Notes on The Accounts (Continued)
13. CURRENT LIABILITIES
The group
The company
1995
1994
1995
1994
$000's
$000's
$000's
$000's
Creditors and accruals
73,945
116,938
73,771
116,822
Taxation (note 6(b))
4,211
12,844
4,085
12,764
Proposed dividends
60,611
57,372
60,611
57,372
138,767
187,154
138,467
186,958
14. SHARE CAPITAL
Authorised:
50,000,000 ordinary shares of $2 each.
Issued and fully paid:
46,268,256 ordinary shares of $2 each
15. RESERVES
1995 $000's
1994
$000's
100,000
100,000
92,537
92,537
Revaluation
reserve
reserve
$000's
$000's
General Retained
profits $000's
Total
$000's
Group
Balance at 1st July, 1994
87,569
170,000
710,008
967,577
Retained profit for the
10,000
198,383
208,383
year
Revaluation reserve released upon disposal
(87,569)
(87,569)
Balance at 30th June, 1995
180,000 908,391
1,088,391
Company
Balance at 1st July, 1994
T
Transfer from/(to) profit & loss account
170,000 583,673
10,000 (29,693)
753,673
(19,693)
Balance at 30th June, 1995
180,000 553,980
733,980
The directors consider that $43,785,000 (1994: $87,569,000) of the company's retained profits are not distributable since such profits arose from an intra group sale of property which was disposed of to a wholly-owned subsidiary during the year ended 30th June, 1994 and which was subsequently sold during the year ended 30th June, 1995 to an associated company in which the group has a 50% shareholding.
The directors consider that all of the general reserve and $510,195,000 (1994: $496,104,000) of the retained profits of the company, totalling $690,195,000 (1994: $666,104,000), are distributable.
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