New Zealand Gazette – 2008 – No. 47

Page 1350

✨ Financial Statements



ALPINE ENERGY LIMITED LINES BUSINESS

Notes to and Forming Part of the Financial Statements - Continued

For the Year Ended 31 March 2007

4. Taxation

2007 2006
$ $
Income Tax Expense
Operating Surplus before Income Tax 10,900,730 12,872,076
Prima Facie Taxation @ 33 Cents 3,597,241 4,247,785
Movement in Income Tax Due to:
Non-Taxable Revenue (525,970) (720,505)
Non-Deductible Costs 1,504,804 1,550,339
Loss on Sale of Assets (58,493) 384
Prior Year Over (Under) Provisions 0 0
Income Tax Expense 4,517,582 5,078,003

The income tax expense is represented by:

2007 2006
Current Taxation 2,693,026 3,731,633
Deferred Taxation 1,824,556 1,346,370
4,517,582 5,078,003

Deferred Income Tax Liability (Asset)

2007 2006
Balance at Beginning of Year 16,279,772 14,933,402
Current Year Timing Differences 1,824,556 1,346,370
Adjustment on Disposal of Business 0 0
Balance at End of Year 18,104,328 16,279,772

Taxation Liability (Asset)

2007 2006
Income Tax Expense 4,517,582 5,078,003
Add/(Deduct):
Deferred Tax (1,824,556) (1,346,730)
Income Tax Paid (3,519,196) (3,530,279)
Income Tax Liability at Beginning of Year 1,145,845 944,491
Provision for Tax 319,675 1,145,845

5. Contingent Liabilities

In respect of the business activities being reported on, the Company has no contingent liabilities as at 31 March 2007 (2006 nil).

6. Capital Commitments

In respect of the business activities being reported on, the Company has capital commitments amounting to $3,201,035 as at 31 March 2007 (2006 $2,535,427).

7. Financial Instruments

a) Fair value

Fair value is the equivalent to carrying the amount stated in the Statement of Financial Position.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 47


Gazette.govt.nz — PDF NZ Gazette 2008, No 47




✨ LLM interpretation of page content

🏭 Notes to and Forming Part of the Financial Statements for Alpine Energy Limited Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
31 March 2007
Financial statements, Taxation, Income Tax Expense, Deferred Taxation, Contingent Liabilities, Capital Commitments, Financial Instruments