $ 4,449 | $ 3,731 | $ 1,672
Furniture & fittings | $ 5,383 | $ 5,242 | $ 4,768 | $ 4,510
Plant & equipment | $ 35,574 | $ 29,311 | - | -
Customer Acquisitions | - | - | $ 104,056 | -
Computer h/ware & s/ware | $ 88,509 | $ 71,893 | $ 49,313 | $ 101,299
Total Depreciation | $ 958,831 | $ 903,401 | $ 165,526 | $ 111,175
Directors' fees | - | - | $ 63,797 | $ 46,067
Interest: fixed loans | $ 893,182 | $ 250,353 | $ 258,016 | $ 52,778
Rental & operating lease costs | $ 70,283 | $ 67,188 | $ 26,187 | $ 29,002
Movements in provision for doubtful debts | - | - | $(15,850) | -
Bad debts written off | - | - | $ 54,039 | $ 50,153
After crediting:
Interest from short term deposits | - | - | $ (212,995) | $ 110,777
Profit on sales of assets | - | $ 2,458 | - | $ 410
Dividends received | $ 337 | $ 386 | $ 337 | $ 239
3. Taxation Expense
Surplus/(Deficit) before income tax | $ 2,137,328 | $ - | $ (2,336,201) | $ -
Prima facie taxation at 33% | $ 705,318 | $ - | $ (770,946) | $ -
Plus (Less):
Non deductible items | $ 20,732 | $ 3,334 | $ (4,918) | $ 824
Non taxable income | - | - | $ 775,864 | -
Unrecognised timing differences and tax losses | $ (726,050) | - | - | -
Prior period adjustment | $ (122,403) | $ 3,934 | - | $ 927
Taxation expense for the period | $ (122,403) | $ 3,934 | - | $ 927
The taxation charge is represented by:
Current taxation | $ (122,403) | $ 3,934 | - | $ 927
The Company has unrecognised deferred tax liability for Distribution of $2,222,722 (2007: $1,930,439) and an unrecognised deferred tax asset for Retail of $34,207 (2007: $56,737).
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NZ Gazette 2008, No 189
✨ LLM interpretation of page content
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Notes to the Financial Statements for Wanganui Gas Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Gas Distribution, Retail, Wanganui Gas Limited