New Zealand Gazette – 2008 – No. 21

Page 461

✨ Financial Statements



Buller Electricity Limited

Line Business Financial Statements

2 INCOME TAX

2007 2006
$ $
Operating Surplus before Income Tax 1,558,444 808,261
Prima Facie Taxation at 33% 514,286 266,726
Plus tax losses offset (116,984) (18,726)
Plus Tax effect of permanent differences (108,000) (115,000)
Less Tax effect of timing differences not Recognised (21,000) 6,000
Income Taxation overpaid in prior year Recognised (6,942) 0
Timing Differences on Holiday Pay 0 (24,000)
Total Income Tax Expense (Benefit) 261,360 115,000

The income tax expense comprises:

  • current taxation | 268,006 | 139,000 |
  • Deferred Tax Charge/(Credit) | 0 | (24,000) |
  • Prior Year Adjustment (Credit) | (6,646) | 0 |
    Total | 261,360 | 115,000 |

A deferred tax liability of $2,167,135 has not been recognised (2006 $1,917,034). This liability primarily relates to asset revaluations of the reticulation assets which would only crystallise on disposal.

3 RESERVES

2007 2006
$ $
Share Premium Reserve 255,796 255,796
Revaluation Reserve Land and Buildings 801,454 93,454
Revaluation Distribution System 9,074,427 9,074,427
Revaluation other Assets 34,050 34,050
Total Reserves 10,165,727 9,457,727

4 PROPERTY, PLANT & EQUIPMENT

Distribution System Assets

2007 2006
At Valuation – end of previous year 19,053,270 20,128,645
System Fixed Assets acquired during the year 710,009 893,252
Less Disposal of Stock (136,512) 0
Less Depreciation on System Fixed Assets (727,325) (744,880)
Revaluation Movement 0 (1,223,747)
System Fixed Assets at valuation – end of financial year 18,899,442 19,053,270

Land and Buildings

2007 2006
At Valuation 1,737,000 940,094
Accumulated Depreciation 0 (59,539)
Net Book Value at end of year 1,737,000 880,555

Customer Billing and IS

2007 2006
Cost 389,144 373,297
Accumulated Depreciation (343,513) (311,665)
Net Book Value at end of year 45,631 61,632

Office Equipment

2007 2006
Cost 97,342 96,835
Accumulated Depreciation (68,531) (61,747)
Net Book Value 28,811 35,088


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 21


Gazette.govt.nz — PDF NZ Gazette 2008, No 21




✨ LLM interpretation of page content

🏭 Buller Electricity Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
7 February 2008
Buller Electricity Limited, Financial Statements, Income Tax, Reserves, Property, Plant & Equipment