COMPANY NEWS

Press, Volume LXXXIV, Issue 25580, 23 August 1948, Page 8

COMPANY NEWS

WEEKS LIMITED, ACCOUNTS INCREASE IN NET PROFITS An Increase in net profit from £11,900 to £13,784 is disclosed in the accounts of Weeks, Ltd., for the year ended July K. Operating expenses have shown a further increase, but this, states the report, has been more than compensated for by increased turnover. At present stocks of materials are adequate, but the prospect for the next few months is very uncertain because of the difficulty in obtaining import licences. Current liabilities are £71,756, against £59,280; general reserve, £30,000 (£25,000); provision for stock fluctuations, £5OOO (same). The total of shareholders’ funds is shown at £133,489 (£99,399). Current assets are £120,813 (£81,559); investments, £2BBl (£2552); fixed assets, £81,551 (£74,568). The balancing total is £205,245 (£158,679). The profit and loss account shows operating expenses at £37,600 (£35.698); provision for taxes, £13,784 (£11,900); gross profit from trading account, £70,812 (£63,135); net trading profit, £23,509 (£20,174). The appropriation account provides for an interim dividend of 4 per cent, on ordinary shares paid in February, absorbing £2400; proposed final dividend of 4 per cent., £2400; proposed jubilee bonus of 1 per cent, on ordinary shares, payable September 1, proposed first dividend at rate of 5 per cent, per annum oh preference shares, payable September 1, £240; and proposed transfer to the general reserve, £5OOO (£2500). The balance carried forward is £7484 (£8399).