✨ Financial Statements
NGC HOLDINGS LIMITED
GAS WHOLESALING ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
- OPERATING SURPLUS BEFORE INCOME TAX
| 2009 | 2008 | |
|---|---|---|
| $'000 | $'000 | |
| Operating surplus before income tax includes: | ||
| Audit fees | 10 | 10 |
| Depreciation of plant, vehicles and equipment | 127 | 45 |
| Operating leasing costs | 47 | 42 |
| Employee benefits | 1,235 | 637 |
| Amortisation of software intangibles | 204 | 154 |
| Increase in provisions | 2,543 | 1,521 |
- INCOME TAX EXPENSE
| NOTE | 2009 | 2008 | |
|---|---|---|---|
| $'000 | $'000 | ||
| Operating surplus before income tax | 23,816 | 43,911 | |
| Tax at current rate of 30% (2008: 33%) | 7,145 | 14,491 | |
| Prior period adjustment | 159 | - | |
| Other | 1 | 2 | |
| Income tax expense | 7,305 | 14,493 |
| 2009 | 2008 | ||
|---|---|---|---|
| Current income tax | 8,445 | 14,893 | |
| Deferred income tax | 3 | (400) | |
| Total | 7,305 | 14,493 |
- DEFERRED TAX
| | PROPERTY, | PROVISIONS | |
| | PLANT AND | AND | TOTAL |
| | EQUIPMENT | ACCRUALS | |
|--------------------------------|------------|------------|-------|
| | $'000 | $'000 | $'000 |
| 2009 | | | |
| Balance at the beginning of the period | (36) | 1,381 | 1,345 |
| Amounts recognised in the income statement: | | | |
| Relating to current period | - | 757 | 757 |
| Prior period adjustment recognised in the current period | - | 383 | 383 |
| Balance at the end of the period| (36) | 2,521 | 2,485 |
| Deferred tax assets | - | 2,521 | 2,521 |
| Deferred tax liabilities | (36) | - | (36) |
| Net deferred tax (liability) / asset | (36) | 2,521 | 2,485 |
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NZ Gazette 2009, No 173
✨ LLM interpretation of page content
💰
NGC Holdings Limited Statement of Accounting Policies for Gas Wholesaling Activities
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Financial Statements, Gas Wholesaling, Provisions, Employee Entitlements, Impairment