✨ Financial Statements
NGC HOLDINGS LIMITED
GAS WHOLESALING ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
3. DEFERRED TAX (continued)
| PROPERTY, PLANT AND EQUIPMENT | PROVISIONS AND ACCRUALS | TOTAL | |
|---|---|---|---|
| $000 | $000 | $000 | |
| 2009 | |||
| Balance at the beginning of the period | (36) | 1,361 | |
| Amounts recognised in the statement of comprehensive income: | |||
| Relating to the current period | - | 757 | |
| Prior period adjustments recognised in the current period | - | 383 | |
| Balance at the end of the period | (36) | 2,521 | |
| Deferred tax assets | - | 2,521 | |
| Deferred tax liabilities | (36) | - | |
| Net deferred tax (liabilities) / assets | (36) | 2,521 |
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.
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.
4. NOTIONAL RESERVES
| 2010 | 2009 | |
|---|---|---|
| $000 | $000 | |
| Balance at the beginning of the period | 100 | 100 |
| Net profit for the period | 17,025 | 16,511 |
| Notional dividend declared | (17,025) | (16,511) |
| Balance at the end of the period | 100 | 100 |
A provision has been made for a notional dividend of $17.0 million (30 June 2009: $16.5 million) payable for the current year.
5. RECEIVABLES AND PREPAYMENTS
| 2010 | 2009 | |
|---|---|---|
| $000 | $000 | |
| Current | ||
| Trade receivables | 1,147 | 2,031 |
| Trade receivables - NGC gas retailing activities (related party) | 5,366 | 7,967 |
| Prepayments and other receivables | 1,604 | 728 |
| Total | 8,117 | 10,726 |
All trade receivables are expected to be realised therefore no doubtful debts have been provided for.
6. PAYABLES AND ACCRUALS
| 2010 | 2009 | |
|---|---|---|
| $000 | $000 | |
| Current | ||
| Trade payables and other creditors | 19,168 | 18,694 |
| Total | 19,168 | 18,694 |
Next Page →
NZ Gazette 2010, No 158
✨ LLM interpretation of page content
💰
Certification of Financial Statements for NGC Holdings Limited
(continued from previous page)
💰 Finance & Revenue15 November 2010
Financial Statements, Accounting Policies, Impairment, Non-financial Assets, Reversal of Impairment