COMPANY NEWS
J. R. MCKENZIE LTD’S ACCOUNTS FALL IN OPERATING COMPANIES’ PROFIT Net profit of J. R. McKenzie, Ltd., and subsidiary companies, the operating organisations of McKenzie’s Department Stores, Ltd., fell £11,390 to £66,767 in the year ended March 31. The amount paid to the parent company in dividend by the trading companies was £62,887, an increase of £12,500, the increase representing the bonus of 2J per cent., initiated by the parent company in 1948. The directors propose to add a similar bonus payment to the usual 10 per cent, dividend for the last financial year ended May 5. This distribution will again require £62,500. Reserves of the subsidiaries are increased by £3BBO to £161,001. Following are the consolidated profits and results of the trading company, J. R. McKenzie. Ltd., and subsidiary companies, for the year ended March 31:— 1948. 1949. March 31. £ £ Net profits .. .. 78,157 66,767 Dividends paid .. 50,387 62,887 •Reserves .. .. 157,121 161,001 •Excluding depreciation reserves, which at March 31 were £51,921, against £49,921 in 1948 and £47,921 in 1947. Changes in the consolidated balancesheet are:—
Liabilities £ £ Capital 303,850 Same Tax provision 104,054 — 23,169 Bank 48,080 — 25,220 Creditors 97,073 — 102,421 McK. Dept. Stores .. 36,686 . 4-27 P. and L. account .. 161,001 Assets Land, buildings (less 4-3,881 mtges., deprec.) 171,632 —920 .Leasehold improv. .. Fittings, etc. (less de1,214 —380 preciation ) 20,771 — 2,297 Stocks 488,040 — 295,484 Debtors 66,810 +52,164 Cash 2,277 + 15 The consolidated balance-sheet £246,902 lower at £’’50,744. total is
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Bibliographic details
Press, Volume LXXXV, Issue 25811, 24 May 1949, Page 8
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238COMPANY NEWS Press, Volume LXXXV, Issue 25811, 24 May 1949, Page 8
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