COMPANY NEWS

Press, Volume XC, Issue 27470, 2 October 1954, Page 10

COMPANY NEWS

HAY’S LIMITED’S ACCOUNTS

New records in turnover r the were established by Hay , turnprofit la waT C £3B.M4 OV In Increase of £7291 over that of the P ray ‘° as y ® a „Ht and loss This year a c° nsolid ? t s' l f b re presented account and balance-sheet a . Hay's, in addition to the balance-aheetof Ltd., as these show more cleany extent of the operations of company, together with (Xshburaries R. Pugh, Ltd., and Hay ton),’ Ltd.- The consol * d ? tad fl , p a r f”“ proloss account shows a net pro fit. after P g an§X^SL‘n aX £ a ]& ( (» for l^ 3 rU £ tb»l £l2OO has beer.rained as reserves in subsidiaries. . from addition of £3B 514 brought forward-.from last year, the amount available for dis tribution is £75,958. Dividend of 12J per cent, absorbs £13,750. transfer to general reserve takes £4914. leaving a carry forward of £52,294. hainneeAccording to the consolidated balance sheet, bank overdraft has £9478 in 1953 to £174,972. Trade creditors are shown at £109.865 compared with £118.343 in 1953. Stocks are listed at £365.862, against £245,450. Balance-sheet Consolidated balance-sheet figures are as follows:- igj _ 3 1954 Paid capital •• Capita] reserve .. 87,000 87,w0 General reserve . - 20,086 25.000 Unapprop. profits .. 39,571 54,438 Shareholders’ funds .. 296,657 316,438 Net fixed assets 99,659 117,588 Shar p e anies n ° ther «.632 7.447 Subsidiary companies .. 2,486 9,514 Current assets— «.R9 Stocks . . -■ 245,450 3' , 5.862 Trade debtors • • 15 ?’aqq Cash •• 1./22 Less current liabilities— _ o _ Trade creditors • ■ J 6-343 109.865 Overdraft .. •• 9,478 174,972 Taxation • • 34.200 Dividend - • 18.750 18,750 Total net assets .. £296,657 £316,438 The address of the chairman of directors (Mr W. H. E. Flint), which is attached to the accounts, notes that In the year under review there occurred the twenty-first anniversary of the change of Hay’s from a private to a public comprny. “To have seen,” says Mr Flint, “the business grow from a modest turnover of £45,000 in 1934, to this year’s figure of over £1,500,000 with steady profits maintained throughout must be a matter of satisfaction to shareholders,' as it is to your directors and to all those who have in any way contributed to this impressive achievement.”

In a memorandum to shareholders, it is said that the nominal capital is to be increased to £400,000 bv the creation of 100,000 additional ordinary shares of £1 each and 150,000 new cumulative 5 per cent, preference shares of £1 each. Consent of the Capital Issues Committee has been granted for the immediate issue of 50,000 of these preference shares. Ratification of this issue will be sought at an extraordinary general meeting of shareholders on October 13.

J. Wattle Canneries.—Recommended annual dividend is 6 per cent, ex October 14. Last year the dividend was 8 per cent.