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Guy Motors' Improved Position
Page 119
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THE much improved position of Guy Motors, Ltd., will be shown in the report to be submitted at the 20th an
nual general meeting to be held at Wolverhampton on Wednesday. It is for the period of 12 months ended June 30.
The debit balance on profit-and-loss account of £337,492, which was orought forward, has been extinguished, and the credit on this account now stands at £8,648. This is after taking into account the effect of the reorganization arrangements. In this connection, comparing the valuation of assets as at June 30, 1934, with the present balance-sheet figures, this has been written down by £96,000. Any liquid asset at all doubtful has also been reduced. Out of the credit balance on profit-and-loss account, • it is proposed to provide a sinking fund of £2,000 for redemption of debentures, and to pay a dividend of 6 per cent, (less fax) amounting to £450 on the preference shares, leaving £6,199 to be carried forward.
The bank overdraft of £215,704 has been extinguished and replaced by debentures for £150,000 repayable over 25 years. The cash in hand and at bank is now £49,331.
The turnover for the first three months of the current year shows an increase over the similar period last year. The company has more unexecuted orders on its books than for a long time past.