The Times Rich List

[OnTheDrink]

I feel Humphrey's attitude to development is very old fashioned - he funds it all from cash

The 1982 accounts show that he's anything but averse to borrowing with, at the time, ?3.75 million outstanding in loans and a straight ?1 million bank overdraft facility. All perfectly sensible for a company with large amounts of capital tied up in property. All were repayable within normal timescales but there's no reason to assume they wouldn't and haven't taken out further loans since, in fact, I'd say the necessity for borrowing would have increased and that's how the developments have been funded. Most banks would give their right arm to lend money on the quality of security that Sams can offer.

[Santillas.]

Samuel Smiths assets are worth hundreds of millions. Humphrey Smith, despite being the owner is paid very modestly by his company and lives frugally.
Liquidity very quickly becomes company asset. This legal tax avoidance helps continue to build the (almost) self sufficient organization. 

[OnTheDrink]

Samuel Smiths assets are worth hundreds of millions. Humphrey Smith, despite being the owner is paid very modestly by his company and lives frugally.
Liquidity very quickly becomes company asset. This legal tax avoidance helps continue to build the (almost) self sufficient organization.

I run a company and I get paid under the threshold for tax and national insurance. The government get their bit from corporation tax and the indirect tax from what I spend. The country benefits far more than if I paid tax on a salary. Many company principals do the same. Evidence of the Smith fortune is needed, and frankly, he could be worth one million or one billion.It makes no difference whatsoever to anyone, apart from his long-suffering employees and customers.