Registered number:
04352657
IONIAN ISLAND HOLIDAYS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2021
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IONIAN ISLAND HOLIDAYS LIMITED
COMPANY INFORMATION
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Chartered Accountants
&
Statutory Auditor
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IONIAN ISLAND HOLIDAYS LIMITED
CONTENTS
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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IONIAN ISLAND HOLIDAYS LIMITED
REGISTERED NUMBER:
04352657
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
1 February 2022
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IONIAN ISLAND HOLIDAYS LIMITED
REGISTERED NUMBER:
04352657
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 OCTOBER 2021
................................................
A Matsoukis
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The notes on pages 5 to 15 form part of these financial statements.
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IONIAN ISLAND HOLIDAYS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 OCTOBER 2021
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Capital redemption reserve
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 15 form part of these financial statements.
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IONIAN ISLAND HOLIDAYS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 OCTOBER 2020
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Capital redemption reserve
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 5 to 15 form part of these financial statements.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
General Information
Ionian Island Holidays Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office is: Olympia House, Armitage Road, London, NW11 8RQ.
The principal activity of the company continued to be that of a tour operator.
1.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).
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Exemption from preparing consolidated financial statements
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The
Company
is a parent
Company
that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under
section 400 of the Companies Act 2006
.
The financial year has seen continued interruption to the business, due to Covid-19. As at the date of approval of the financial statements, the impact of Covid-19 on the company’s trading continues to be assessed and is subject to rapidly changing factors, including Government responses worldwide to control the spread of the virus.
As a result of the pandemic, the directors took steps to review the Company’s financial position, downgrade its forecasts, and initiate mitigation actions to neutralise, as far as possible, the financial impact from the significant downturn in trading. Additional funding in the year amounting to £600,000 was obtained.
Additionally, the directors have prepared a cash flow forecast for a 12-month period from the date of approval of the financial statements. The forecast assumes steady level of recovery for the 2022 season.
Although it is not possible to reliably estimate the length of severity of the COVID-19 outbreak and its long term impact, at the date of approving the financial statements, the directors are confident that the existing funding facilities will provide sufficient headroom to meet the forecast cash requirements during the twelve months from the date of approval of the financial statements having considered any additional requirements that would be contingent on a downturn in activity over the same period (specifically in relation to the COVID-19 pandemic).
The directors consider it appropriate to prepare the financial statements on a going concern basis.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
1.
Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue and expenses relating to tours are taken to the profit and loss account on date of departure.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
1.
Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
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Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
1.
Accounting policies (continued)
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Advanced receipts and payments
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All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed under accruals and deferred income.
Payments made to suppliers in respect of these trips are included in prepayments.
Refund credit notes and refunds issued but yet to be paid to customers are separately disclosed under other creditors.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
1.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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 historical experience and other factors that are recognised 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 revision and future periods where the revision affects both current and future periods.
Critical judgements
The directors are of the view that there are no further citical judgements (apart from those involving estimates) in applying their accounting policies that have had a significant effect on amounts recognised in the financial statements.
Key sources of estimation uncertainty
The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
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The average monthly number of employees, including directors, during the year was 12
(2020 -
12
)
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Parent company profit for the year
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The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £
111,474
(2020 -
loss
£
328,005
)
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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Charge for the year on owned assets
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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Investments in subsidiary companies
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Amounts owed by group undertakings
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Prepayments and accrued income
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Prepayments and accrued income include advance payments to suppliers for future travel amounting to £345,404 (2020: £738,736).
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Cash and cash equivalents
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Accruals and deferred income include advanced receipts from customers for future travel amounting to £623,864 (2020: £613,902).
The Company's bank loan is secured by a first charge over all the property or undertaking of the company.
During the year, the company obtained an additional funding of £600,000 (2020: £1,200,000) from Lloyds Bank Plc through the Coronavirus Business Interruption Loan Scheme (CBILS). During the year the company made capital repayments of £80,000 towards these loans leaving an outstanding loan balance of £1,720,000 at the year end
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Creditors: Amounts falling due after more than one year
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Secured Loans:
The Company's bank loan is secured by a first charge over all the property or undertaking of the company.
During the year, the company obtained an additional funding of £600,000 (2020: £1,200,000) from Lloyds Bank Plc through the Coronavirus Business Interruption Loan Scheme (CBILS). During the year the company made capital repayments of £80,000 towards these loans leaving an outstanding loan balance of £1,720,000 at the year end.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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Financial assets measured at fair value through profit or loss
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Financial assets that are debt instruments measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
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Financial assets measured at amortised cost comprise trade debtors, amounts owed to group undertakings and other debtors.
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Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors and accruals.
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The Company is a wholly owned subsidiary of IIH Holdings Limited, a company registered in England and Wales. IIH Holdings Limited registered address is Olympia House, Armitage Road, London, NW11 8RQ.
The Company's results are included in the consolidated financial statements of IIH Holdings Limited. Copies of the group financial statements for IIH Holdings Limited can be obtained at Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling parties are A Matsoukis and D Patrikios.
The auditors' report on the financial statements for the year ended 31 October 2021 was unqualified.
The audit report was signed on
1 February 2022
by
Yasin Khandwalla
(Senior statutory auditor) on behalf of
Elman Wall Limited
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