§ Mr. Dodsworthasked the Secretary of State for Industry if he will publish the profit and loss figures for each of the component parts of British Shipbuilders for the first nine months of nationalisation; and whether he is satisfied with these results.
§ Mr. Les HuckfieldDetails of the profit and loss figures for British Shipbuilders' subsidiaries have been made public by placing them in Companies House and copies of the individual accounts are being placed in the Library of the House. A substantial part of their losses was on contracts taken before nationalisation.
§ Mr. Dodsworthasked the Secretary of State for Industry if he will detail all the 687W accounting adjustments made by companies comprising British Shipbuilders in 1977–78 for additional depreciation charges.
§ Mr. Les HuckfieldThe accounts of British Shipbuilders and their subsidiaries for 1977–78 were drawn up under the historic cost accounting convention. The rates of depreciation are those calculated to write off the cost of fixed assets net of grants over their estimated useful lives using the straight line method, and are shown in the accounts.
§ Mr. Dodsworthasked the Secretary of State for Industry what provision has been made by British Shipbuilders for current and future losses which are offset against trading profits for the 1977–78 figures.
§ Mr. Les HuckfieldI refer the hon. Gentleman to British Shipbuilders' annual report and accounts which is available in the Library.
§ Mr. Dodsworthasked the Secretary of State for Industry what loans have been granted by British Shipbuilders to their component companies in 1977–78 on what terms; and how much interest has so far been paid.
§ Mr. Les HuckfieldIn their accounts to 31 March 1978 British Shipbuilders showed loans to subsidiaries of £50.8 million. Details of these loans are given in the individual subsidiaries' accounts.