Registered number:
08860157
IONIAN ISLAND PROPERTIES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2021
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IONIAN ISLAND PROPERTIES LIMITED
COMPANY INFORMATION
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Chartered Accountants
&
Statutory Auditor
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IONIAN ISLAND PROPERTIES LIMITED
CONTENTS
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Statement of financial position
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Notes to the financial statements
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IONIAN ISLAND PROPERTIES LIMITED
REGISTERED NUMBER:
08860157
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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IONIAN ISLAND PROPERTIES LIMITED
REGISTERED NUMBER:
08860157
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 OCTOBER 2021
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 by
:
................................................
A Matsoukis
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The notes on pages 3 to 11 form part of these financial statements.
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
General
Ionian Island Properties Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements.
The principal activity of the company was that of investment property.
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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Revenue recognised by the company in respect of rental income receivable and service charges, to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
1.
Accounting policies (continued)
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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
∙
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.
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.
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:
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Straight line over 5 years
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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.
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
1.
Accounting policies (continued)
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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 PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
1.
Accounting policies (continued)
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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 profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position 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 Statement of financial position.
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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Charge for the year on owned assets
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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Freehold investment property
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Annual revaluation surplus/(deficit):
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Annual revaluation surplus/(deficit):
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Annual revaluation surplus 2015
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Valuations were made by independent Chartered Surveyors, on an open market value for existing use basis. The directors believe that no further revaluation is required of the property as at 31 October 2021.
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Prepayments and accrued income
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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Cash and cash equivalents
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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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The bank have a fixed and floating charge over the property in respect of outstanding loans.
During the year,the Company obtained a Coronavirus Bounce Bank Loan of £50,000 from Lloyds Bank Plc.
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Creditors: Amounts falling due after more than one year
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The bank have a fixed and floating charge over the property in respect of outstanding loans.
During the year,the Company obtained a Coronavirus Bounce Bank Loan of £50,000 from Lloyds Bank Plc.
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IONIAN ISLAND PROPERTIES 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 2-5 years
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Amounts falling due after more than 5 years
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The bank hold a fixed and floating charge over the property in respect of outstanding loans. During the year,the Company obtained a Coronavirus Bounce Bank Loan of £50,000 from Lloyds Bank Plc.
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IONIAN ISLAND PROPERTIES 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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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed assets timing differences
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Losses and other deductions
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
Revaluation reserve
Revaluation reserve records the surplus arising on the valuation of property held for own use of the company in prior years.
Profit and loss account
Profit and loss includes all current and prior periods retained profit.
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Related party transactions
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At the year end the company owed £
79,000
(2020: £45,000) to
IIH Holdings Limited
, its ultimate parent company and £
121,489
(2020: £96,400) to
Ionian Island Holidays Limited
, a fellow subsidiary
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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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