✨ Financial Statements
NEW ZEALAND GAZETTE, No. 182
9 DECEMBER 2009
17. Adoption of New Zealand Equivalents to International Financial Reporting Standards
The Disclosure accounts for the year ended 30 June 2009 are the first that comply with NZ IFRS. The 2008 Disclosure accounts were prepared under the previous GAAP. This has required that the 2008 comparatives be re-stated under NZ IFRS.
The impact of this on the 2008 comparatives is detailed below.
Statement of Financial Performance
For the Year Ended 30 June 2008
| Distribution | Retail | |||||
|---|---|---|---|---|---|---|
| 2008 | 2008 | |||||
| Old GAAP | IFRS Mvmt | Note | NZIFRS | Old GAAP | IFRS Mvmt | |
| $ | $ | $ | $ | $ | ||
| Income | ||||||
| Sales | 5,102,465 | - | 4,829,966 | 30,926,917 | - | |
| Finance income | - | 21,461 | 281,509 | - | 204,764 | |
| Other revenue | - | - | A | 21,461 | - | |
| Total Income | 5,102,465 | 21,461 | 5,132,936 | 30,926,917 | 204,764 |
| Expenses | | | | | | | | |
| Depreciation | 958,831 | - | | 958,831 | 165,526 | - | | 165,526 |
| Finance costs | 898,162 | - | | 898,162 | 258,016 | 204,764 | 1 | 462,780 |
| Subvention payment to WDC| (824,172) | - | | (824,172)| (57,419) | | | (57,419) |
| Asset Revaluation movement| - | 894,691 | B | 894,691 | - | - | | - |
| Other expenses | 1,932,318 | - | | 1,932,318| 32,896,995 | - | | 32,896,995 |
| Total expenses | 2,965,136 | 894,691 | | 3,859,828| 33,263,118 | 204,764 | | 33,467,882 |
| SURPLUS / (DEFICIT) BEFORE INCOME TAX | 2,137,329 | (873,230) | | 1,264,098 | (2,336,201) | 317,603 | K | (2,018,598) |
| Taxation benefit (expense) | 122,403 | 145,618 | | 268,021 | - | - | | - |
| NET SURPLUS / (DEFICIT) AFTER TAXATION | 2,259,732 | (727,612) | | 1,532,119 | (2,336,201) | 317,603 | | (2,018,598) |
Statement of Movement in Equity
For the Year Ended 30 June 2008
| Distribution | Retail | |||||
|---|---|---|---|---|---|---|
| Old GAAP | IFRS Mvmt | Note | NZIFRS | Old GAAP | IFRS Mvmt | |
| $ | $ | $ | $ | $ | ||
| EQUITY AS AT 1 JULY | 16,931,230 | (4,777,949) | C | 12,153,281 | 220,138 | (48,006) |
| Shares | - | - | - | - | - | |
| Surplus/Deficit for the year | 2,259,732 | (727,613) | 1,532,119 | (2,336,201) | 317,603 | |
| Movement in fair value through equity reserve | - | 894,691 | D | 894,691 | - | - |
| Movement in revaluation reserve | 704,672 | (479,808) | B | 224,864 | - | - |
| Total recognised revenue and expenses for the year | 2,964,404 | (312,618) | 2,651,786 | (2,336,201) | 317,603 | |
| Dividend to shareholders | - | - | - | - | - |
| EQUITY AS AT 30 JUNE | 19,895,634 | (5,090,567) | | 14,805,067| (2,116,064) | 269,598 | | (1,846,465) |
Statement of Financial Position
as at 30 June 2008
| Distribution | Retail | |||||
|---|---|---|---|---|---|---|
| Old GAAP | IFRS Mvmt | Note | NZIFRS | Old GAAP | IFRS Mvmt | |
| $ | $ | $ | $ | $ | ||
| CURRENT ASSETS | ||||||
| General bank account | 578,719 | - | 578,719 | (602,496) | - | |
| Accounts receivable | 541,776 | - | 541,776 | 3,275,088 | - | |
| Inventories | 169,294 | - | 169,294 | - | - | |
| Provisional tax | 321,207 | - | 321,207 | (219,907) | - | |
| Total current assets | 1,610,996 | - | 1,610,996 | 2,452,685 | - |
| NON CURRENT ASSETS | | | | | | | | |
| Intangible Assets | - | - | J | 41,637 | - | - | J | 838,194 |
| Property Plant and Equipment | 24,518,314 | 21,462 | A, J | 24,498,139| 913,566 | - | J | 75,372 |
| Investments | 27,501 | - | | 27,501 | 27,500 | - | | 27,500 |
| Total non-current assets | 24,545,815 | 21,462 | | 24,567,277| 941,066 | - | | 941,066 |
| TOTAL ASSETS | 26,156,812 | 21,462 | | 26,178,274| 3,393,750 | - | | 3,393,750 |
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NZ Gazette 2009, No 182
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Notes to the Financial Statements
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💰 Finance & RevenueFinancial liabilities, Creditors, Borrowings, Credit risk, Bank guarantees, Interest rate risk, Currency risk, Liquidity risk, Maturity analysis, Sensitivity analysis