WESTLAND BREWERIES

Dominion, Volume 35, Issue 45, 17 November 1941, Page 3

WESTLAND BREWERIES

Past Taxes Absorb Profit

An extraordinary liability to the Customs, Department, which, with income and security taxations, absorbed the net profit of £11,215, is reported in the ‘accounts of Westland Breweries, Limited for the period ended June 30. A debit of’£ls3o was left in the appropriation account, and no dividend has heen mended. Gross profit was £24,304. lue liability of £lO,OOO owing by the company at the end of the financial year had in the company’s accounts been apportioned £7682 to the period before July 1, in respect of previous year’s allocations, while the balance, £2318, has been charged against the cuirent years trading expenses. The balance-sheet item, sundry creditors, includes £1<,305,. senting the above extraordinary liability and the sum payable in respect of income, social and national security taxes tor the year under review. The whole of the £lO,OOO had been paid to the Customs Department. An application to the Commissioner of Taxes for a refund of excess income tax consequently paid on last year’s profits was made, and a refund oi £1915 had been received by the company.