New Zealand Gazette – 2010 – No. 158

Page 3950

✨ Financial Statements



NGC HOLDINGS LIMITED

GAS RETAILING ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2010

  1. PROFIT BEFORE INTEREST AND INCOME TAX
2010 2009
$000 $000
Profit before interest and income tax includes:
Audit fees 28 28
Depreciation of plant, vehicles and equipment 155 159
Operating leasing costs 50 47
Personnel expenses 1,637 1,207
Amortisation of software intangibles 191 214
Increase / (decrease) in provisions 1 (5,924)
Decrease in provision for doubtful debts (70) (538)
  1. FINANCE COSTS
2010 2009
$000 $000
Finance costs
Interest expense 1,069 1,447
  1. INCOME TAX EXPENSE
2010 2009
$000 $000
Profit before income tax 1,183 4,909
Tax at current rate of 30% 355 1,473
Prior period adjustments 1 (132)
Other (13) 2
Future reduction in tax rate impacting deferred tax 1 -
Income tax expense 344 1,343
2010 2009
$000 $000
Current income tax 405 1,295
Deferred income tax (61) 48
Total 344 1,343
  1. DEFERRED TAX
PROPERTY, PLANT AND EQUIPMENT PROVISIONS AND ACCRUALS TOTAL
$000 $000 $000
2010
Balance at the beginning of the period (58) 64 6
Amounts recognised in the statement of comprehensive income:
Relating to the current period 28 3 31
Prior period adjustments recognised in the current period 2 29 31
Relating to future reduction in tax rate 5 (6) (1)
Amounts recognised in the statement of financial position (46) - (46)
Balance at the end of the period (69) 90 21
$000
Deferred tax assets 90
Deferred tax liabilities (69)
Net deferred tax (liabilities) / assets 21


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Gazette.govt.nz — PDF NZ Gazette 2010, No 158




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💰 Certification of Financial Statements for NGC Holdings Limited (continued from previous page)

💰 Finance & Revenue
Financial Statements, Accounting Policies, Gas Retailing, Approval