COMPANY MEETING
IDECCA RECORD COMPANY
DIVIDEND OF 100 PER CENT.
THE fifteenth annual general meeting of the Decca Record Company, Limited, was held on September 29th at Winchester House, Old Broad Street, London, E.C.
Sir Cyril F. Entwistle, K.C., M.C., M.P., the chairman, presided. The chairman said: Ladies and gentlemen,—If you will turn to the profit and loss account you will see that the balance from trading account, after providing for deferred repairs and E.P.T., amounts to £115,766. After deducting depreciation and other charges the profit for the year amounts to £101,349, an increase of £16,800 on the p..evious year. Debenture interest absorbs £14,514, leaving a net balance of £86,835. To this must be added £30,841, part of the provision in the previous year for E.P.T., no longer required.
GENERAL RESERVE a00,000
The full dividend on the preference shares of 16 per cent., less tax, requires £4,608, and your directOrs recommend a final dividend of 75 per cent., less tax, on the ordinary shares, making a total dividend for the year of zoo per cent., less tax, requiring £32,084. Your directors further recommend the transfer of £5o,000 to general reserve account, bringing this item to £2oo,000. The balance carried forward to next year amounts to £21,171, an increase of £4,538 on the sum brought forward from last year.
BALANCE-SHEET ITEMS
If you will turn to the balance-sheet you will see that cash at bank and in hand and tax reserve certificates amount to £96,319, a figure slightly higher than last year. Debtors, &c., at £94,620, show an increase of over £50,000, partly accounted for by the radio section. Stocks and work in progress, less payments received on account, £133,677, show an increase on the year of £55,450; the whole of this inacase is accounted for by the radio business, stocks on the record section for obvious reasons showing a decrease on the year.
STRONG FINANCIAL POSITION
The consolidated balance-sheet demonstrates the strong financial position of the Decca Group, current assets at £450,373 showing 4 surplus of more than £2o5,000 over current liabilities. With regard to the subsidiary companies, practically the whole of the profits of the Decca Gramophone Company are included in the parent company's trading account.
The report and accounts were unanimously adopted.
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