Committee Reports::Report - Appropriation Accounts 1967 - 1968::23 July, 1969::Appendix


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Committee Reports > List of Committees > Dáil > 1969 > Committee of Public Accounts > Report - Appropriation Accounts 1967 - 1968

APPENDIX 41.

THE DAIRY DISPOSAL COMPANY LIMITED AND SUBSIDIARIES.

Accounts for year ended 31st December, 1967.

Notes on and forming part of the Consolidated Accounts.

1. The Consolidated Profit and Loss Account deals with the Profit of the Dairy Disposal Company Limited for the year to 31st December, 1967 and with its subsidiaries from the date of acquisition of their shares being 11th December, 1967.

2. The Capital Reserve on Consolidation represents the excess of the net assets of the subsidiaries over the cost of acquiring the shares together with their pre-acquisition profits.

3. Comparative figures for 1966 are not shown, as the Dairy Disposal Company did not acquire shares in its subsidiaries until 11th December, 1967.

4. 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 £6,480 10s. which were revalued at the Balance Sheet date.

5. Capital Commitments at 31st December, 1967 not dealt with in the accounts amounted to £84,463 which includes £71,839 in respect of orders actually placed at that date.

6. Directors emoluments were as follows:

								£
Fees for Services as Directors				..	..	..	..	785
Remuneration for Wholetime Management Services							..	12,148
Pension Scheme contributions in addition thereto						..	..	3,403
Pension of Retired Director in respect of past management
service	..	..	..	..	..	..	..	406
								£16,742

7. Remuneration of Auditors including expenses was £6,475.

CONSOLIDATED BALANCE SHEET AS AT 31st DECEMBER, 1967

							£	s.	d.	£	s.	d.	Fixed Assets:
Authorised Capital:																	Valuation or Cost			Depreciation
10 Shares of £1 each		...	...	...	...	...	10	0	0				Goodwill as at 31st December, 1930				15,273	0	0				15,273	0	0
Capital Issued and Fully Paid:													Patents, Rights and Trade Marks			...	20,075	0	0				20,075	0	0
7 Shares of £1 each		...	...	...	...	...				7	0	0	Land and Farms	...	...	...	49,121	0	0				49,121	0	0
Loan Capital:													Buildings and Factory Premises			...	1,225,735	15	5	112,064	13	7	1,113,671	1	10
The Department of Agriculture				...	...	...				584,602	16	4	Plant and Machinery		...	...	1,720,138	9	4	435,337	15	5	1,284,800	13	11
													Cheese Moulds	...	...	...	6,480	10	0				6,480	10	0
Capital Reserve on Consolidation				...	...	...				315,364	7	4	Office Equipment	...	...	...	22,601	13	11	5,023	10	7	17,578	3	4
													Motor Transport	...	...	...	230,942	18	2	125,901	18	2	105,041	0	0
Capital Reserves:													Agricultural Machinery		...	...	12,545	0	7	6,715	0	7	5,830	0	0
Capital Grants Reserve			...	...	...	...	104,213	10	5				Breeding Stock	...	...	...	10,261	3	10	5,455	3	10	4,806	0	0
Fixed Assets Replacement Reserve				...	...	...	567,354	15	0				Trade Investments at Cost			...	13,638	0	0				13,638	0	0
										671,568	5	5
Revenue Reserves and Undistributed Profits:																	3,326,812	11	3	690,498	2	2	2,636,314	9	1
Net Profit and Loss Account			...	...	...	...				823,190	5	4
													Current Assets:
										2,394,732	14	5	Stocks and Stores		...	...				1,413,480	16	10
Future Taxation:													Debtors and Unexpired Payments
Income Tax 1968/69		...	...	...	...	...	11,346	7	6				less Reserves	...	...	...				909,738	18	11
Deferred Tax Equalisation			...	...	...	...	104,350	0	0														2,323,219	15	9
										115,696	7	6
Current Liabilities and Other Provisions:
Bank Overdraft less Cash in Hands				...	...	...	2,040,787	16	7					J. HENNIGAN						Directors.
Trade Creditors		...	...	...	...	...	369,258	5	4					P. J. McDERMOTT
Income Tax	...	...	...	...	...	...	39,059	1	0
										2,449,105	2	11		C. L. TIMLIN, Secretary.
										4,959,534	4	10											4,959,534	4	10

AUDITORS’ REPORT.

In our opinion, based on our examination of the books of the Companies and of the returns from branches not visited by us, the Consolidated Profit and Loss Account and notes thereon and the Consolidated Balance Sheet comply with the requirements of the Companies Act 1963 and give a true and fair view of the state of affairs and the profit of the Group.

30 Westmoreland Street,	KEAN & COMPANY,
Dublin. 14th June, 1968.	Chartered Accountants.

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st DECEMBER, 1967

Depreciation:											Trading Profits	..	..	..				173,957	12	4
Buildings and Factory Premises					17,143	6	8
Plant and Machinery			..	..	59,045	17	9
Office Equipment			..	..	954	5	0				Dividends and Interest from Unquoted
Motor Transport			..	..	27,980	0	10				Investments		..	..				71	10	5
Agricultural Machinery				..	1,203	18	3
Breeding Stock			..	..	1,844	0	9											174,029	2	9
								108,171	9	3
											Profit for year before Taxation			..				43,221	3	6
Consultants Fees written off				..				31	10	0
Exchequer Interest for the year				..	19,826	18	3				Provision for Taxation no longer
Loan Interest		..	..	..	2,778	1	9				required	..	..	..				6,018	5	6
								22,605	0	0
																		49,239	9	0
Balance carried down			..	..				43,221	3	6
											Net Profit after Taxation			..				29,911	14	7
								174,029	2	9
Income Tax on current profits				..	10,427	5	5
Tax deferred by Initial Allowances					8,900	9	0				Capital Grants Received		..	..	462	18	2
								19,327	14	5	Profit on sale of Property			..	248	2	0
																		711	0	2
Balance carried down			..	..				29,911	14	7
								49,239	9	0	Forward from previous period			..				793,356	0	9
Appropriations:
Capital Grants Reserve				..	462	18	2
Fixed Assets Replacement											J. HENNIGAN				Directors.
Reserve	..	..	..	..	248	2	0				P. J. McDERMOTT
Doubtful Debts Reserve				..	77	10	0
								788	10	2	C. L. TIMLIN, Secretary.
Balance carried forward to next
Account	..	..	..	..				823,190	5	4
								823,978	15	6								823,978	15	6

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 1967*							1,173,502	3	9	Amount surrendered to Department of Agriculture and Fisheries up to and including 31st December, 1967						..	394,873	16	11
Interest accrued on sales of properties, creameries, milk										Expenses borne by the Exchequer in connection with
supplies, etc.	..	..	..	..	..	..	62,032	15	6	the Scheme up to 31st March, 1967				..	..	..	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.