✨ Financial Statements
- Surplus Before Taxation
| 2011 | Distribution 2010 | |
|---|---|---|
| $ | $ | |
| Surplus/(Deficit) before income tax | 2,172,416 | 2,099,143 |
After charging:
| 2011 | 2010 | |
|---|---|---|
| $ | $ | |
| Audit fees | 19,269 | 22,532 |
| Audit fees other services | - | - |
| Interest from short term deposits | - | - |
| Depreciation: | ||
| Distribution network | 802,302 | 784,683 |
| Leasehold improvements | 14,500 | 13,912 |
| Vehicles | 26,823 | 20,332 |
| Office equipment | 542 | 548 |
| Furniture & fittings | 1,688 | 1,695 |
| Plant & equipment | 26,527 | 24,417 |
| Customer Acquisitions | 43,752 | 35,189 |
| Computer hardware & software | 916,034 | 880,785 |
| Directors' fees | 74,688 | 70,400 |
| Interest: fixed loans | 446,864 | 566,156 |
| Rental & operating lease costs | 78,403 | 75,403 |
| Movements in provision for doubtful debts | - | - |
| Bad debts written off | - | - |
| After crediting: | ||
| Interest from short term deposits | 799 | 1,181 |
| Profit on sales of assets | - | - |
| Dividends received | - | - |
- Taxation
| 2011 | 2010 | |
|---|---|---|
| $ | $ | |
| Current tax | (743) | 187,036 |
| Deferred tax on temporary differences | - | (344,979) |
| Deferred tax on change in tax rates | - | (157,944) |
| Tax expense | (743) | (157,944) |
Relationship between tax expense and accounting profit
| Surplus/(Deficit) before income tax | 2,172,416 | 2,099,143 |
| Prima facie taxation at 30% | 651,725 | 629,743 |
| Non deductible items | - | - |
| Non taxable income | - | - |
| Deferred tax adjustment | (344,979)| (442,708)|
| Group loss offset | (652,460)| - |
| Taxation expense / (benefit) | (743) | (157,944)|
Deferred Tax Liability
| PPE | Provisions | Losses | Total | |
|---|---|---|---|---|
| $ | $ | $ | $ | |
| Balance at 01 July 2009 | (5,134,149) | 13,274 | 134,052 | (4,986,823) |
| Charged to income | 304,440 | (12,444) | - | 157,944 |
| Charged to equity | - | - | - | - |
| Balance at 30 June 2010 | (4,829,709) | 820 | - | (4,828,879) |
| Charged to income | (9,041) | 9,784 | - | 743 |
| Charged to equity | - | - | - | - |
| Balance at 30 June 2011 | (4,838,750) | 10,614 | - | (4,828,136) |
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NZ Gazette 2011, No 187
✨ LLM interpretation of page content
💰
Notes to the Financial Statements for GasNet Limited
(continued from previous page)
💰 Finance & RevenueSurplus, Taxation, Audit Fees, Depreciation, Directors' Fees, Interest, Rental Costs, Tax Expense, Deferred Tax, Financial Adjustments