New Zealand Gazette – 2008 – No. 24

Page 533

✨ Financial Statements



WAIPA NETWORKS LIMITED - LINES BUSINESS

3 TAXATION

2007 2006
$ $
Net surplus before taxation 1,953,225 942,536
Prima facie taxation at 33% 644,564 311,037
Plus Tax effect of permanent differences 526,046 494,135
Less Tax effect of timing differences not Recognised (919,885) (653,317)
Total Taxation Expense 250,725 151,855

The Taxation charge comprises:

  • current taxation | 250,725 | 151,855 |
  • deferred taxation | - | - |

A deferred tax liability of $4,910,331 (2006: $4,076,136), has not been recognised. This liability primarily relates to asset revaluations of the reticulation assets which would only crystallise on disposal.

Imputation credit memorandum account

| Balance at the beginning of the year | 1,837,711 | 1,659,269 |
| Dividends Allocated | - | - |
| Taxation paid | 212,720 | 178,442 |
| Balance at end of year | 2,050,431 | 1,837,711 |

4 SHARE CAPITAL

Balance at end of year

At 31 March 2007 the company has 6,800,000 fully paid issued shares.
All shares carry equal voting rights and share in any surplus on winding up of the company equally.
None of the shares carry fixed dividend rights.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 24


Gazette.govt.nz — PDF NZ Gazette 2008, No 24




✨ LLM interpretation of page content

🏭 Notes to Financial Statements for Waipa Networks Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Taxation, Imputation credit, Share capital, Waipa Networks Limited