Cue Energy Resources Limited Notes to the financial statements 30 June 2025 Note 9. Income tax expense (continued) 42 Cue Taranaki Pty Ltd is subject to the provisions of its Petroleum Mining Permit (the Permit) which, in conjunction with the Minerals Programme for Petroleum (1995) Act and Crown Minerals (Royalties for Petroleum) Regulations 2013 (collectively the Legislation), defines the basis of provisional royalty payments made each reporting period. The provisions of the Permit define a hybrid royalty system whereby the minimum royalty payment, is the higher of 5% of revenues or 20% of the provisional accounting profit (APR), as defined in the legislation. The Consolidated Entity recognises the minimum royalty payment as a royalty expense, included in the statement of profit or loss and other comprehensive income as production costs, with any excess of the APR over the minimum royalty payment presented as an income tax expense, in accordance with AASB 112. Deferred taxes have been recognised in respect of the application of the terms of the Legislation to timing differences arising between the recognition and measurement criteria in the Legislation and the application of Australian Accounting Standards. These deferred tax balances are in addition to balances recognised on temporary timing differences generated through the application of the respective corporate income tax legislation in the jurisdictions in which the Consolidated Entity operates. Note 10. Current assets - trade and other receivables Consolidated 30 June 2025 30 June 2024 $'000 $'000 Trade receivables 9,317 5,808 Other receivables 2,089 2,126 11,406 7,934 Prepayments 221 200 11,627 8,134 Allowance for expected credit losses The Group applies the AASB 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The consolidated entity has not recognised any losses in profit or loss in respect of the expected credit losses for the year ended 30 June 2025 (30 June 2024: Nil). The ageing of trade and other receivables at the reporting date was as follows: Consolidated 30 June 2025 30 June 2024 $'000 $'000 Not overdue 7,169 6,192 Less than one month 4,237 1,742 11,406 7,934 Trade and other receivables are not considered impaired and relate to a number of independent customers for whom there is no recent history of default. 54 Cue Energy Resources Limited Annual Report 2025
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