Port Nelson Annual Report 2007 (pdf)
Port Nelson Annual Report 2007 (pdf)
Port Nelson Annual Report 2007 (pdf)
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N O T E S T O T H E A C C O U N T S<br />
N O T E 4 : D E F E R R E D T A X ( A S S E T S ) A N D L I A B I L I T I E S<br />
Employee<br />
Intangible<br />
PP&E Derivatives Entitlements Assets Total<br />
$000 $000 $000 $000 $000<br />
Opening Balance 4,065 26 (339) 68 3,820<br />
Charged to Profit and Loss (200) - 36 21 (143)<br />
Charged to Equity (189) 400 - - 211<br />
B A L A N C E A T 3 3 % 3,676 426 (303) 89 3,888<br />
Tax rate Adjustment<br />
Charged to Profit and Loss (114) - 6 (8) (116)<br />
Charged to Equity (220) - - - (220)<br />
C L O S I N G B A L A N C E 3,342 426 (297) 81 3,552<br />
N O T E 5 : I N V E S T M E N T P R O P E R T Y<br />
<strong>2007</strong> 2006<br />
$000 $000<br />
Opening Balance 13,983 13,271<br />
Revaluations 722 712<br />
Properties Intended for Sale (394) -<br />
C L O S I N G B A L A N C E 14,311 13,983<br />
Properties Intended for Sale<br />
An Investment Property has been presented as Properties Intended for Sale following the Company entering into a Sale Agreement, on 7 June<br />
<strong>2007</strong>, with settlement after Balance Date.<br />
Basis of Valuation<br />
Investment Property is stated at fair value. Fair value was determined as at 30 June <strong>2007</strong> being the market value of the lessor’s interests as at 30<br />
June <strong>2007</strong>, and is valued annually. Valuation was completed by Ian McKeage, independent Registered Valuer, FNZIV, FPINZ of TelferYoung.<br />
N O T E 6 : E Q U I T Y<br />
(a) Share Capital <strong>2007</strong> 2006<br />
$000 $000<br />
Opening Balance 31,046 31,046<br />
Redeemed During the Year (25,000) -<br />
B A L A N C E A T 3 0 J U N E 6,046 31,046<br />
At 30 June <strong>2007</strong> the company has 25,415,404 ordinary shares. (2006 31,046,035). During the <strong>2007</strong> financial year the company purchased and<br />
cancelled 5,630,631 shares. All shares are fully paid and have no par value. All shares carry equal voting rights and the right to share in any surplus<br />
on winding up of the company. None of the shares carry fixed dividend rights.<br />
(b) Retained Earnings <strong>2007</strong> 2006<br />
$000 $000<br />
Retained Earnings 29,035 26,749<br />
Net Surplus 6,725 7,587<br />
Dividends Paid (1,000) (2,600)<br />
Transfer to Dividend Payable (2,900) (2,700)<br />
R E T A I N E D E A R N I N G S A T 3 0 J U N E 31,860 29,035<br />
3 0
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