Committee Reports::Interim and Final Reports of the Committee - Appropriation Accounts 1966 - 1967::27 June, 1968::Appendix


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Committee Reports > List of Committees > Dáil > 1968 > Committee of Public Accounts > Interim and Final Reports of the Committee - Appropriation Accounts 1966 - 1967

APPENDIX 23.

THE DAIRY DISPOSAL CO. LTD. AND ASSOCIATED COMPANIES.

Combined Balance Sheet as at 31st December, 1966.

Combined Profit and Loss Account for year ended 31st December, 1966, and Notes on and forming part of the Combined Accounts.

1. Fixed Assets:

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 with the exception of cheese moulds (valuation £4,994 19 6) which were revalued at the Balance Sheet date (1965 £9,715 7 0).

2. Capital Commitments at 31st December, 1966 not dealt with in the accounts amounted to £45,158 which includes £41,558 in respect of orders actually placed at that date.

3. Capital Grants Received £4,981 8 6 have been appropriated to Capital Grants Reserve and £1,093 15 0 other Capital Gains have been added to Fixed Assets Replacement Reserve. Doubtful Debts Reserve has been increased by £500, the Debtors being shown less the Reserve £24,300.

4. Directors’ Emoluments etc.

					1966	1965 (Including £1,401 applicable to 1964)
Fees for Services as Directors		..	..	..	785	955
Remuneration for Wholetime Management Services					11,748	12,916
Pension Scheme contributions in addition thereto				...	2,759	2,908
Pension of retired Director in respect of past
management service	..	..	..	..	387	368
					15,679	17,147

5. Remuneration of Auditors including expenses was £3,790 (1965 £3,790).

6. The Net Trading Surplus was £309,462 after adding £52,000 in respect of Subsidy Rate Revisions applicable to previous years. (1965 £297,612 after deducting £13,934 in respect of previous years subsidies).

COMBINED BALANCE SHEET AS AT 31st DECEMBER, 1966

1965											1965
	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:										15,273	December, 1930		...	15,273	0	0				15,273	0	0
20,022	20,022 Shares of £1 each	...	...	...				20,022	0	0		Patents Rights and
	Loan Capital:										20,000	Trade Marks		...	20,075	0	0				20,075	0	0
584,603	The Department of Agriculture		...	...				584,002	16	4	49,121	Land and Farms		...	49,121	0	0				49,121	0	0
	Capital Reserves:											Buildings and Factory
98,674	Capital Grants Reserves	...	...	...	103,655	12	3				1,085,386	Premises	...	...	1,184,752	7	9	83,195	7	9	1,101,557	0	0
561,300	Fixed Assets Replacement Reserves			...	562,393	15	0				1,294,051	Plant and Machinery		...	1,611,196	1	5	324,469	10	5	1,286,726	11	0
								666,049	7	3	17,549	Office Equipment		...	21,324	11	11	3,545	16	6	17,778	15	5
	Revenue Reserve and Undistributed										113,347	Motor Transport		...	216,634	19	8	98,654	19	8	117,980	0	0
	Profits:										6,067	Agricultural Machinery			11,612	18	4	5,494	18	4	6,118	0	0
997,159	Net Profit and Loss Account		...	...				1,079,048	7	7	4,465	Breeding Stock		...	8,111	6	10	4,311	6	10	3,800	0	0
												Trade Investments at
2,261,758								2,349,722	11	2	3,864	Cost	...	...	6,594	0	0				6,594	0	0
	Future Taxation:
33,200	Income Tax 1967/68	...	...	...	10,572	1	9				2,609,123				3,144,695	5	11	519,671	19	6	2,625,023	6	5
88,930	Deferred Tax Equalisation		...	...	93,921	0	0
								104,493	1	9		Current Assets:
	Current Liabilities and Other Provisions:										1,387,312	Stocks and Stores						1,474,427	9	9
1,936,306	Bank Overdrafts less Cash in Hands			...	2,110,684	5	8					Debtors and Unexpired
343,377	Trade Creditors	...	...	...	393,388	13	5				699,462	Payments less Reserves						892,975	0	9
32,326	Income Tax 1966/67	...	...	...	34,137	4	11														2,367,402	10	6
								2,538,210	4	0
												J. HENNIGAN,						Directors.
												P. J. McDERMOTT						Directors.
												C. L. TIMLIN, Secretary.
4,695,897								4,992,425	16	11	4,695,897										4,992,425	16	11

AUDITORS’ REPORT.

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

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 in the manner required by the Companies Act 1963.

In our opinion the above Combined Balance Sheet, Profit and Loss Account and Notes give a true and fair view of the combined state of affairs as at 31st December, 1966 and of the profit for the year ended on that date.

30 Westmoreland Street, Dublin 2.	KEAN & COMPANY,
7th July, 1967.	Chartered Accountants.

COMBINED PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 31st DECEMBER, 1966

Depreciation:				1965												1965
Buildings and Factory											Net Trading Surplus before
Premises	..	..	..	27,935	28,693	18	3				Depreciation			..	..	297,612				309,462	4	6
Plant and Machinery			..	110,467	112,591	6	11
Office Equipment			..	1,137	1,606	17	0
Motor Transport		..	..	33,386	35,490	15	0				Dividends and Interest from
Agricultural Machinery			..	1,809	1,642	5	0				Unquoted Investments				..	163				192	6	4
Breeding Stock		..	..	1,256	1,443	12	6
																297,775				309,654	10	10
				175,990				181,468	14	8
Consultants Fees written off								630	0	0	Profit for year before Taxation					86,709				89,301	17	10
Exchequer Interest for the
year	..	..	..	35,076	35,076	3	4				Provision for Taxation no
Loan Interest		..	..	—	3,177	15	0				longer required			..	..	—				8,650	6	4
								38,253	18	4
Balance carried down			..	86,709				89,301	17	10						86,709				97,952	4	2
				297,775				309,654	10	10
Income Tax on the Current											Net Profit for year after
Profits:											Taxation	..	..	..	..	34,610				82,389	2	5
Dairy Disposal Company
Limited		..	..	33,171	10,404	12	2
Associates after											Doubtful Debts Reserve not
allowances forward			..	167	167	9	7				required		..	..	..	3,500	—
Tax deferred by Initial											Previous tax overprovision of
Allowances		..	..	18,761	4,991	0	0				Associate		..	..	..	1,266	—
											Capital Grants Received				..	250	4,981	8	6
				52,099				15,563	1	9	Profit on Sale of Property				..	—	976	18	0
											Distribution—Irish Eggs Ltd.					—	116	17	0
Balance carried down			..	34,610				82,389	2	5										6,075	3	6
											Forward from Previous year					957,783				997,159	5	2
				86,709				97,952	4	2
Appropriations:
Capital Grants Reserve				250	4,981	8	6				J. HENNIGAN					Directors.
Fixed Assets											P.J. McDERMOTT					Directors.
Replacement Reserve			..	—	1,093	15	0
Doubtful Debts Reserve				—	500	0	0				C. L. TIMLIN, Secretary.
								6,575	3	6
Balance carried forward to
next Account		..	..	997,159				1,079,048	7	7
				997,409				1,085,623	11	1						997,409				1,085,623	11	1

RECONCILEMENT SHOWING THE AMOUNT DUE BY THE DAIRY DISPOSAL COMPANY TO THE EXCHEQUER AS AT 31st DECEMBER, 1967

						£	s.	d.								£	s.	d.
Amount advanced by the Department of Agriculture and Fisheries up to and including 31st December, 1966*						1,173,502	3	9	Amount surrendered to Department of Agriculture and Fisheries up to and including 31st December, 1966							394,873	16	11
Interest accrued on sales of properties, creameries,									Expenses borne by the Exchequer in connection with
milk supplies, etc.	..	..	..	..	..	62,032	15	6	the Scheme up to 31st March, 1966				..	..	..	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.