✨ Financial Statements
4250 NEW ZEALAND GAZETTE, No. 173 30 NOVEMBER 2009
NGC HOLDINGS LIMITED
GAS TRANSMISSION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2009
4. DEFERRED TAX
| PROPERTY, PLANT AND EQUIPMENT | PROVISIONS AND ACCRUALS | TOTAL | |
|---|---|---|---|
| 2009 | $000 | $000 | $000 |
| Balance at beginning of the period | (93,905) | 1,756 | (92,149) |
| Amounts recognised in the income statement: | |||
| Relating to current period | 2,441 | (767) | 1,674 |
| Prior period adjustment recognised in the current period | (41) | (62) | (103) |
| Amounts recognised directly in the balance sheet | (1,254) | - | (1,254) |
| Balance at end of the period | (92,759) | 927 | (91,832) |
| Deferred tax assets | - | 927 | 927 |
| Deferred tax liabilities | (92,759) | - | (92,759) |
| Net deferred tax (liability) / asset | (92,759) | 927 | (91,832) |
| PROPERTY, PLANT AND EQUIPMENT | PROVISIONS AND ACCRUALS | TOTAL | |
|---|---|---|---|
| 2008 | $000 | $000 | $000 |
| Balance at beginning of the period | (96,029) | 1,480 | (94,549) |
| Relating to current period | 2,214 | 508 | 2,722 |
| Increase relating to change in company tax rate | (30) | - | (90) |
| Prior period adjustment | - | (232) | (232) |
| Balance at end of the period | (93,905) | 1,756 | (92,149) |
| Deferred tax asset | - | 1,756 | 1,756 |
| Deferred tax liability | (93,905) | - | (93,905) |
| Net deferred tax (liability) / asset | (93,905) | 1,756 | (92,149) |
The tax charge is notional, therefore no actual tax payments are made and as a result there are no imputation credits available to the gas transmission activities.
5. RECEIVABLES AND PREPAYMENTS
| 2009 | 2008 | |
|---|---|---|
| Current | $000 | $000 |
| Trade receivables | 11,049 | 7,783 |
| Provision for doubtful debts | (470) | (435) |
| 10,579 | 7,348 | |
| Prepayments | 1,153 | 787 |
| Total | 11,732 | 8,135 |
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NZ Gazette 2009, No 173
✨ LLM interpretation of page content
💰
Notes to the Financial Statements for NGC Holdings Limited
(continued from previous page)
💰 Finance & Revenue30 June 2009
Financial Statements, Deferred Tax, Receivables, NGC Holdings Limited