Company News TANNERIES LAST YEAR

Press, Volume XCVIII, Issue 29071, 7 December 1959, Page 19

Company News TANNERIES LAST YEAR

Bank Debt And Stocks Down Woolston Tanneries, Ltdpaid off a secured overdraft amounting to £112,816 at September, 1958. and made a small profit in the ensuing 12 months. This is shown in the company’s latest accounts. The company ceased operations during the year. Net profit this year was £2773. This compares with a net loss of £36,364 the previous year. Salaries and expenses fell from £33,936 to £26,195 and gross profits from trading accounts rose from £7342 to £32,917. The sum of £2238 has been transferred to the profit and loss appropriation account. With £24,552 brought forward, this account totals £26,790. Stocks Liquidated Stocks, valued at £112,075 last year, have been reduced to £225. Debtors and bills receivable fell from £37,933 to £1797. New current assets comprise £43,000 cash on deposit and £7570 on current account. Total current assets fell £97,416. Mainly because of the elimination of the overdraft, current liabilities fell £124,675, and now stand at £457. Unappropriated losses were reduced from £24,552 to £19,790. Paid capital is unchanged at £lOO.OOO in £1 shares and shareholders’ funds rose from £75,448 to £80.210. Fixed assets fell from £50,572 to £28.075. Land (£2545) and buildings (£24.030) are the mam items under this heading. During the year the estimated value of plant was reduced from £20,708 to £5OO.

H. G. Palmer.— Outstandings of H. G. Palmer (Consolidated), Ltd.. at June 30, stood at £B.sm. an increase of £3.9m on the year. The extra finance has been provided largely by deposit notes, which at £74m are £3.Bm higher. Secured funds provided for time payment and hire purchase rose by £Llm to £3.4m. Capital at £1.589,583 increased from £688,594. The prospectus of the current £250,000 deposit note issue says that the assets cover is £125 for each £lOO notes,