Company News PROFIT OF MAPLE

Press, Volume C, Issue 29502, 2 May 1961, Page 17

Company News PROFIT OF MAPLE

£2737 Rise To . £50,829 Consolidated net profit of the Maple Furnirfiing Companies. Ltd., rose by £2737 to £50.829 during the year ended March 31 following a further substantial increase in turnover from last year’s record level. The company proposes to divide its £1 shares into 5s units. The increase in sale® U reflected in the rise of £01,913 to £257.907 in the provision for profit not yet earned on accounts still to be collected and also in the fact that debtors for goods supplied exceed £1 million for the first time.

first time. The former provision is deducted before arrival at the net profit, which is also found after providing £226 less for taxation at £44,179 and £2094 more for depreciation at £18,688. The directors recommend a final ordinary dividend of 6 per cent, making an unchanged payment of 11 per cent, for the year on paid capital increased by £68,403 to £323,223 during the year. Of this increase. £32,000 is due to the issue of shares for the acquisition of Rees Furnishing Company. Ltd.. Palmerston North, and £36,403 to the one-for-seven issue to shareholders in September. The latter issue was at a premium of 15s a share, which has lifted the share premium reserve from £58,705 to £110,007. The 11 per cent ordinary dividend, together with the preference payment of 5 per cent, takes £7744 more at £37,134 than in 1950-60. The net profit exceeds this requirement by £13.695 and the amount carried forward, after a taxation adjustment of £lBOl, is raised from £139,737 to £151.631. The balance-sheet shows that shareholders' funds rose during the year by £133,463 to £749.962. Provisions, including the unearned profits provision of £257,967. are up by £61.913 to £266.467 and the secured mortgage has been increased from £140,502 to £166,671. Liabilities Greater

Current liabilities are £198,026 higher at £621,765. They include bank overdraft of £342,791 (up £89,857) and sundry and trade creditors at £160,715, a rise of £90,009. Fixed assets are shown at £369,242, which is £45,773 more than in 1959-60. Investments, consisting of life assurance premiums paid, are up £3477 at £17.866. Tlie current assets total £1,417,757. a rise of £370,321. Debtors for goods supplied account for £1.042.955, an increase of £254,260. Stocks rose £115,424 to £368,274.