New Zealand Gazette – 1978 – No. 65

Page 2098

✨ Company and Financial Notices



2098

THE NEW ZEALAND GAZETTE

No. 65

SECTION 78, COMPANIES ACT 1955

FALCO ENGINEERING LTD.

Certificate of Registration of Court Order and Minute of Reduction

I, Leone Margaret Lindsay, Assistant Registrar of Companies, hereby certify that the Court Order dated the 7th day of June 1978, confirming the reduction of the share capital of the above company and the minute of reduction reducing the share capital from $70,000 to $45,000, was registered on the 22nd day of June 1978.

Given under my hand at Christchurch, this 7th day of July 1978.

L. M. LINDSAY, Assistant Registrar of Companies.

4315

WESTLAND SAVINGS BANK

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1978

Statement of Accounting Policies

  1. General Accounting Policies:—The general accounting principles recognised as appropriate for the measurement and reporting of results and financial position under the historic cost method of accounting have been adopted on a basis consistent with the previous year.

  2. Recognition of Income—Income earned is recorded on a accrual basis. Interest on personal loans is calculated according to “rule of 78.”

  3. Valuation of Investments—Investments are valued at cost.

  4. Fixed Assets and Depreciation—Fixed Assets are valued at cost less accumulated depreciation. Depreciation has been charged using the straight-line method based on the economic life of the assets.

  5. Taxation—Taxation provisions are assessed on accounting profits. Where income is taxable in a future tax period the provision is shown as deferred taxation.

REPORT OF THE AUDITORS

We report that we have audited the books and accounts of the Westland Savings Bank of the year ended 31st March 1978, and have obtained all the information and explanations we have required.

In our opinion the accompanying profit and loss account, balance sheet, and notes, presents fairly the financial position of the Bank at 31st March 1978, and the results of the year ended on that date, determined in accordance with the historical cost basis of accounting.

28 April 1978.

MARSHALL AND HEAPHY, Chartered Accountants.

WESTLAND SAVINGS BANK

BALANCE SHEET AS AT 31 MARCH 1978

1978 $ 1977 $
Depositors accounts—
Ordinary 8,485,957 7,835,211
Special 818,927 456,029
9,304,884 8,291,240
Investment accounts 5,535,314 4,429,301
14,840,198 12,720,541
Other liabilities—
Interest accrued on investment accounts 181,967 162,891
Owing to other trustee savings banks 568
Sundry creditors 12,272 12,486
194,239 175,945
Provision for donations 20,000
Provision for taxation—
Current 34,207 8,634
Deferred 22,994 3,998
57,201 12,632
Reserve fund
Balance 1 April 1977 450,290 417,257
Transfer from appropriations 68,016 33,033
518,306 450,290
$15,629,944 $13,359,408

Current assets—

1978 $ 1977 $
Cash on hand and at banks 722,490 350,088
Interest bearing deposits 390,687 484,669
Interest accrued on investments 93,896 89,937
Owing by other trustee savings banks 13,755
Sundry debtors 48 10,136
1,407,121 948,585

Investments—
N.Z. Government stock 5,565,147 5,560,372
Local authority securities 250,104 253,181
Mortgages 7,856,256 6,072,702
Personal loans 149,007 107,915
13,820,514 11,994,170

Fixed assets—
Land and buildings—cost price 274,818 274,818
Depreciation to date 27,291 24,540
247,527 250,278
Furniture and Equipment—cost price 205,527 270,459
Depreciation to date 50,745 104,084
154,782 166,375
402,309 416,653
$15,629,944 $13,359,408

P. ROSELLI, Deputy President.

J. J. LESLIE, General Manager.

WESTLAND SAVINGS BANK

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 1978

1978 $ 1977 $
Interest to depositors—
On open accounts 219,160 122,375
On closed accounts 6,011 10,650
On matured investment accounts 190,095 111,334
Accrued on investment accounts 181,965 162,891
597,231 497,450
Administration expenses 331,331 283,058
Trustees honoraria 6,033 4,974
Depreciation 25,522 22,586
Provision for taxation 47,447
410,333 310,618
Net profit 88,016 512
$1,095,580 $808,580
1978 $ 1977 $
Interest on investments—
From N.Z. Government stock 346,272 311,269
From local authorities 16,439 14,082
From mortgages 600,362 406,731
From personal loans 12,900 10,000
From other sources 97,317 51,886
1,073,290 793,968
Income from other sources—
Commission 7,679 7,028
Rents 14,611 7,584
22,290 14,612
$1,095,580 $808,580


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✨ LLM interpretation of page content

🏭 Certificate of Registration of Court Order and Minute of Reduction for Falco Engineering Ltd.

🏭 Trade, Customs & Industry
7 July 1978
Company, Share capital reduction, Court order, Registration
  • Leone Margaret Lindsay, Assistant Registrar of Companies

💰 Westland Savings Bank Financial Statements for the Year Ended 31 March 1978

💰 Finance & Revenue
Financial statements, Balance sheet, Profit and loss account, Audit report
  • Marshall and Heaphy, Chartered Accountants
  • P. Roselli, Deputy President
  • J. J. Leslie, General Manager