BOOTH MAC. RECOVERY

Press, Volume CIV, Issue 30811, 24 July 1965, Page 22

BOOTH MAC. RECOVERY

Profit Of £2054 Booth Macdonald, Christchurch engineer and merchant; made a recovery in the year to March 31 with a profit of £2054 against a loss of £2384 last year and a profit of £1147 in 1963. The latest profit is after providing £167 more at £905 for depreciation. There is no provision for taxation. Again, no dividend has been recommended on the paid up ordinary capital of £217,588 and no directors’ fees have been incurred.

The profit, which represents an earning rate of 3.14 per cent of shareholders’ funds of £65,020, reduces the deficit in the profit and loss appropriation account to £258,346 from £260,400. Rental operations have improved and almost the whole of the premises are now let at a worth-while rental income, say directors in their report.

Distribution Progress Progress with the distribution of ESSO oil products has been steady but it will be some time before the marketing of oil reaches proportions envisaged, they add. Current assets are £6353 higher at £14,675 of which sundry debtors are £10,126. Current liabilities are £5639 higher at £24,276, and include bank overdraft of £20,779 against £16,434 last year. Since balance date creditors totalling £6895 have advised they do not require further payment, says a note to the accounts. This leaves £33,627 due to creditors who have accepted payments in full settlement of amounts owing at the date of receivership. Fixed assets are £74,621 against £73,281 last year while capital reserves are steady at £105,778.