✨ Financial Statements
26 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 37
849
4. TAXATION
| 2007 $000 | 2006 $000 | |
|---|---|---|
| Accounting profit before taxation | 6,727 | 6,804 |
| Prima facie taxation @ 33% | 2,220 | 2,245 |
Plus/(less) taxation effect of:
(Over)/Under estimation in prior year | - | (201) |
Other items treated as permanent differences | (603) | (424) |
| Income Tax Charge/(Credit) to Net Operating Surplus | 1,617 | 1,620 |
The taxation charge is represented by:
| 2007 $000 | 2006 $000 | |
|---|---|---|
| Current Taxation | 1,617 | 1,620 |
| Deferred Taxation | - | - |
The Lines Business has a potential deferred tax liability net of future tax benefits of $20,215,000 (2006: $15,507,000). This liability is not expected to crystallise and has therefore not been recognised in the financial statements, in accordance with the business’s accounting policy.
Imputation credit account:
| 2007 $000 | 2006 $000 | |
|---|---|---|
| Balance as at 1 April 2006 | 4,529 | |
| Overestimation in prior year | (288) | - |
| Income tax payments/(benefit from operating deficit) during the period: | ||
| Lines Business | (349) | 1,623 |
| Other Business | 437 | (1,026) |
| Imputation credits attached to dividends paid to shareholders: | ||
| Lines Business | (148) | (148) |
| Other Business | - | - |
| Balance as at 31 March 2007 | 4,181 | 4,529 |
Imputation credits are recorded for both the Lines and Other Businesses, as the two businesses operate as a single legal and tax entity. As a consequence all imputation credits are available for utilisation by either or both businesses.
5. SHARE CAPITAL
| 2007 $000 | 2006 $000 | |
|---|---|---|
| Issued and Paid In Capital: 15,000,000 Ordinary Shares | 29,311 | 29,311 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 37
Gazette.govt.nz —
NZ Gazette 2008, No 37
✨ LLM interpretation of page content
💰
Statement of Accounting Policies for Counties Power Limited – Lines Business
(continued from previous page)
💰 Finance & Revenue26 February 2008
Operating Revenue, Operating Expenditure, Transmission Charges, Depreciation, Financial Statements, Amortisation, Corporate Expenses, Human Resources, Marketing, Consultancy, Legal Expenses, Directors' Fees, Auditors' Fees, Credit Costs, Local Authority Rates, Customer Discounts, Interest Expense, Taxation, Accounting Profit, Prima Facie Taxation, Permanent Differences, Income Tax Charge, Current Taxation, Deferred Taxation, Imputation Credit Account, Share Capital