New Zealand Gazette – 2012 – No. 143

Page 4204

✨ Financial Statements



4204 NEW ZEALAND GAZETTE, No. 143 30 NOVEMBER 2012

2. Surplus Before Taxation

Distribution 2012 2011
Surplus/(Deficit) before income tax $ 2,068,672 $ 2,172,416

After charging:

2012 2011
Audit fees $ 24,288 $ 19,269
Audit fees other services $ - $ -
Interest from short term deposits $ - $ -
Depreciation: Distribution network $ 825,049 $ 802,302
Leasehold improvements $ 15,552 $ 14,500
Vehicles $ 26,174 $ 26,623
Office equipment $ 589 $ 542
Furniture & fittings $ 1,259 $ 1,688
Plant & equipment $ 28,643 $ 26,627
Customer Acquisitions $ - $ -
Computer h/ware & s/ware $ 59,008 $ 43,752
$ 956,274 $ 916,034

| Directors’ fees | $ 74,688 | $ 74,688 |
| Interest - fixed loans | $ 680,386 | $ 446,964 |
| Rental & operating lease costs | $ 78,403 | $ 78,403 |
| Movements in provision for doubtful debts | $ - | $ - |
| Bad debts written off | $ - | $ - |

After crediting:

| Interest from short term deposits | $ 1,135 | $ 799 |
| Profit on sales of assets | $ - | $ - |
| Dividends received | $ - | $ - |

3. Taxation

2012 2011
Current tax $ - $ -
Deferred tax on temporary differences $ (11,205) $ (743)
Deferred tax on change in tax rates $ - $ -
Tax expense $ (11,205) $ (743)

Relationship between tax expense and accounting profit

| Surplus/(Deficit) before income tax | $ 2,068,672 | $ 2,172,416 |
| Prima facie taxation at 28% | $ 579,200 | $ 651,725 |

| Non deductible items | $ - | $ - |
| Non taxable income | $ - | $ - |
| Deferred tax adjustment | $ - | $ - |
| Group loss offset | $ (590,405) | $ (652,468)|
| Taxation expense / (benefit) | $ (11,205) | $ (743) |

Deferred Tax Liability

Distribution PPE Provisions Losses Total
Balance at 01 July 2010 $ (4,829,709) $ 830 $ - $ (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)
Charged to income $ 9,705 $ 1,500 $ - $ 11,205
Charged to equity $ - $ - $ - $ -
Balance at 30 June 2012 $ (4,829,045) $ 12,114 $ - $ (4,816,931)


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Gazette.govt.nz — PDF NZ Gazette 2012, No 143




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🏭 GasNet Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Accounting policies, Leases, Operating leases, Finance leases, Critical accounting estimates, Depreciation, Asset valuation, Accounting policies, Changes in accounting policies