Page 13 Advertisements Column 3

Otago Daily Times, Issue 20705, 1 May 1929, Page 13

AUCKLAND (Incorporated under “The Companies Act, 1908”), acquiring, as a going concern and free of all the business of Geo. Kent & Sons., Limited, which was; originally established in 1872. Nominal Capital, £50,000 divided into 15,000 Ordinary Shares of £1 each, of which 10,000 have been issued as fully paid, and the remaining. SOOOrare .held in reserve unissued; and also 35,000 Participating Preference Shares of £1 each, which are entitled to a fixed preferential (but not cumulative) dividend at the rate of 10 per cent, per annum, and participate pari passu with the Ordinary Shares in further dividends after the latter shall have received a : dividend of 10 per cent. They are also entitled to priority in regard to assets in the event of liquidation. The Company is also issuing £35,000 Of per cent. First Mortgage Debenture Stock, and now OFFERS FOR SUBSCRIPTION the said 35,000 10 per cent. Preference Shares • and the said £35,000 of Debenture Stock ■ upon the following-terms:— ' 'S ; annual net profit for each of the past, three years has been more than twice the amount of the debenture interest. After allowing for debenture'interest of £2625,the net profit for the. year ended March 31, 1929, has exceeded the amount of a 10, per cent, dividend on'the whole issued, capital of £45,000. Application will be made in due course for quotation upon the Auckland Stock. Exchange. \ • Managing Director: • ■ ARCH. KENT, of Auckland, Master Baker. Directors: , ' , , , lowing are the Directors of the Company," their offices being held until the first Annual Meeting:— •> . ALBERT JOHN CLEGG, of Wellington, Managing Director of Denhard • Bakers, Limited (Advisory Director).. HENRY KENT, of Auckland, Master Baker, DAVIS, of Wellington, Company Director. NORMAN ALEXANDER DUTHIE. of Auckland, Public Accountant. . ... ' - . .... Bankers; * ‘ — ■ - ■ THE NATIONAL BANK OP NEW ZEALAND,'LIMITED. Trustee for tho Debenture Holders: ' - THE GUARDIAN TRUST -AND EXECUTORS COMPANY OF NEW ZEALAND, LIMITED, who will hold all debenture iqoneys periding the’Handing over of a registcrable mortgage by the Company. \ OBJECT OF THE COMPANY The Company has been formed to acquire, as a going concern aid free of all liabilities, and, to continue, the business of Gep. ■ Kent & Spns,. Limited, which has increased its net profits and its output anhually.for many, years.. The following figures show the output of -loaves for-an‘-average-week in each of. the months mentioned, and it will bo seen, that the turnover has more than doubled in the period of eight years:— ; ■ • . : ; Date. ' Loaves.; Date. Loaves. Date. - Feb., 1921 . . 23,701 Feb.,' 1924 ~ 31,370 Feb., 1927 June, 1921 ..‘ 25,060 June, 1924 .. 34,200 June, 1927 Feb.,. 1922 ,26,140 Feb., 1935 .. 34,069 p e b., 1928 June, 1922 .. 29,210 June,- 1935 .. 33,440 June. 1928 Feb., 1923 .. 29,600 Feb., 1926 . . 38,600 , Feb., 1929 June, 1923 .. 29,800 June, 1926 . . 41,750 Apl 13,1929 At present !t-;is extending its premises and pro viding - additional plant' for special classes of goods, in particular for the production of ViOnna .bread; [ v PROFITS AND DIVIDENDS ■ The following certificate has been given regarding the profits for the past 3 years;— "V ■ ■ ■ ■ ' c To the Directors, ‘ ; ■ KENT’S. BAKERIES, LIMITED, ; . Auckland. ■■■ rm, n T ’ ~ £ 8. d. £ s.-d. The Qross Income earned by G'eo.-Kent & Sons; . Limited,, . Bakers, Newmarket, during the ■ year ended 31st March, 1929, was * .. 22167 14 4 And after making the following deductions:—• . ’ ; (a) Depreciation at rate allowed by Commis- . sioner of Taxes on Machinery, Plant, and Motor Vehicles ' •., 953.16 0 ‘ ■ (b) Manager’s Salary at £IOOO per annum 1,000 : 0. 0 (c) Bad Debts ... .. .. ..... .. 205 610 ' (d) Rental, Rates, and Insurance ... ..• 650 10 5 i (e) Wages, Salaries, and Motor Maintenance. and Expenses, . ..' .. .. .. .. 9,313 19 1 .(f) General Maintenance .. ‘. .. . : 636 18 4 (g Printing, Stationery, Lighting, -and ‘ General Expenses .. . .. ... 762 7- 6 . . (h) Advertising .. .. .. .. ... 207 13 11 Showing a Net Profit for the year of I. .. .. Allowing for payment of debenture ‘ interest at per cent, on £35,000 . .. ..... the Net Taxable Income is . . , 1. » ~ Deduct Income Tax at current rate on above ' ■ amount; .. .. .. ;i. .. . ;. Leaves a net amount available .for distribution ‘ among shareholders of ... :.. .1/ ... Loaves. . .44,100 . 45,600 . 47,730 . 48,410 ./ 50,096 50,150 Availablefor Distribution,. £ 8.. d; 3378 3 8 4383 14 O —— 13.730 12 1 . 8,437 2 3 2,625 0 0 5,812 2. 5 ; 1,126 .5 6 £4,635 18 9 Calculated on an exactly similar basis the Net Profits availablO-foj distribution .. in preceding years would have been:— ■v - • > 1 : •■■ ■ ■> Total Not Profit. After Deduction Debenture ' ■ of Income- Tax; Interest. £ s. d. £ • Eor‘the year ended March • 31st, 1927 .. .. .. 6003 3 8 2625 ' For the year ended March 31st, 1928 .. .. .. 7008 14 0. 2625 We hereby certify that we have compared-the foregoing statement with the books and documents of Geo. Gent & Sons, Limited; Bakers, Newmarket,' and in our opinion it correctly sets forth the amounts which'would have.been, available for distribution among the shareholders of your. Company after allowing for payment of Income Tax at current rates on the Profits shown. i (Signed) KENDON, MILLS & STEWART, Pef Chas. K. Mills, P.P.A. (N.Z;). ■lt will be seen that the above net profit has annually Increased by* substantial amount, and in the last year exceeded by £llßs 16a 9d the amount of a 10 per cent, dividend on the 35,000 Preference Shares after allowing for debenture interest and taxation. ' , It is anticipated that the past net profits will be largely exceeded in the future, both by the natural increase of the business and through the augmented output and new trade due to the present installation of further inoderh plant. , , - . ‘ It should hot bo- f orgotten-that, since bread is one of the prime necessities of everyday life, the bakery business is one of the'most essential, and therefore safe, of all trades. THE ASSETS OF THE COMPANY The assets, of the;Company arc as follow, and separate valuation certificates regarding the principal items appear at the end of this Prospectus:Plant, Machinery, and Equipment (valued by 8, W. . Moscrip, N.Z. Representative of /Baker-P^rkihs, Ltd., Bakery .Engineers, of London and Peter- ;-v -, borough, England) .. .. . . ;; £21,500 Brick Premises (valued by Messrs -Chilwell & Trevithick) ..... . .. .. .. .. 15,552 Freehold. Land (valued by W. Wallacg) ~ ~ ... 13,112 . New Plant and,Premises at .cost v. .v -... .. • 4,950 . . Sundry-Assets-.. ~ .. ’_ 7v .'.■ 700 V Total of Tangible Assets .. ~ ... Goodwill, bn the- basis of twice the average net annual profit over a period of 3. years ~. .. .. £55,814 15,410 ■ Total .. .. .. .. £71,224 This, total shows avery ample margin of security‘for the present issue of £35,000 of‘7s per cent. First Mortgage Debenture Stock, since;the assets, exclusive-of goodwill, are 50 perhent. more-than .the amount-of the issue, M • The present *G6mpaiiy is continuing under the management of Mr Arch.Kent as Managing Director for a period of 2 years, with right of'renewal for a further 3 years, and this alone is an assurance of its further prosperity. : TERMS OF DEBENTURE ISSUE SECURITY; Registered First Mortgage Debenture'and-Collateral Trust-Deed over all the assets of the Company in favour of The Guardian Trust and Executors Company of New Zealand, Limited, as-Trustee for, the Debenture Holders. PERIOD: 15 years from the,lst day of May, 1929. INTEREST will be paid half-yearly on the last day of each of the months; of April and October in each year at the rate of seven pounds ten shillings’ per centum per annum. , " TAXATION: Under existing legislation the interest will be, payable without - any. deduction, and is added by each holder of the stock- tb,- his-income tax return, as he would the interest on an ordinary nfbrtgage. SCRIP will be in the form of registered certificates in, the’name of the.holder, and will bo issued in any multiple of £SO, with a minimum of £SO. Applications will be allotted forthwith in the order of their receipt. Copies of the Prospectus may he obtained from ANY LICENSED SHAREBROKER; or from the Company’s Brokers, G STEWART CRAIG, LTD 172 Hereford Street, Christchurch. P.O. Box 233. To the Directors, . KENT’S BAKERIES, LTD., C/o G. Stewart Craig,-. Ltd., 172 Hereford Street, Christchurch; Please forward me, ; without obligation, a Company's Prospectus. . ■ AddressP.O. Box 233. copy of the :