(Cavan) asked the Minister for Industry and Commerce the exact form in which he directed that the balance sheet and profit and loss accounts of Irish Steel Holdings Limited should be drawn up; if this direction has been adhered to by Irish Steel Holdings Limited in furnishing the balance sheet and profit and loss account to him; when he expects to be in a position to lay the next balance sheet and profit and loss account before each House of the Oireachtas pursuant to the provisions of the Irish Steel Holdings Limited Act, 1960; the date upon which the accounting year of Irish Steel Holdings Limited ends; and if he will consider applying the provisions of the 6th Schedule of the Companies Act, 1963 to the accounts of Irish Steel Holdings Limited and all State companies.
Ceisteanna—Questions. Oral Answers. - Irish Steel Holdings.
The form in which I have directed, with the concurrence of the Minister for Finance, that the balance sheet and profit and loss accounts of Irish Steel Holdings Limited should be drawn up is set out in a statement, copies of which I propose with your permission, a Cheann Comhairle, to have circulated with the Official Report.
Irish Steel Holdings Ltd are adhering to my direction in the furnishing of their balance sheet and profit and loss account.
The profit and loss account and balance sheet in respect of the year ended 30th June, 1970 is expected to be laid before each House of the Oireachtas in November, 1970. The accounting year of Irish Steel Holdings Ltd ends on 30th June. This company and, as far as I am aware, all other State-sponsored companies, as distinct from statutory boards, are registered under the Companies Act, 1963 and the provisions of the sixth schedule already apply to them.
Following is the statement:—
IRISH STEEL HOLDINGS LIMITED
Profit and Loss Account for year ended 30th June
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Year under Review |
Previous Year |
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£ |
£ |
£ |
£ |
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Gross Profit before Depreciation |
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Add: |
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Interest from Investments |
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Sundry Receipts |
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Deduct: |
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Directors' Fees and Emoluments |
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Staff Salaries and Pension Premium |
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Ferry and Bus Services |
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Bank Interest |
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Loan Interest |
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Audit Fee |
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General Charges |
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Depreciation |
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Net Profit before Taxation |
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Add:— |
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Balance brought forward |
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Add:— |
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Profit on Sale of Assets |
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Deduct:— |
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Taxation Provision |
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Deduct:— |
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Transfer to Loan Redemption Fund Reserve |
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Deduct:— |
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Transfer to General Reserve |
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Balance carried forward:— |
Signed on behalf of the Board:
IRISH STEEL HOLDINGS LIMITED
BALANCE SHEET AT 30th JUNE
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CAPITAL AND LIABILITIES |
ASSETS |
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Previous Year |
Previous Year |
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£ |
Authorised Capital Shares of £-each |
£ |
£ |
Fixed Assets Land and Buildings at Cost |
£ |
£ |
£ |
£ |
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Issued Capital Shares of £-each, fully paid |
Less: Accumulated Depreciation |
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Plant and Machinery at Cost |
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Loan |
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Less: Accumulated Depreciation |
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Loan Redemption Fund Reserve |
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Electricity Power Supply at Cost |
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Taxation |
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Less: Accumulated Depreciation |
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Current Liabilities Creditors |
Current Assets |
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Stocks (at lower of cost and realisable value |
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General Reserve |
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Debtors |
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Profit and Loss Account |
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Cash at Short Call, with Bank and on Hands |
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Notes: |
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(1) The Loan of £ is State- Guaranteed as to principal and interest |
Investments: Irish Government Securities at Cost (Market Value) |
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(2)Capital commitments in respect of contracts placed, £ |
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£ |
£ |
£ |
£ |
Signed on behalf of the Board:
Are any interest charges properly payable by Irish Steel Holdings included in their profit and loss accounts?
If the Deputy is referring to the last part, it is available. The next part is not yet available.