Notes on The Accounts (Continued)
13. CURRENT LIABILITIES
The group
The company
1997
1996
1997
1996
$000's
$000's
$000's
$000's
Creditors and accruals
82,494
73,710
82,219
73,536
Taxation (note 6{b}}
1,363
5,525
1,206
5,359
Proposed dividends
185,073
157,774
185,073
157,774
268,930
237,009
268,498
236,669
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
Group
Balance at 1st July, 1996
Transfer from profit & loss account
Share of revaluation reserve of associated company
Balance at 30th June, 1997
Company
Balance at 1st July, 1996
Transfer from profit & loss account
1997
1996
$000's
$000's
100,000
100,000
92,537
92,537
Revaluation
reserve
General
reserve
Retained
profits
$000's
$000's
$000's
Total
$000's
190,000
ww
10,000
785,881 2,442,734
975,881
124,771
2,452,734
124,771
124,771
200,000
3,228,615 3,553,386
J
190,000 10,000
520,205 710,205
243,245 253,245
200,000
763,450 963,450
Balance at 30th June, 1997
The directors consider that $43,785,000 (1996: $43,785,000) 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 $719,665,000 (1996: $476,420,000) of the retained profits of the company, totalling $919,665,000 (1996: $666,420,000), are distributable.
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