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REGISTERED NUMBER: 08557765 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

VOLARE AVIATION LIMITED

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company information 1

Strategic report 2

Report of the directors 4

Report of the independent auditors 5

Statement of comprehensive income 8

Balance sheet 9

Statement of changes in equity 10

Cash flow statement 11

Notes to the cash flow statement 12

Notes to the financial statements 13


VOLARE AVIATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







Directors: Mr T Tudor
Mr K Callan
Mr D Dryden



Registered office: Hangar 14
Oxford Airport
Kidlington
Oxfordshire
OX5 1QX



Registered number: 08557765 (England and Wales)



Auditors: Kynance Ltd t/as England and Company
(Statutory Auditor)
7 & 8 Church Street
Wimborne
Dorset
BH21 1JH



Bankers: Coutts
The Clarendon Suite
120 High Street
Oxfordshire
OX1 4DF

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023


The directors present their strategic report for the year ended 30 November 2023.

Review of business and future developments
The Company's principle activities are the provision of executive jet and helicopter management, chartering of aircraft, together with maintenance and refurbishment of both fixed wing and rotary aircraft, therefore a balanced and diverse range of aviation services.

The business continues to offer its' full suite of services, with the introduction of larger and longer range aircraft, and completed its relocation in June 2023 into our new purpose built office and showroom accommodation, around 10,000 sq ft, adjacent to our 32,000 sq ft of Hangars at Oxford Airport.

The Company continues its development strategy under the brand, eVolare which was launched in association with Lilium GmbH, for the future introduction of sales, management and maintenance of the eVTOL (electric Vertical Take Off & Landing) aircraft, thus ensuring our place in the future, with consideration of the environmental challenges affecting aviation.

Principal risks and uncertainties
The Board regularly consider and review potential risks to the Company as part of the risk management programme, which forms part of the Safety Management System which the Company operates, incorporating internal Compliance, Risk Register, Quality and Health & Safety, which aims to monitor and limit potential adverse effects to the business.

Financial risk management

The company's finance department prepares a weekly report to monitor and review financial risk and credit exposure. The principal risk is liquidity risk, which is managed by strong, effective credit control. The Board regularly reviews the cash position and cash flow forecasts for the company. The company has a free cash balance and has committed bank facilities available to finance investment and working capital in pursuit of growth. The Company does not own any of the aircraft it manages, and therefore does not suffer the impact of such matters as the invasion of Ukraine or global pressures on aircraft values, other than a fluctuation in charter activity which represents only low level risk to the business. The Company has minimal external borrowing, and is therefore not directly exposed to variations in interest rates.

Operational risk management

The Company carries out regular internal risk management meetings, ensuring compliance with all requirements of both the external Regulators, as well as internal processes. All our Pilots receive a minimum of annual simulator refresher training, a disbursable cost, and engineering training courses are carried out at regular intervals under invigilation.

Price and foreign exchange risk

The operational business model is to disburse flight costs to aircraft owners for the actual cost of goods and services acquired, eliminating price risk from our risk profile. Costs incurred in currencies other than Sterling are converted at the date when it is recharged, and in some cases recharged in the currency incurred, significantly reducing material foreign exchange movements. Costs which suffer global volatilities, such as aviation fuel are impacted the same for Volare as they are for each of our competitors, however our disbursement model provides protection from such risks, and therefore the Company does not consider the need for hedging activities.

Credit risk

The Company mitigates its exposure to credit through the use of aircraft operating deposit funds provided by the aircraft Owners. The levels of these deposits and the account exposures are regularly monitored. For third party customer charter flying and maintenance, prepayments are sought prior to flight or at agreed stage payments for maintenance work.

Business strategy
The Company's strategy is to ensure it continues to be a leading provider of a wide range of business aviation services, effectively offering a "one stop shop" solution to the business aircraft user. It remains focused on providing the highest standards of personal service, ethics and operational excellence to its' clients, achieving a high level of client retention and customer satisfaction. The Company's performance is underpinned by the quality and availability of people with the right expertise. We continue to invest in the recruitment, development and training of the highest calibre staff, as reflected in our high staff retention rates.


VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Results and performance
The Board is again pleased with this year's performance, achieving turnover growth of 11%, with turnover at £34.01m compared to £30.6m in the prior year. The company has strived to maintain a level of profitability as a result of its ongoing programme of business efficiency improvements. As shown in the Company's statement of comprehensive income as set out on page 8, we have achieved a profit before taxation of £893,721 (2022 : £715,844). Further information is included within our Key Performance Indicators.

FINANCIAL KEY PERFORMANCE INDICATORS


2023 2022 % change
Turnover (£millions) 34.01m 30.61m 11%
Gross Profit (£millions) 7.42m 5.51m 35%
Profit before taxation (£millions) 0.89m 0.72m 24%

NON-FINANCIAL KEY PERFORMANCE INDICATORS

2023 2022 % change
Staff employed 64 56 14%
Managed aircraft fleet 12 12 0%
Flight hours operated 2,434 3,263 -25%
Flight sectors operated 1,030 1,486 -31%
Engineering man hours charged 53,904 30,469 77%

On behalf of the board:





Mr K Callan - Director


29 November 2024

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 NOVEMBER 2023


The directors present their report with the financial statements of the company for the year ended 30 November 2023.

Dividends
No dividends will be distributed for the year ended 30 November 2023.

Directors
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

Mr T Tudor
Mr K Callan
Mr D Dryden

Other changes in directors holding office are as follows:

Mr W E Gravell ceased to be a director after 30 November 2023 but prior to the date of this report.

Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, Kynance Ltd t/as England and Company, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr K Callan - Director


29 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VOLARE AVIATION LIMITED


Opinion
We have audited the financial statements of Volare Aviation Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of comprehensive income, Balance sheet, Statement of changes in equity, Cash flow statement and Notes to the cash flow statement, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VOLARE AVIATION LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.

We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and
enquiries with management and obtaining an understanding of the control environment in place to prevent and detect irregularities.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements,
recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not
detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery,
misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the
further removed non-compliance with laws and regulations is from the events and transactions reflected in the
financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VOLARE AVIATION LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr D Whitcher FCCA (Senior Statutory Auditor)
for and on behalf of Kynance Ltd t/as England and Company
(Statutory Auditor)
7 & 8 Church Street
Wimborne
Dorset
BH21 1JH

29 November 2024

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   

Turnover 34,014,815 30,606,733

Cost of sales (26,596,079 ) (25,098,779 )
Gross profit 7,418,736 5,507,954

Administrative expenses (6,514,063 ) (4,878,181 )
904,673 629,773

Other operating income - 90,889
Operating profit 4 904,673 720,662


Interest payable and similar expenses 5 (10,952 ) (4,818 )
Profit before taxation 893,721 715,844

Tax on profit 6 (240,174 ) (163,599 )
Profit for the financial year 653,547 552,245

Other comprehensive income - -
Total comprehensive income for the year 653,547
Prior year adjustment (36,879 )
Total comprehensive income since last annual
report

515,366

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 7 663,741 225,887
Investments 8 - 1
663,741 225,888

Current assets
Stocks 9 3,137,907 2,317,243
Debtors 10 9,940,702 7,564,462
Cash at bank and in hand 444,172 65,972
13,522,781 9,947,677
Creditors
Amounts falling due within one year 11 12,005,620 8,681,093
Net current assets 1,517,161 1,266,584
Total assets less current liabilities 2,180,902 1,492,472

Creditors
Amounts falling due after more than one year 12 - (19,100 )

Provisions for liabilities 16 (103,042 ) (49,059 )
Net assets 2,077,860 1,424,313

Capital and reserves
Called up share capital 17 6 6
Retained earnings 18 2,077,854 1,424,307
Shareholders' funds 2,077,860 1,424,313

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





Mr K Callan - Director


VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 6 908,941 908,947
Prior year adjustment - (36,879 ) (36,879 )
As restated 6 872,062 872,068

Changes in equity
Total comprehensive income - 552,245 552,245
Balance at 30 November 2022 6 1,424,307 1,424,313

Changes in equity
Total comprehensive income - 653,547 653,547
Balance at 30 November 2023 6 2,077,854 2,077,860

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,904,545 ) 40,526
Interest paid (9,310 ) (3,176 )
Interest element of finance lease payments paid (1,642 ) (1,642 )
Tax paid (114,812 ) (95,663 )
Net cash from operating activities (2,030,309 ) (59,955 )

Cash flows from investing activities
Purchase of tangible fixed assets (591,686 ) (168,471 )
Sale of fixed asset investments 100 -
Net cash from investing activities (591,586 ) (168,471 )

Cash flows from financing activities
Intercompany loan movement 2,929,509 (162,482 )
Capital repayments in year (5,261 ) (5,261 )
Net cash from financing activities 2,924,248 (167,743 )

Increase/(decrease) in cash and cash equivalents 302,353 (396,169 )
Cash and cash equivalents at beginning of year 2 65,972 462,141

Cash and cash equivalents at end of year 2 368,325 65,972

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. Reconciliation of profit before taxation to cash generated from operations

2023 2022
£    £   
Profit before taxation 893,721 715,844
Depreciation charges 153,833 71,390
Profit on disposal of fixed assets (99 ) -
Finance costs 10,952 4,818
1,058,407 792,052
Increase in stocks (820,664 ) (631,336 )
Increase in trade and other debtors (2,311,499 ) (3,506,593 )
Increase in trade and other creditors 169,211 3,386,403
Cash generated from operations (1,904,545 ) 40,526

2. Cash and cash equivalents

The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts:

Year ended 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 444,172 65,972
Bank overdrafts (75,847 ) -
368,325 65,972
Year ended 30 November 2022
30/11/22 1/12/21
£    £   
Cash and cash equivalents 65,972 462,141


3. Analysis of changes in net funds

At 1/12/22 Cash flow At 30/11/23
£    £    £   
Net cash
Cash at bank and in hand 65,972 378,200 444,172
Bank overdrafts - (75,847 ) (75,847 )
65,972 302,353 368,325
Debt
Finance leases (24,361 ) 5,261 (19,100 )
(24,361 ) 5,261 (19,100 )
Total 41,611 307,614 349,225

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. Statutory information

Volare Aviation Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08557765. The registered office and business address is Hanger 14, Langford Lane, Kidlington, Oxfordshire, OX5 1QX.

The presentation currency of the financial statements is the Pound Sterling (£).

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

In determining whether the going concern basis is appropriate, the Directors have prepared budgets and cash flows for the 12 months following the approval of these financial statements, making what they believe to be reasonable assumptions on the level of trading.

Based on these projections, and taking into account current liquidity and existing facilities with its bankers, the Directors are satisfied that the Company will have sufficient funding to finance its operations throughout this period. Accordingly the financial statements have been prepared on a going concern basis.

Turnover
The company measures turnover at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the amount can be reliably estimated and the inherent risk and rewards of ownership have been to the other party.

Revenue earned from services is primarily derived from the management or provision of aircraft which includes revenues generated by logistics support, chartering and maintenance. Revenue includes fixed contracts fees and variable fees such as revenue earned through reference to flying hours together with recharges for costs and expenses incurred relating to the management and/or provision of aircraft.

Revenue from aircraft services, maintenance and repair contracts is recognised when the service has been performed in accordance with the terms of the contractual arrangement.

Revenues from aircraft refurbishment contracts are stated at cost appropriate to their stage of completion plus attributable profits recognised on a percentage of completion method if certain criteria are met. It is recognised by reference to the initial amount agreed in the contract plus any variation in contract work to the extent that it is probable that they will result in revenue and can be measured reliably. The stage of completion is assessed by reference to completion of a physical proportion of the contract work measured with reference to hours and materials incurred to date as a percentage of total estimated costs for each contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 5 years
Plant and machinery - Straight line over 3 years
Fixtures and fittings - Straight line over 3 years
Motor vehicles - Straight line over 5 years
Computer equipment - Straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. Accounting policies - continued

Stocks
Stock and Work In Progress are stated at the lower of cost and estimated selling price less costs to sell. Stock and Work In Progress are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. Accounting policies - continued

Group accounts
The financial statements contain information about Volare Aviation Limited as an individual company and do not contain consolidated financial information of the parent of the group, nor it's subsidiary.

The company is exempt from the requirements to prepare consolidated financial statements as its parent company, Volare Holding Limited, is a company registered in Guernsey and the members of the parent company have waived the requirement to prepare consolidated financial statements and to have the company audited.

The company's subsidiary has been dormant throughout the whole accounting period. The group has therefore taken advantage of the exemptions provided by section 402 of the Companies Act 2006 not to prepare group accounts.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors
2023 2022
£    £   
Wages and salaries 3,418,329 2,542,019
Social security costs 396,565 307,494
Other pension costs 292,909 198,331
4,107,803 3,047,844

The average number of employees during the year was as follows:
2023 2022

Directors 4 4
Non-Directors 60 52
64 56

2023 2022
£    £   
Directors' remuneration 322,393 321,582
Directors' pension contributions to money purchase schemes 34,967 34,667

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 103,531 94,972
Pension contributions to money purchase schemes 16,128 8,157

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


4. Operating profit

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 545,641 389,717
Depreciation - owned assets 145,557 63,115
Depreciation - assets on finance leases 8,275 8,275
Profit on disposal of fixed assets (99 ) -
Auditors' remuneration 40,000 14,700
Foreign exchange differences 96,070 129,740

5. Interest payable and similar expenses
2023 2022
£    £   
Other interest paid 9,310 3,176
Leasing 1,642 1,642
10,952 4,818

6. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 186,191 137,260

Deferred tax 53,983 26,339
Tax on profit 240,174 163,599

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 893,721 715,844
Profit multiplied by the standard rate of corporation tax in the UK of 23.011%
(2022 - 19%)

205,654

136,010

Effects of:
Expenses not deductible for tax purposes 21,982 37,043
Capital allowances in excess of depreciation (48,961 ) (28,786 )
Deferred tax movement 53,983 26,339
Prior year adjustment - (7,007 )
Adjust prior year refund 7,516 -
Total tax charge 240,174 163,599

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. Tangible fixed assets
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Cost
At 1 December 2022 53,480 171,759 66,354
Additions 333,342 70,512 157,324
At 30 November 2023 386,822 242,271 223,678
Depreciation
At 1 December 2022 33,372 68,314 24,033
Charge for year 32,018 59,221 34,712
At 30 November 2023 65,390 127,535 58,745
Net book value
At 30 November 2023 321,432 114,736 164,933
At 30 November 2022 20,108 103,445 42,321

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 December 2022 68,725 77,723 438,041
Additions 11,943 18,565 591,686
At 30 November 2023 80,668 96,288 1,029,727
Depreciation
At 1 December 2022 39,073 47,362 212,154
Charge for year 8,988 18,893 153,832
At 30 November 2023 48,061 66,255 365,986
Net book value
At 30 November 2023 32,607 30,033 663,741
At 30 November 2022 29,652 30,361 225,887

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
Cost
At 1 December 2022
and 30 November 2023 41,375
Depreciation
At 1 December 2022 11,723
Charge for year 8,275
At 30 November 2023 19,998
Net book value
At 30 November 2023 21,377
At 30 November 2022 29,652

8. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 December 2022 1
Disposals (1 )
At 30 November 2023 -
Net book value
At 30 November 2023 -
At 30 November 2022 1

The company's investments at the Balance sheet date in the share capital of companies include the following:


AVIAA Ltd
Registered office: Hanger 14, Langford Lane, Kidlington, Oxfordshire, OX5 1QX.
Nature of business: Service activities incidental to aviation
%
Class of shares: holding
Ordinary 100.00
A 100.00
29/12/22
£   
Aggregate capital and reserves (1,130,444 )

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


9. Stocks
2023 2022
£    £   
Stocks 1,286,161 965,106
Work-in-progress 1,851,746 1,352,137
3,137,907 2,317,243

10. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 2,826,202 4,434,193
Amounts owed by group undertakings 64,741 -
Other debtors 351,560 1,084,507
VAT 339,142 225,909
Accrued income 5,867,207 1,574,457
Prepayments 491,850 245,396
9,940,702 7,564,462

11. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 13) 75,847 -
Finance leases (see note 14) 19,100 5,261
Trade creditors 3,296,285 4,434,837
Amounts owed to group undertakings 3,106,582 112,332
Tax 315,935 244,555
Social security and other taxes 380,992 185,619
Other creditors 2,407,431 1,685,602
Accruals and deferred income 2,403,448 2,012,887
12,005,620 8,681,093

12. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Finance leases (see note 14) - 19,100

13. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 75,847 -

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


14. Leasing agreements

Minimum lease payments fall due as follows:

Finance leases
2023 2022
£    £   
Net obligations repayable:
Within one year 19,100 5,261
Between one and five years - 19,100
19,100 24,361

Non-cancellable operating leases
2023 2022
£    £   
Within one year 292,920 289,480
Between one and five years 501,274 795,928
794,194 1,085,408

15. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 75,847 -
Finance leases 19,100 24,361
94,947 24,361

All monies owing to, or becoming owing to, Coutts & Company are secured by way of a legal charges dated 12 April 2018 and 4 November 2022, against funds of £32,400 and $100,000 respectively held in nominated accounts by Coutts & Company, as well as over the assets of the company by way of a Mortgage Debenture dated 4 November 2022.

Amounts owing under hire purchase and finance lease agreements are secured against the assets to which they relate.

16. Provisions for liabilities
2023 2022
£    £   
Deferred tax 103,042 49,059

Deferred
tax
£   
Balance at 1 December 2022 49,059
Charge to Statement of comprehensive income during year 53,983
Balance at 30 November 2023 103,042

VOLARE AVIATION LIMITED (REGISTERED NUMBER: 08557765)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
6 Ordinary £1 6 6

18. Reserves
Retained
earnings
£   

At 1 December 2022 1,424,307
Profit for the year 653,547
At 30 November 2023 2,077,854

19. Ultimate controlling party

The company is ultimately controlled by the director Mr D Dryden by virtue of his 100% holding in the voting share capital of the ultimate parent company, Volare Holding Limited, a company registered in Guernsey.