E. REECE YEAR
Slight Rise In Profit
Consolidated net profit of E. Reece, Ltd., Christchurch hardware merchants, rose £420 to £3573 in the year to May 31. Profit was reached after providing £1498 for depreciation against £ 1384 in 1960 and £3300 for tax (£2438). Dividend of 4|d'a 5s stock unit takes £2776 and carryforward is £4092 against £3203 brought in. The consolidated balancesheet shows that current liabilities are up •from £39,551 to £66,186. Creditors are up from £BBOl to £9401 and bank overdraft is up from £45.537 to £50,709. General reserve is unchanged at £16,350. Current assets are up from £74,824 to £82,688. Debtors are down from £14,263 to £13,621 and stocks are £8417 higher ait £67,285. Fixed assets are £403 lower at £38,402.
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Bibliographic details
Press, Volume C, Issue 29643, 13 October 1961, Page 19
Word Count
124E. REECE YEAR Press, Volume C, Issue 29643, 13 October 1961, Page 19
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