BYCROFT, LTD.

Star (Christchurch), Volume LXVI, Issue 20296, 4 May 1934, Page 8

BYCROFT, LTD.

Annual Accounts Show Improvement. AUCKLAND, May 3. Improved returns are indicated in the accounts just issued by Bycroft, Ltd., for the period ended March 31. Net profits total £10.505, which compares with £9489 for the previous year, and the directors recommend a final dividend of Is Id per share. This, with the interim dividend of lid already paid, brings the return for the year to 2s a share, equivalent to 10 per cent. In their report to the shareholders the directors state that the progress of the company has been maintained. The balance in the profit and loss account of £10,505 is reached after a conserva tive valuation of buildings, machinery and plant, as well as of stock and also maintaining sufficient provision for income tax and bad debts.

The report adds that ‘‘prudent investment of company’s reserves supulcmented the trading returns.” Reference is made to the death of the la ;e Mr A. B. Roberton, chairman of directors, who had been a member of the board for many years. Appreciation of his services is recorded. Mr G. R. Il itchinsun, who had been a director for twelve years had been elected to fill the vacancy as chairman, and Mr E. H. Davis had come on to the board. The chief items in the balance-sheet are: Liabilities—Paid capital £IOO,OOO, reserves £32,025, sundry creditors and income tax £51,000. Assets—Land £12,500, buildings £38,850, machinery and plant £15,439, sundry debtors £39,939, stock £58,263, investments £10,862, cash £15,000. The rate of dividend last year was Is lOd per share.