New Zealand Gazette – 2010 – No. 158

Page 3984

✨ Financial Statements



NGC HOLDINGS LIMITED

GAS WHOLESALING ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2010

  1. PROFIT BEFORE INCOME TAX
2010 2009
$'000 $'000
Profit before income tax includes:
Audit fees 10 10
Depreciation of plant, vehicles and equipment 175 127
Operating leasing costs 63 47
Personnel expenses 1,653 1,295
Amortisation of software intangibles 265 204
(Decrease)/increase in provisions (312) 2,543
  1. INCOME TAX EXPENSE
2010 2009
$'000 $'000
Profit before income tax 25,287 23,816
Tax at current rate of 30% 7,586 7,145
Prior period adjustments 585 159
Other 11 1
Future reduction in tax rate impacting deferred tax 80 -
Income tax expense 8,262 7,305
2010 2009
Current income tax 6,974 8,445
Deferred income tax 1,288 (1,140)
Total 8,262 7,305
  1. DEFERRED TAX
PROPERTY, PLANT AND EQUIPMENT PROVISIONS AND ACCRUALS TOTAL
$'000 $'000 $'000
2010
Balance at the beginning of the period (36) 2,521 2,485
Amounts recognised in the statement of comprehensive income:
Relating to the current period 24 8 32
Prior period adjustments recognised in the current period - (1,240) (1,240)
Relating to future reduction in tax rate 6 (86) (80)
Amounts recognised in the statement of financial position (83) - (83)
Balance at the end of the period (89) 1,203 1,114

| | $'000 |
| Deferred tax assets | 1,203 |
| Deferred tax liabilities | (89) |
| Net deferred tax (liabilities) / assets | 1,114 |



Next Page →



Online Sources for this page:

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




✨ LLM interpretation of page content

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

💰 Finance & Revenue
15 November 2010
Financial Statements, Accounting Policies, Impairment, Non-financial Assets, Reversal of Impairment