42
43
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2004
2004
2003
NOTE 1: OTHER EXPENSES
$000's
$000's
(a) Other expenses
Remuneration of Auditor
- audit fees
30
25
- other services
-
-
Amortisation
28
35
Net loss/(gain) on sale of fixed assets
(106)
(283)
Directors fees
126
99
Rental and operating lease costs
913 1,032
Bad debts written off
113
34
Movement in provision for doubtful debts (31)
8
1,073
950
(b) Depreciation
Plant, equipment and vehicles
2,443 2,320
Administration furniture and equipment
418
281
2,861 2,601
NOTE 2: TAXATION
(a) Tax expense
Surplus before taxation
2,725 3,239
Prima facie taxation at 33%
899 1,069
Plus/(less) taxation effect of :
Permanent difference
17
(27)
Tax expense
916 1,042
Comprising:
Current tax
872 1,092
Deferred tax
44
(50)
916 1,042
(b) Deferred taxation asset
Opening balance
1,341 1,299
Transfer to current taxation
(27)
(8)
Taxation expense
(44)
50
Closing balance
1,270 1,341
(c) Current taxation liability
Opening balance
1,089 1,692
Transfer from deferred taxation
(27)
(8)
Taxation expense
872 1,092
Less provisional taxation paid
-
(3)
Less subvention payment
(1,075) (1,684)
Closing balance
859 1,089
2004
2003
$000's
$000's
NOTE 2: CONTINUED
The prior year taxation liability was extinguished through
the offsetting of losses of $2,183,488 from Christchurch
City Holdings Limited and the making of a subvention
payment of $1,075,449 to Christchurch City Council.
(d) Imputation credit account
Opening balance
3
(3)
Taxes paid/(refunded)
-
3
Credits attached to dividends
-
-
Closing balance
3
-
NOTE 3: EQUITY
(a) Share capital
Balance as at 30 June
6,036 6,036
At 30 June 2004 the company has issued 6,036,000
ordinary shares. All shares are fully paid.
(b) Retained earnings
Retained earnings at 1 July
4,587 3,820
Net surplus
1,809
2,197
Dividend - paid
(395)
(635)
Dividend - provided and
(509)
(795)
transferred to reserve.
Balance as at 30 June
5,492 4,587
(c) Provision for dividend reserve
509
795
Dividend relating to 2003/2004 earnings - provided for
but not declared by directors at 30 June 2004
NOTE 4: ACCOUNTS RECEIVABLE
AND PREPAYMENTS
Trade debtors
10,590 8,615
Provision for doubtful debts
(71)
(102)
Contract retentions
768
187
Prepayments
361
263
Total receivables and prepayments
11,648 8,963
