Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
COMPANY INFORMATION
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IIH HOLDINGS LIMITED
CONTENTS
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IIH HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
The directors present their Strategic Report on IIH Holdings Ltd for the financial year ended 31 October 2022.
Principal activity: The Group’s principal activity is a licenced tour operator specialising in the provision of package holidays exclusively to Greece. The Group’s other activity is in Property Investments, with substantial investments in Northwest London and in the Ionian Islands of Paxos and Kefalonia. IIH Holdings Ltd During the financial year ended 31 October 2022 the Group turnover was £15.1m compared to £5.3m in 2021. The Group made an impressive improvement to its revenue and profitability after the challenges it faced during the pandemic. Turnover in 2022 increased to £15.1m from £5.3m in 2021 whilst profit before tax increased to £2.6m in 2022 from £249k in 2021. The margins achieved were a significant improvement to pre pandemic levels and primarily achieved due to an in-depth review of the Groups operations and rationalisation of its activities. Even though the Group made a recovery in the year, the after effects of the pandemic were still evident during the early key booking months. The directors believe that profitably could have been further improved had it not been for the pandemic. Despite these setbacks the directors consider the results achieved in 2022 to be a significant accomplishment and demonstrates the resilience of the Group.
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IIH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
Ionian Island Holidays Ltd
The Company’s turnover for the financial year ended 31 October 2022 was £14.8m (2021: £5.1m) and profit before tax was £2.5m (2021: £119k). Turnover increased due to easing of Covid-19 related travel restrictions. Greece proved to be a popular choice amongst holidaymakers due to her proven track record in successful management of the pandemic during 2020 and 2021. Additionally, the trend for package holidays is on the rise as consumers seek more “peace of mind” when booking holidays. Consumer confidence was impacted in the early key booking months due to effects and uncertainty around the Omicron variant, followed by Russia’s invasion of Ukraine on 24 February 2022. This was then followed by negative publicity in the media about airport chaos and flight cancellations just as the summer season was underway. Despite these setbacks, there was a substantial improvement in both profitability and margins and directors consider the results achieved in 2022 to be a significant accomplishment and demonstrates the resilience of the Company. The Company has been voted for the last 11 consecutive years in the prestigious British Travel Awards, as the “Best Specialist Tour Operator to Hellenic Europe” and was also voted as the “Best Small Villa Holiday Company”. Confirmed bookings for 2023 remain strong. The company will continue to closely monitor developments in the travel industry and adapt accordingly. Ionian Island Properties Ltd The Company’s main investment is a substantial office building in Northwest London, Olympia House. The company also owns a total of 5 villas with private pools on the island of Paxos, Greece which have been refurbished and modernised since the acquisition. These villas offer a good return on the investment but also complement the tour operating side of the business. Additionally, the company also owns a prime piece of land on the island of Kefalonia with planning permission to build two villas with private pools.
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IIH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
The main financial key performance indicators used in managing the performance of the Group include:
Non-financial performance indicators include passenger numbers, booking numbers and tenant retention. As of 31 October 2022, the Group had net assets of £8.2m (2021 £6.0m).The Directors have prepared the financial statements on a going concern as they believe the actions taken to date that the Group will have sufficient funds and cash reserves to meet its liabilities as they fall due
Principal Risks & Uncertainties
Successful management of existing and emerging risks is critical to the long-term success of our business and to the achievement of our strategic objectives. To seize market opportunities and leverage the potential for success, risk must be accepted to a reasonable degree. Risk Management is therefore an integral part of the Groups policy. • Pandemic (COVID-19). The pandemic has highlighted the effect an infectious disease can have in a relatively short space of time on a business. Whilst travel restrictions have now been removed It is expected that operations and passenger numbers can return to pre-crisis levels by 2024. Considering the disruption caused the measures and actions implemented by the company during the pandemic were able to reduce the overall impact and has placed the company in a stronger position once operations resumed. • Brexit. It is still not clear the overall impact that Brexit will continue to have on operations. There is an inherent risk that the company may need to set up subsidiaries in host countries to facilitate operations. Despite the continued risk, the differentiation of our customer offering will ensure the company adapts to the ever-changing business environment. • Financial Risk. The company’s activities expose it to a limited measure of financial risk, including credit risk, liquidity risk, cashflow risk and foreign exchange fluctuations. By maintaining high cash balances and hedging against currency fluctuations and fixing fuel on flights the company has demonstrated that it can minimise these risks. • Airline Failure. Given several significant airline failures in the past the company has mitigated this risk by using multiple airlines. • Other Risks. Other risks facing the Group continue to be political instability, inflationary pressures, and force majeure.
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IIH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
This report was approved by the board on 3 February 2023 and signed on its behalf.
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IIH HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2022
The directors present their report and the financial statements for the year ended 31 October 2022.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £2,125,146 (2021 - £157,549).
The directors who served during the year were:
On the Tour operating side of the business, confirmed bookings for 2023 remain strong. The group will continue to closely monitor developments in the travel industry and adapt accordingly. On the rental operations, long tenancy agreements are in place with periodic rent reviews in line with market rates.
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IIH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
- so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and - the directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
The directors have confirmed that there are no post balance sheet events to report.
On 18 March 2022, Elman Wall Limited transferred its audit business to Xeinadin Audit Limited, which was appointed auditors in succession and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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IIH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IIH HOLDINGS LIMITED
We have audited the financial statements of IIH HOLDINGS LIMITED (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2022, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent 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.
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IIH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IIH HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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IIH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IIH HOLDINGS LIMITED (CONTINUED)
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 an Auditors' report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management and those charged with governance around actual and potential litigation and claims to identify any instances of non-compliance with laws and regulations: • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
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IIH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IIH HOLDINGS LIMITED (CONTINUED)
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 an Auditors' report 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
London
EC2R 8DD
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IIH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
REGISTERED NUMBER: 08861887
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
REGISTERED NUMBER: 08861887
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 February 2023.
The notes on pages 21 to 41 form part of these financial statements.
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IIH HOLDINGS LIMITED
REGISTERED NUMBER: 08861887
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 41 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2021
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IIH HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2021
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IIH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
IIH Holdings 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 group continued to be that of tour operators and investment property. The principal activity of the company continued to be that of a holding company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
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.
Functional and presentation currency
Transactions and balances
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2.Accounting policies (continued)
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Turnover represents amounts receivable from the sales of tours and other services supplied to customers net of VAT. Revenue and expenses relating to tours are taken to the profit and loss account on the date of departure.
Turnover also includes rental income receivable and service charges, to the extent that it is probable that the economic benefits will flow to the Group 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.
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2.Accounting policies (continued)
For the tour operating side of the business all the 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 yet to be issued to customers are separately disclosed under other creditors.
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2.Accounting policies (continued)
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.
Investment property is carried at fair value. This was determined in 2015 by external valuers and since then been reviewed by directors on an annual basis. The value is 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,
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting 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.
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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 (i) Valuation of Investment property Investment property is carried at fair value. This was determined in 2015 by external valuers then has been reviewed by directors on an annual basis. In order to provide an accurate valuation, the directors review movements in the markets of the property values in the areas where the property is held with use of publications issued by established Chartered Surveyors. (ii) Revenue recoginition In relation to the tour operating side of the business, the group recognises revenue on the date of departure of the booking which, in the directors' judgement, is the most appropriate revenue base as this matches the point at which service is performed. The directors use their judgement to determine a fair direct cost associated top the revenue recognised. 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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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
12.Taxation (continued)
The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred tax assets and liabilities have therefore been remeasured at 25%
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
16.Fixed asset investments (continued)
Indirect subsidiary undertaking (continued)
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 2022.
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
Revaluation reserve
Merger Reserve
Profit and loss account
Ionian Island Holidays Limited currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA') and is currently a member of the Association of British Travel Agents Limited ('ABTA').
As at 31 October 2022, there were no contingent liabilities in place in the normal course of business.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £11,605 (2021: £11,674). Contributions totalling £185 (2021: £2,016) were payable to the fund at the balance sheet date and are included in creditors.
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
The ultimate controlling parties are A Matsoukis and D Patrikios, by virtue of their shareholding.
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