Committee Reports::Interim and Final Report - Appropriation Accounts 1964 - 1965::17 November, 1966::Appendix


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Committee Reports > List of Committees > Dáil > 1966 > Committee of Public Accounts > Interim and Final Report - Appropriation Accounts 1964 - 1965

APPENDIX XXXII.

THE DAIRY DISPOSAL COMPANY LIMITED AND ASSOCIATED COMPANIES.

Year ended 31st December, 1964.

Notes on and forming part of the Combined Accounts

1. Fixed Assets;

Except otherwise stated, amounts are per the Directors’ valuations at 31st December, 1963, for all existing assets which were acquired before that date, and at cost if acquired thereafter.

2. Capital Commitments at 31st December, 1964 not dealt with in the Accounts amounted to £77,792.

3. There is a contingent liability in respect of £265 not provided for in the Accounts.

4. Capital Grants received £3,424 3s. 9d. have been added to the Capital Grants Reserve; and £300 not required has been added back from Doubtful Debts Reserve, the Debtors being shown less the Reserve £27,300.

5. Directors Emoluments:

							(1963)	1964
							£	£
Fees for services as Directors			..	..	..	..	600	600
Remuneration for wholetime management services						..	9,013	10,455
Pension Scheme contributions in addition thereto						..	1,852	2,214
Pension of retired Director in respect of past
management service	..	..	..	..	..	..	338	342
							£11,803	£13,611

6. Remuneration of Auditors (including expenses) £3,790 (1963, £3,790).

7. Trading Profits include sums amounting to £4,600 which relate to the trading of the previous year and have been reduced by £11,350 as a result of Subsidy rate revision attributable to the previous year.

THE DAIRY DISPOSAL COMPANY LIMITED AND ASSOCIATED COMPANIES COMBINED BALANCE SHEET AS AT 31st DECEMBER, 1964

(1963)												(1963)
	Total Capital Authorised:												Fixed Assets:			Val. or Cost			Depreciation			Net
	20,120 Shares of £1 each		...	...	...	20,120	0	0					Goodwill as at 31st
	Capital issued and fully Paid:											15,278	December, 1980		...	15,273	5	1	—			15,273	5	1
20,022	20,022 Shares of £1 each		...	...	...				20,022	0	0		Patents Rights and Trade
	Loan Capital:											20,000	Marks	...	...	20,000	0	0	—			20,000	0	0
584,603	The Department of Agriculture			...	...				584,602	16	4	49,050	Land and Farms	...	...	49,121	0	0	—			49,121	0	0
	Capital Reserve:												Buildings and Factory
95,000	Capital Grants Reserves		...	...	...	98,424	3	9				982,661	Premises	...	...	1,076,933	18	9	26,806	10	1	1050,127	8	8
557,275	Fixed Assets Replacement Reserves				...	557,275	0	0				1,241,095	Plant and Machinery		...	1,367,525	9	10	106,613	14	10	1,260,911	15	0
									655,699	8	9	13,500	Office Equipment		...	14,654	5	4	1,046	7	4	13,607	18	0
	Revenue Reserves and Undistributed											95,288	Motor Transport	...	...	154,617	11	1	38,395	11	1	116,222	0	0
	Profits:											7,926	Agricultural Machinery		...	9,681	8	0	2,209	8	0	7,472	0	0
936,763	Net Profit and Loss Account			...	...				957,783	3	3	4,276	Breeding Stock	...	...	7,595	16	2	2,110	16	2	5,85	0	0
												3,814	Trade Investments at Cost			3,814	0	0	—			8,814	0	0
2,193,663									2,218,107	8	4
	Future Taxation:											2,432,883				2,719,216	14	3	177,182	7	6	2,542,034	6	9
36,412	Income Tax, 1965/66		...	...	...	32,042	0	5
54,475	Deferred Tax Equalisation			...	...	70,169	0	0					Current Assets:
									102,211	0	5	960,456	Stocks and Stores		...				1,192,354	4	2
90,887													Debtors and Unexpired
	Current Liabilities and Other Provisions:											801,073	Payments less Reserves						780,517	9	2	1,972,871	13	4
1,603,589	Bank Overdrafts less Cash in Hands				...	1,872,877	10	5				1,761,520
280,669	Trade Creditors	...	...	...	...	285,298	2	3								J. HENNIGAN, Chairman				Directors.
25,604	Income Tax 1964/65		...	...	...	36,412	3	8								P. J. McDERMOTT				Directors.
									2,194,587	16	4
1,909,862																C. L. TIMLIN, Secretary.
4,194,412									4,514,906	0	1	4,194,412										4,514,906	0	1

AUDITORS’ REPORT.

We have examined the foregoing Combined Balance Sheet and Combined Profit and Loss Account and have obtained all the information and explanations we considered necessary for our audit.

In our opinion the Combined Balance Sheet and Combined Profit and Loss Account and notes thereon give a true and fair view of the combined state of at of the combined state of affairs as at the 31st December, 1964 and of the profit for the year ended on that date.

We have also examined and reported on the Accounts of Cleeves Confectionery Limerick Limited, The Newmarket Dairy Company 1932 Limited, The Condensed Milk Company of Ireland 1928 Limited, as well as the Accounts of the Dairy Disposal Company Limited as required by the provisions of the Companies Act, 1963.

30 Westmoreland Street, Dublin 2.	KEAN & COMPANY,
8th September, 1965.	Chartered Accountants.

COMBINED PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31st DECEMBER, 1964

				(1963)													(1963)
Depreciation:											Net Trading Surplus before Depreciation						366,618	278,058	19	10
Buildings and Factory
Premises		..	..		26,806	10	1
Plant and Machinery			..		107,254	15	8				Dividends and Interest from Unquoted
Office Equipment			..		1,041	1	3				Investments		..	..	..	..	135	145	15	4
Motor Transport			..		35,319	0	1
Agricultural Machinery					2,289	8	0
Breeding Stock		..	..		1,961	11	11
				29,821				174,672	7	0							366,753	278,204	15	2
Exchequer Interest for the
year	..	..	..	35,076				35,076	3	4
											Profit for year before Taxation				..	..	301,856	68,456	4	10
Balance carried down			..	301,856				68,456	4	10
				366,753				278,204	15	2
Income Tax on the Current																	301,856	68,456	4	10
Profits	..	..	..	36,412				32,042	0	5							301,856	68,456	4	10
Tax deferred by Initial											Net Profit for year after Taxation					..	253,015	20,720	4	5
Allowances		..	..	12,429				15,694	0	0
											Doubtful Debts Reserves not required					..		300	0	0
Balance carried down			..	253,015				20,720	4	5
											Taxation provisions of Previous years not
				301,856				68,456	4	10	required	..	..	..	..	..	14,907	—
Appropriations:
Capital Grants Reserve			..	65,000	3,424	3	9				Capital Grants Received			..	..	..		3,424	3	9
Fixed Assets
Replacement Reserve		..	..	71,500	—						Forward from previous year				..	..	872,987	936,762	18	10
Doubtful Debts Reserve				25,600	—
Deferred Taxation of
previous year			..	42,046	—						J. HENNIGAN, Chairman						Directors.
								3,424	3	9	P. J. McDERMOTT.						Directors.
				204,146
											C. L. TIMLIN, Secretary.
Balance carried forward
to Next Account			..	936,763				957,783	3	3
				1,140,509				961,207	7	0							1,140,909	961,207	7	0

RECONCILEMENT SHOWING THE AMOUNT DUE BY THE DAIRY DISPOSAL COMPANY TO THE EXCHEQUER AS AT 31st DECEMBER, 1964.

					£	s.	d.						£	s.	d.
Amount advanced by the Department of Agriculture up to and including 31st December, 1964*					1,173,502	3	9	Amount surrendered to Department of Agriculture up to and including 31st December, 1964				..	394,873	16	11
Interest accrued on sales of properties, creameries,								Expenses borne by the Exchequer in connection
milk supplies, etc.	..	..	..	..	62,032	15	6	with Scheme up to 31st March, 1964			..	..	53,363	9	1
								Expenses chargeable to the Exchequer in connection with creameries acquired under the
								Creameries (Acquisition) Act, 1943			..	..	32,405	13	7
								Subsidies appropriate to cover realisation losses					170,289	3	4
								Balance due to Exchequer	..	..	..	..	584,602	16	4
					£1,235,534	19	3						£1,235,534	19	3

* Exclusive of headquarters administration expenses.