SOUTHLAND MEAT

Press, Volume CI, Issue 29766, 8 March 1962, Page 19

SOUTHLAND MEAT

£lOB7 Loss The Southland Frozen Meat and Produce Export Company, Ltd, incurred a net loss of £1067 in the year to October 31. This compares with a net profit of £405,048 tin the previous year. It was reached after providing £26,355 less for depreciation at £202,545. As usual with freezing companies, tax provision is not shown. Trading profit after providing for tax and other contingencies fell from £856,345 to £404,321. The sum of £73,912 is brought in from profit and loss appropriation account and a transfer of £lOO,OOO has been made from market fluctuation reserve. Total dividend requirement is £103.125 and carryforward is £69,700. Capital is up from £681,554 to £1300,000 after last year’s bonus issued. Building reserve is unchanged at £350,000 as is fire insurance reserve at £200,000. Market fluctuation reserve is down to £205,000 after this year’s transfer. Trade creditors (including tax) are up from £1,638,005 to £1,760,034 and last year’s bank credit account of £125,792 is replaced by a £477,232 overdraft. Revaluation of properties for the bonus issue has resulted in fixed assets rising from £1,738.326 to £2,925,470. Investments are £ 124,660 lower at £628,583, mainly due to a reduction in Government stock holdings. Stocks at balance date were up from £768,765 to £854,082 and debtors rose from £178,392 to £218314.