Notes on The Accounts (Continued)
13. CURRENT LIABILITIES
Creditors and accruals
Taxation (note 6(b))
Proposed dividends
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
The group
The company
1997
1996
1997
1996
$000's
$000's
$000's
$000's
82,494
73,710
82,219
73,536
1,363
5,525
1,206
5,359
185,073
157,774
185,073
157,774
268,930
237,009
268,498
236,669
1997
1996
$000's
$000's
100,000
100,000
92,537
92,537
Revaluation
General
reserve
reserve
Retained profits
Total
$000's
$000's
$000's
$000's
Group
Balance at 1st July, 1996
190,000
Transfer from profit & loss account
10,000
785,881 2,442,734
975,881
Share of revaluation reserve of associated company
124,771
2,452,734 124,771
Balance at 30th June, 1997
124,771
200,000
3,228,615 3,553,386
Company
Balance at 1st July, 1996
Transfer from profit & loss account
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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