New Zealand Gazette – 2008 – No. 34

Page 786

✨ Financial Statements



HORIZON ENERGY DISTRIBUTION LIMITED - Lines Business

NOTES TO THE FINANCIAL STATEMENTS

Lines Business 2007 $000 Lines Business 2006 $000
3 INTEREST
Net Interest comprises:
Interest Expense on Borrowings 2,003 2,104
Other interest expense not listed elsewhere 126 -
③ Interest Income on Bank Balances, Short Term Investments & Legal Awards (6) (117)
Net Interest 2,123 1,987
Total Interest Expense 2,129 2,104

② The comparative figure for 2006 includes interest of $0.1m relating to the resolution of Arbitration Proceedings as detailed in Note 22 of the Company’s 2005-06 Regulatory Accounts.

4 INCOME TAX

Income Tax Expense

The taxation expense has been calculated as follows:

2007 $000 2006 $000
Operating Surplus before Taxation 5,226 8,758
Income Tax on Surplus for the year at 33% 1,725 2,890
Plus/(Less) Permanent Differences
Non-Deductible Depreciation on Revalued Portion of Fixed Assets 634 647
Non-Deductible Expenses 23 17
Non-Taxable Income (189) (182)
Income Tax Expense 2,193 3,372

Income tax expense comprises:

2007 $000 2006 $000
Tax Payable in Respect of Current Year 2,173 3,050
Deferred Taxation 20 322
Income Tax Expense 2,193 3,372

Deferred Taxation

$000
Opening Balance 2,900
Deferred tax in respect of current year 20
Balance as at 31 March 2,920
2007 $000 2006 $000
Opening Balance 2,578 -

Taxation Payable

Income tax payable/(prepaid) comprises:

2007 $000 2006 $000
Opening Balance 1,913 1,763
Tax Payable in Respect of Current Year 2,173 3,050
Tax Payable in Respect of Prior Years - -
Income Tax Paid (3,445) (2,900)
Balance as at 31 March - Liability/(Asset) 641 1,913


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 34


Gazette.govt.nz — PDF NZ Gazette 2008, No 34




✨ LLM interpretation of page content

🏭 Financial Statements for Horizon Energy Distribution Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Operating Revenue, Operating Expenditure, Depreciation, Horizon Energy Distribution Limited, Interest, Income Tax