Registration number: 09910942

Volair Ltd

Contents

Statement of Financial Position	1
Notes to the Financial Statements	2 to 8

Volair Ltd

(Registration number: 09910942)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	14,902	1,698
Current assets
Stocks	6	17,934	15,575
Debtors	7	245,147	77,056
Cash at bank and in hand		1,130,535	1,897,225
		1,393,616	1,989,856
Creditors: Amounts falling due within one year	8	(611,367)	(1,426,312)
Net current assets		782,249	563,544
Net assets		797,151	565,242
Reserves
Retained earnings		797,151	565,242
Total reserves		797,151	565,242

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 26 November 2025 and signed on its behalf by:
 

......................................... Mr D Simpkin Director

Volair Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a company limited by guarantee, incorporated in England and Wales.

The address of its registered office is:
Knowsley Leisure & Culture Park
Longview Drive
Huyton
Merseyside
L36 6EG

These financial statements were authorised for issue by the Board on 26 November 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Volair Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Going concern

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 27 November 2025 was Mark Bradley BA BTP FCA, who signed for and on behalf of Menzies LLP.

Judgements and Key Sources of Estimation Uncertainty

Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accoutning policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: • Assessment of the recognition of grant income. These decisions depend on a review of the stage of completion of the project on a grant by grant basis. • Calculation of accruals and deferred income. A review of each sporting project for which funding has been obtained is performed to ensure the income and costs are complete. • The financial statements only recognise net defined benefit pension assets to the extent that the group are able to recover the surplus through reduced contributions in the future or through refunds from the plan.

Revenue recognition

Sales of goods are recognised at the point of sale.

Income in respect of the provision of sports and leisure facilities, including subscription income, is recognised when the service is provided. This includes sport membership income, which is recognised over the period of the membership.

Grants are recognised when receivable.

Income from Knowsley MBC for purchase of service is recognised when due in accordance with the managemenrt agreement.

Rental income is recognised in respect of the period to which it relates.

Other income is recognised when due.

All income is stated exclusive of Value Added Tax.

Volair Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no further related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Income Tax

As a not-for-profit organisation, HM Revenue and Customs have confirmed that the activities of the company in relation to it's transactions with the Council should be treated as an Arms Length Management Organisation (ALMO) and are therefore outside the scope of corporation tax. However, activities with regard to investment income, including property income, or transactions with other organisations will be subject to corporation tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. It is the policy of the company to capitalise assets in excess of £3,000.

Depreciation

Depreciation is charged so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Equipment	Between 3 and 5 five years straight-line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

All debtors are measured at transaction price, less any impairment.

Volair Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all cost of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Trade creditors

All creditors are measured at transaction price.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Pension assets are recognised as a surplus when the surplus can be recovered either through reduced contributions in the future or through refunds from the plan.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

Financial instruments

Classification
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost of amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit or loss immediately.
 

Volair Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

3	Company limited by guarantee

The company is a not-for-profit organisation limited by guarantee and does not have share capital.

The company has one member, Knowsley Metropolitan Borough Council.

The liability of the member is limited to £1, being the amount the member undertakes to contribute to the assets of the company in the event of it being wound up.

The Articles of Association of the company stipulate that the income and property of the company shall be applied solely towards the promotion of its objects and shall not be transferred directly or indirectly by way of dividend, bonus or otherwise by way of profit to the member of the company.

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 124 (2024 - 132).

As a not-for-profit organisation, HM Revenue and Customs have confirmed that the activities of the company in relation to it's transactions with the Council should be treated as an Arms Length Management Organisation (ALMO) and are therefore outside the scope of corporation tax. However, activities with regard to investment income, including property income, or transactions with other organisations will be subject to Corporation Tax.

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2024	141,312	141,312
Additions	18,628	18,628
At 31 March 2025	159,940	159,940
Depreciation
At 1 April 2024	139,614	139,614
Charge for the year	5,424	5,424
At 31 March 2025	145,038	145,038
Carrying amount
At 31 March 2025	14,902	14,902
At 31 March 2024	1,698	1,698

6

Stocks

	2025 £	2024 £
Other inventories	17,934	15,575

Volair Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

7

Debtors

	2025 £	2024 £
Trade debtors	30,525	31,380
Prepayments	134,937	-
Other debtors	79,685	45,676
	245,147	77,056

8

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Taxation and social security	-	26,950
Accruals and deferred income	611,367	1,399,362
	611,367	1,426,312

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	18,140	39,729
Later than one year and not later than five years	72,560	72,560
Later than five years	18,140	36,280
	108,840	148,569

10

Pensions

Amounts disclosed in the statement of financial position

Pension assets are restricted to comply with FRS 102 paragraph 28, and recognise a plan surplus as a defined benefit asset only to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. These criteria were not considered to met at 31 March 2024 and 31 March 2025 and an asset was therefore not recognised, specifically as the scheme is in a funding deficit, a reduction in future contributions is not available and contributions are not based on the FRS 102 valuation.

Present values of defined benefit obligation, fair value of assets and defined benefit liability

Volair Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

	2025	2024
	£	£
Fair value of plan assets	15,345,000	14,492,000
Present value of defined benefit obligation	(10,157,000)	(11,581,000)
Surplus / (deficit) in Plan	5,188,000	2,911,000
Unrecognised surplus	(5,188,000)	(2,911,000)
Net defined benefit liability to be recognised	-	-

11	Related party transactions

The company is wholly owned by Knowsley MBC.

As at 31 March 2025, include within Trade Debtors is £461,951 (2024: £128).

During the year funding of £181,500 (2024: £1,499,767) was receivable from Knowsley MBC for the provision of services and this amount has been shown in the accounts in income as a management fee. The company also received rental income of £160,500 (2024: £144,480) for hire of space at their centres to be used by Knowsley MBC Day Services.

As at 31 March 2025, included within creditors £221,150 (2024: £933,047) owing to Knowsley MBC.

Costs totalling £253,918 (2024: £336,458) were recharged to the company under a Service Level Agreement for services provided by Knowsley MBC. Knowsley MBC. charged a further £Nil (2024: £Nil) for expenses not covered by the SLA's.