✨ Financial Statements Notes
26 NOVEMBER 2010 NEW ZEALAND GAZETTE, No. 158 3951
NGC HOLDINGS LIMITED
GAS RETAILING ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
4. DEFERRED TAX (continued)
| PROPERTY, PLANT AND EQUIPMENT | PROVISIONS AND ACCRUALS | TOTAL | |
|---|---|---|---|
| $000 | $000 | $000 | |
| 2009 | |||
| Balance at the beginning of the period | (23) | 77 | 54 |
| Amounts recognised in the statement of comprehensive income: | |||
| Relating to the current period | (130) | (206) | (336) |
| Prior period adjustments recognised in the current period | 95 | 193 | 288 |
| Balance at the end of the period | (58) | 64 | 6 |
| Deferred tax assets | (58) | - | (58) |
| Deferred tax liabilities | - | 64 | 64 |
| Net deferred tax (liabilities) / assets | (58) | 64 | 6 |
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 retailing activities.
In May 2010 the Government announced a reduction in the company tax rate to 28%, effective from the 2011/2012 income year. In accordance with NZ IAS 12 the deferred tax has been restated to reflect this change.
5. NOTIONAL RESERVES
| 2010 | 2009 | |
|---|---|---|
| $000 | $000 | |
| Balance at the beginning of the period | 100 | 100 |
| Net profit for the period | 839 | 3,566 |
| Notional dividend declared | (839) | (3,566) |
| Balance at the end of the period | 100 | 100 |
A provision has been made for a notional dividend of $0.8 million (30 June 2009: $3.6 million) payable for the current year.
6. TRADE RECEIVABLES
| 2010 | 2009 | |
|---|---|---|
| $000 | $000 | |
| Current | ||
| Trade receivables | 23,147 | 29,921 |
| Provision for doubtful debts | (30) | (100) |
| Total | 23,117 | 29,821 |
7. PAYABLES AND ACCRUALS
| 2010 | 2009 | |
|---|---|---|
| $000 | $000 | |
| Current | ||
| Trade payables – NGC gas wholesaling activities (related party) | 5,366 | 7,967 |
| Other trade payables and creditors | 1,932 | 508 |
| Interest payable | 193 | 247 |
| Total | 7,491 | 8,722 |
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NZ Gazette 2010, No 158
✨ LLM interpretation of page content
💰
Certification of Financial Statements for NGC Holdings Limited
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Accounting Policies, Gas Retailing, Approval