Holden’S Air Services

Increased Profit for 1935

THE third annual report of Holden’s Air Transport Services Limited shows a net profit of £6,101 for 1935 against £5,693 the previous year. At £39,353, gross profits were £5,710 higher. An amount of £3,500 has been transferred to general reserve and dividend (10 percent.) absorbed £2,500. With £ 936 brought for ward £1,038 is carried forward.

With this year’s contribution general reserve now stands at £6,000. This has been mainly set aside against aeroplane replacements. As the result of the pur chase of a second all-metal Ford aero plane the item in the balance sheet headed “aeroplanes and plant” has been increased by £3,445.

A building programme was put into operation during the year. Necessary liv ing accommodation has been completed, and an all-steel hangar is now in process of erection.

The chairman of directors (Mr. L. A.

Lister) reports that the past year was free of accidents, so far as the company’s services were concerned.

During the year Mr. H. J. Preston re tired from the Board, owing to his depar ture for overseas, and Mr. R. G. Preston also tendered his resignation. Mr. F. Z.

Eager, of Queensland, also resigned.

Messrs. J. W. Austin and L. V. Water house were appointed directors.

The Company’s financial position, over a period of three years, is as follows;

Year ended Dec. 31, 1933. 1934. 1935. £ £ £ Gross revenue 26,205 33,643 39,353 Net profit 5,388 5,693 6,101 Div., p.c 10 10 10 Div., amount 2.500 2,500 2,500 To preliminary expenses 770 To general reserve ... 1,000 1,500 3,500 To goodwill 500 2,000 Forward 618 311 413

Liabilities—

Capital 25,000 25,000 25,000 General reserve — 1,000 6,000 Creditors 4,887 1,342 1,773

Assets—

Cash 7,195 5,808 4,841 Debtors 5,784 8,819 11,073 Aeroplanes and plant . . 18,294 14,451 17,896 Deposits 731 700 Goodwill 2,500 2,000 —