✨ Financial Statements
1450 NEW ZEALAND GAZETTE, No. 52 5 MARCH 2008
Scanpower Limited
Notes to the Financial Statements (Continued)
For the Year Ended 31 March 2007
Note 2. Taxation
| | 2007
| | $'000 |
|------------------------------|-------|
| | 2006
| | $'000 |
Taxation Reconciliation
Accounting net operating surplus before taxation | 865 | 1,220 |
Taxation at 33% | 285 | 402 |
Plus tax effect of: | | |
Permanent differences | (50) | (83) |
Prior year adjustment | 0 | 0 |
Deferred tax adjustment | 172 | 99 |
Tax expense / (Benefit) | 407| 418|
Income tax charge for the year comprises:
Current taxation (liability) | 182 | 319 |
Deferred taxation | 225 | 99 |
| 407| 418|
Deferred Tax Asset / (Liability):
Opening balance | (1,894)| (1,670)|
Prior period adjustments | 0 | 0 |
Current year movement | (225) | (224) |
Closing balance | (2,119)| (1,894)|
Imputation Credit Account:
Opening balance | 656 | 618 |
Prior period adjustment | 587 | 0 |
Tax paid during the year | 51 | 75 |
Tax refunds during the year | 0 | 0 |
Resident withholding tax paid | 0 | 0 |
Credits attached to dividends paid | (15) | (37) |
Closing balance at end of the year | 1,739 | 656 |
Note 3. Retained Earnings and Reserves
Retained Earnings
Balance at beginning of the year | (1,112)| (1,929)|
Net surplus for the year | 458 | 802 |
Dividends paid and proposed | (30) | (75) |
Transfer from revaluation reserve for disposal of assets | 119 | 90 |
Balance at end of the year | (565) | (1,112)|
Reserves
Asset revaluation reserves:
Freehold land | 63 | 14 |
Freehold buildings & fixtures | 63 | 32 |
Distribution assets | 13,596 | 13,715 |
Balance at end of the year | 13,722 | 13,761 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 52
Gazette.govt.nz —
NZ Gazette 2008, No 52
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Scanpower Limited Financial Statements
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