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
1998
1997
1998
1997
$000's
$000's
$000's
$000's
76,062
82,494
73,698
82,219
861
1,363
(335)
1,206
115,670
185,073
115,670
185,073
192,593
268,930
189,033
268,498
1998
1997
$000's
$000's
100,000
100,000
92,537
92,537
Revaluation reserves
Share of
property
revaluation
reserve of an
Investment
associated
General
properties
company
reserve
Retained profits
$000's
$000's
$000's
$000's
Total
$000's
Group
Balance at 1st July, 1997
124,771
Transfer from/(to) profit & loss account
200,000 10,000
3,228,615
3,553,386
(36,165)
(26,165)
Revaluation surpluses of investment properties
11,847
11,847
Revaluation deficit of investment properties of
an associated company
(2,748)
(2,748)
Balance at 30th June, 1998
11,847
122,023
210,000
3,192,450
3,536,320
Company
Balance at 1st July, 1997
Transfer from/(to) profit & loss account
200,000 10,000
763,450 963,450
(11,265)
(1,265)
Balance at 30th June, 1998
210,000
752,185
962,185
The directors consider that $43,785,000 (1997: $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 $708,400,000 (1997: $719,665,000) of the retained profits of the company, totalling $918,400,000 (1997: $919,665,000), are distributable.
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