QUILL, MORRIS, LTD.

Evening Post, Volume CXXI, Issue 36, 12 February 1936, Page 14

QUILL, MORRIS, LTD.

LIQUIDATORS' REPORT

Liquidators of Quill, Morris, Ltd. (in liquidation), the Christchurch firm of wine, spirits, and tobacco merchants report for the year ended January 25 as ioIIows:—•

The net amount of overdraft owing to the bank as at January 25, 1936, stood at £3437 18s 4d, as against the overdraft at the date of liquidation in 1932 of £41,896 3s lOd. Furthermore, preferential creditors for liabilities incurred by the liquidators during their period of management have been reduced from £4313 Is 4d last year to £850 6s 5d as at the date of balance. The liquidators considered that as the 'winding up of the company is now completed it was advisable that the secured deposit accounts which had been raised by them and which last year amounted to £300, should be repaid, and owing to the satisfactory financial position oi the company no difficulty was experienced in arranging the repayment. Net profit for the year amounted to £3931 17s lOd, constituting a record over the period of the liquidation. A further sum of £1400 has been brought to credit of profit and loss account, and this represents certain internal reserves created over the last four years by the liquidators. These internal reserves are not considered necessary any longer, and in view of the reconstruction of the company they have therefore been added to the profits previously disclosed as earned by the Accumulated profits over the period of the liquidation now amount to £11,942 13s 3d, from which, however has been deducted the sum of £948, 11s 3d as due for interest to the unsecured creditors in terms of the reconstruction proposals The balance of net profits of £10,994 2s for the benefit of the shareholders has contributed in a substanial measure to the success of the reconstruction. I As the meeting of shareholders called for February 24 to consider the accounts of the liquidators will be the final meeting of the liquidation the liquidators have included an abstract of liquidators' receipts and payments covering the period of four years and twenty days ended January 25, 1936. The total volume of cash handled by the liquidators for this period was £S 3items ßd of the balance-sheet in thSast tw£ years, those of 1935 being in parentheses, compare as foliosLiabilities.— Paid-up capital, £82,250 (£B2 250)- Bank overdraft, less amount transferred from liquidators' account and less credit in current account, £34381 (£7233); Mortgages of realty, 112 000 (£ 12,000); Sundry creditors (nref ) £850 £4313); sundry creditors rSntpeured) £27,144 (£19.515): profit SF2oU2o);%dation|nd^onstrucItion account, £61,324 (fcsU,*zij.