New Zealand Gazette – 2009 – No. 173

Page 4269

✨ Financial Statements



30 NOVEMBER 2009 NEW ZEALAND GAZETTE, No. 173 4269

NGC HOLDINGS LIMITED

GAS WHOLESALING ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2009

  1. DEFERRED TAX (continued)
PROPERTY, PLANT AND EQUIPMENT PROVISIONS AND ACCRUALS TOTAL
$000 $000 $000
2008
Balance at the beginning of the period (31) 912 881
Relating to current period (5) 406 400
Prior period adjustment - 64 64
Balance at the end of the period (36) 1,381 1,345
Deferred tax assets - 1,381 1,381
Deferred tax liabilities (36) - (36)
Net deferred tax (liability) / asset (36) 1,381 1,345

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 wholesaling activities.

  1. NOTIONAL RESERVES
2009 2008
$000 $000
Balance at the beginning of the period 100 100
Net surplus for the period 16,511 29,418
Notional dividend declared (16,511) (29,418)
Balance at the end of the period 100 100

A provision has been made for a notional dividend of $17 million (30 June 2008: $29 million) payable for the current year.

  1. RECEIVABLES AND PREPAYMENTS
2009 2008
$000 $000
Current
Trade receivables 2,031 4,647
Trade receivables - NGC gas retailing activities (related party) 7,967 9,295
Prepayments and other receivables 728 2,018
Total 10,726 15,960

All trade receivables are expected to be realised therefore no doubtful debts have been provided for.

  1. PAYABLES AND ACCRUALS
2009 2008
$000 $000
Current
Trade payables and other creditors 18,694 21,824
Total 18,694 21,824


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Online Sources for this page:

Gazette.govt.nz — PDF 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 & Revenue
Accounting Policies, Financial Statements, Gas Wholesaling, Deferred Tax, Notional Reserves, Receivables, Payables