Company News BEATHS, LTD.

Press, Volume XCVII, Issue 28699, 24 September 1958, Page 17

Company News BEATHS, LTD.

Profit Rises To £17,279

A rise in net tax-paid profit from £15,116 to £17,279 is shown in the accounts of Beath and Company, Ltd., for the year ended July 19, 1958. This figure is reached after providing the sum of £17,334 for taxation (compared with £15,579 in the previous year) and £21,879 (£10,714) for depreciation on the fixed assets of the company. The directors have recommended that a final dividend of 5 per cent, be paid on ordinary shares, making a total dividend of 10 per cent, for the year, The final 2| per cent, preference dividend makes the total dividend on this class of share 5 per cent, for the year. These payments, together with the interim payments, take £11,696. The dividends are unchanged from those of the previous year. No transfer to the general reserve will be made, although the sum of £25,000 was so transferred in 1957. The current liabilities of the company total £311,789, compared with £181,823 at July 19, 1957. The. main change in this figure has been caused by a rise of nearly £llO,OOO in the bank overdraft, which ' now stands at £222,307. The total current assets are £479,894 (£381,481), comprising mainly stocks .on hand or in transit £344,853 (£272.486) and trade debtors £131,361 (£105,777) The net current assets of the firm (current assets minus current liabilities) has therefore fallen from £181,823 to £168,105. The company’s fixed assets are shown in the balance-sheet at £223,790 (£180,027). This figure represents investments, land and buildings, plant fixtures and fittings, less the mortgage secured on the property of the company. In his report the chairman of directors (Mr T. W. Perry) notes the modernisation of the store during the last year, including the new entrance to the menswear sections and the opening of a coffee bar.