Company News H. J. KEARNS LOSS
Sharp Drop In Sales With sales down from £65,244 to £37,895 in the year to June 30, Hugh J. Kearns, Ltd., Christchurch maltster, incurred a net loss of £5215 compared with a profit of £2013 in the previous 12 months. The loss was reached after providing £74 more for depreciation at £1359. There was no tax provision. After deducting the loss from unappropriated profits in the profit and loss account, there is a balance of £2733. Dividend is again passed. The last payment was 4 per cent, in 1957. Balance Sheet The balance sheet shows current assets down from £40,715 to £36,444 with debtors down from £8726 to £3651 and stocks £BO4 higher at £32,788. Current liabilities are £267 lower at £19,142 with bank overdraft up from £14,954 to £16,766. Fixed assets have been written down from £71,634 to £70,419 with land and buildings at 1954 valuation and plant at 1956 valuation. Term liabilties are unchanged at £10,183. Capital is unchanged at £40,000 and capital reserves are steady at £34,795. Shareholders’ funds total £77,528.
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Bibliographic details
Press, Volume CII, Issue 30051, 8 February 1963, Page 15
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180Company News H. J. KEARNS LOSS Press, Volume CII, Issue 30051, 8 February 1963, Page 15
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