AUDITORS REPORT AND SCH-_-Nr_T OF A=171ONAL :1,70MA.::0N
Contingent Liabilities are defined as
Transactions, the result of which are not yet known, which may or may
not involve the payment of money at some future date or the amount of the
liability is dependent upon some factor-not yet decided. The most usual
example of a contingent liability is a 3111 of Exchange (Bill Receivable)
which has been discounted but has not matured at the date of the 34413ce
Sheet. If such a bill should be dishonoured by the acceptor the company may
be liable to the holder and there is consequently a contingent liability for
the mount of the bill. I*, however, It is known that the acceptor has
become bankrupt and the company was the draw*r of the bill, then It is mot a
contingent loss but a real ane. which must be provided for in the accounts.
Other examples are guarantees and liabilities in litigation except in those
cases where it is considered that the case may be lost and provision has been
made -
The general nature of any contingent liabilities not provided for @sust
be stated and where practicable, the total amount(&) actual or estimated of
these liabilities.
Guarantees given outside the Group and Sills of Xzchanga recelved AM
discounted are required to be shown on forn Nl (cod*x 99000 and 9800".)
chedule Is required giving details of ijay other continSomi liabilities.
urrout "sets expected to Realism less than Back Value
:
1-4 any currant assets are -likely to be raalis*4 at a lower figure tban
the amount at which they are abown in the Consolidated account, an estimate
.mot be given of.the amount.-of the loss. 7ble should rarely arise an any
each losses vL31 normally have been provided for In the books of the company
contarmad..
light to Subscribe for Shares
7-6 my person bee - the 71ght subscribe for my shares In the company. -
'submitting the return, - details of - tbs sumbar, typo. nomi sal vilue and, price
of Is= of such shares must be stated.
later 044 rroiLt'a or Lo"eses. on We of Fixed Assets
Waso fixed assets have been sold during the year to other companies in the
Group at a profit or losi-exroodLaS in the aggregate the currency equivalent
of 120,006, the overall profit or loss must be stated clearly distinguishing
between a profit and a loss. The purchasing company need not be advised.
Any adjustments win be made by Consolidatied Accounts Department.
Payments to Directors of Roldlul Company/Risher Paid amplayeas
Emolumontx of ILT 7adustries directors, and higher paid employees In the U.K.
- the latter should be reported in bands of C5,000 starting at C20.001, to
L23,000.
C__
B.A.T INDUSTRIES P.LC. M"JnMA DEPOWTORY COPY PRODUCED PURWANT To I VILD. oF
CONSENT JUDwANT DATED 5/&IN IN STATE OF AIAMIOZA, _Er AL V- PHXP AADRW Er A" CASE No. C1.944MM5