REGISTERED NUMBER: 08557765 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

VOLARE AVIATION LIMITED

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

Directors:

Mr T Tudor

Mr K Callan

Mr D Dryden

Registered office:

Hangar 14

Langford Lane

Kidlington

Oxfordshire

OX5 1QX

Registered number:

08557765 (England and Wales)

Auditors:

Kynance Ltd t/as England and Company

(Statutory Auditor)

Faulkner House

31 West Street

Wimborne

Dorset

BH21 1JS

Bankers:

HSBC UK Bank Plc

65 Cornmarket Street

Oxford

OX1 3HY

The directors present their strategic report for the year ended 30 November 2024.

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 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.

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 maintains cash balances 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.

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.

Results and performance

The Board is again pleased with this year's performance, achieving turnover growth of 3%, with turnover at £35.03m compared to £34.01m 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 £836,149 (2023 : £893,721). Further information is included within our Key Performance Indicators.

FINANCIAL KEY PERFORMANCE INDICATORS

2024

2023

% change

Turnover (£millions)

35.03m

34.01m

3%

Gross Profit (£millions)

8.88m

7.42m

20%

Profit before taxation (£millions)

0.84m

0.89m

-6%

NON-FINANCIAL KEY PERFORMANCE INDICATORS

2024

2023

% change

Staff employed

75

64

20%

Managed aircraft fleet

13

12

8%

Flight hours operated

2,149

2,434

-12%

Flight sectors operated

972

1,030

-6%

Engineering man hours charged

42,715

53,904

-21%

On behalf of the board:

Mr K Callan - Director

13 August 2026

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

Dividends

No dividends will be distributed for the year ended 30 November 2024.

Directors

The directors shown below have held office during the whole of the period from 1 December 2023 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 - resigned 30 September 2024

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

13 August 2026

Opinion

We have audited the financial statements of Volare Aviation Limited (the 'company') for the year ended 30 November 2024 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 2024 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.

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.

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)

Faulkner House

31 West Street

Wimborne

Dorset

BH21 1JS

13 August 2026

Turnover

3

35,025,567

34,014,815

Cost of sales

(26,150,491

)

(26,596,079

)

Gross profit

8,875,076

7,418,736

Administrative expenses

(7,990,541

)

(6,514,063

)

Operating profit

5

884,535

904,673

Interest payable and similar expenses

6

(48,386

)

(10,952

)

Profit before taxation

836,149

893,721

Tax on profit

7

(259,193

)

(240,174

)

Profit for the financial year

576,956

653,547

Other comprehensive income

-

-

Total comprehensive income for the year

576,956

653,547

Fixed assets

Tangible assets

8

521,071

663,741

Investments

9

-

-

521,071

663,741

Current assets

Stocks

10

2,946,312

3,137,907

Debtors

11

15,007,192

9,940,702

Cash at bank and in hand

531,147

444,172

18,484,651

13,522,781

Creditors

Amounts falling due within one year

12

16,277,076

12,005,620

Net current assets

2,207,575

1,517,161

Total assets less current liabilities

2,728,646

2,180,902

Provisions for liabilities

16

73,830

103,042

Net assets

2,654,816

2,077,860

Capital and reserves

Called up share capital

17

6

6

Retained earnings

18

2,654,810

2,077,854

Shareholders' funds

2,654,816

2,077,860

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2026 and were signed on its behalf by:

Mr K Callan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 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

Changes in equity

Total comprehensive income

-

576,956

576,956

Balance at 30 November 2024

6

2,654,810

2,654,816

Cash flows from operating activities

Cash generated from operations

1

(2,356,671

)

(1,904,545

)

Interest paid

(48,386

)

(9,310

)

Interest element of finance lease payments paid

-

(1,642

)

Tax paid

(128,224

)

(114,812

)

Net cash from operating activities

(2,533,281

)

(2,030,309

)

Cash flows from investing activities

Purchase of tangible fixed assets

(110,879

)

(591,686

)

Sale of fixed asset investments

-

100

Net cash from investing activities

(110,879

)

(591,586

)

Cash flows from financing activities

Intercompany loan movement

1,355,379

2,929,509

Capital repayments in year

(19,100

)

(5,261

)

Net cash from financing activities

1,336,279

2,924,248

(Decrease)/increase in cash and cash equivalents

(1,307,881

)

302,353

Cash and cash equivalents at beginning of year

2

368,325

65,972

Cash and cash equivalents at end of year

2

(939,556

)

368,325

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

2024

2023

£

£

Profit before taxation

836,149

893,721

Depreciation charges

253,549

153,833

Profit on disposal of fixed assets

-

(99

)

Finance costs

48,386

10,952

1,138,084

1,058,407

Decrease/(increase) in stocks

191,595

(820,664

)

Increase in trade and other debtors

(5,042,371

)

(2,311,499

)

Increase in trade and other creditors

1,356,021

169,211

Cash generated from operations

(2,356,671

)

(1,904,545

)

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 2024

30/11/24

1/12/23

£

£

Cash and cash equivalents

531,147

444,172

Bank overdrafts

(1,470,703

)

(75,847

)

(939,556

)

368,325

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

3.	Analysis of changes in net funds/(debt)

At 1/12/23

Cash flow

At 30/11/24

£

£

£

Net cash

Cash at bank and in hand

444,172

86,975

531,147

Bank overdrafts

(75,847

)

(1,394,856

)

(1,470,703

)

368,325

(1,307,881

)

(939,556

)

Debt

Finance leases

(19,100

)

19,100

-

(19,100

)

19,100

-

Total

349,225

(1,288,781

)

(939,556

)

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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key judgements that management have made in the process of applying the Company's accounting policies that are likely to have significant effect on the amounts recognised in the financial statements is discussed below:

Accruals

Accruals are recognised for expenses incurred but not yet paid, ensuring that expenses are matched with the corresponding revenues in the period in which they occur. The company assesses the likelihood of the amounts being incurred based on historical data and management's expectations. Accruals are estimated based on invoices received and other supporting documentation.

Accrued income

Accrued income represents income that has been earned but not yet received. It is recognised when the service has been provided or goods delivered but the income has not yet been received. Estimates are made based on contractual arrangements adjusting for any expected changes.

Stock

Stock is stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing the inventories to their present location and condition. Significant judgements are applied in estimating stock obsolescence and net realisable value, particularly in assessing the expected selling price and the likelihood of completion and sale.

Long-term work in progress

For projects that span multiple periods, revenue is recognised based on the stage of completion method. This requires significant judgement in estimating the percentage of completion, which is determined through assessing costs incurred against total expected costs. Regular assessments are made to ensure reliable estimates are maintained.

Depreciation rates

The annual depreciation charge depends upon estimates of the useful economic lives and residual values of tangible fixed assets. These estimates are reviewed annually and amended where necessary to reflect current expectations.

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 profits attributable to the contract are recognised on a straight line basis based on the completed percentage of the lifespan for each contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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.

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, in order to write off the cost less estimated residual value at the end of the lease term of each asset.

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.

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's subsidiary is not material for the purpose of giving a true and fair view and the group has therefore taken advantage of the exemptions provided by section 405(2) 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.

Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024

2023

£

£

Aircraft management

981,865

848,355

Aircraft operations

15,114,598

11,941,377

Aircraft charter & sub-charter

4,360,130

6,538,152

Aircraft maint. & refurbishm't

13,987,767

14,749,095

Other

581,207

(62,164

)

35,025,567

34,014,815

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

7,429,661

3,884,505

Europe

3,282,017

1,731,346

Rest of World

24,313,889

28,398,964

35,025,567

34,014,815

4.	Employees and directors

2024

2023

£

£

Wages and salaries

5,217,816

3,418,329

Social security costs

477,549

396,565

Other pension costs

377,915

292,909

6,073,280

4,107,803

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

2024

2023

Directors

4

4

Non-Directors

71

60

75

64

2024

2023

£

£

Directors' remuneration

313,554

322,393

Directors' pension contributions to money purchase schemes

33,703

34,967

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

Money purchase schemes

4

4