Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2020
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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 2020
The directors present their Strategic Report on IIH Holdings Ltd for the financial year ended 31 October 2020.
Principal activity : The principal activity of the Group continues to be that of a licenced tour operator specialising in provision of package holidays exclusively to Greece. The other activity that the Group is involved in is Property Investments, with substantial investments in North West London and in the Ionian Islands of Paxos and Kefalonia. During the financial year ended 31 October 2020 the Group turnover was £3.7m from £14.6m in 2019. Losses after tax were (£226k) compared to a profit of £491k for the previous year. The COVID-19 pandemic caused severe interruption to the Group’s business activities.
I
onian Island Holidays Ltd
The Company’s turnover for the financial year ended 31 October 2020 was £3.4 m (2019: £14.2m) and the loss after tax was (£279k) compared to a profit after tax of £468k in the previous year, this being the first loss that the company has recorded since its incorporation in 2002. Prior to the Pandemic forward bookings had been exceptionally strong compared to previous years. In line with the UK Government’s advice against all but essential travel, the Company could not operate any holidays until the travel ban was lifted and “air corridors” were established between the UK and Greece on 15 July 2020. As a result, all customers whose holiday had been cancelled because of the pandemic were offered the choice of either moving their holiday to a later date, an ATOL protected refund credit note, or a full cash refund. Of the holidays that could not operate 75% of passengers opted to defer their holidays to a later date, 10% accepted a refund credit note and 15 % opted for a cash refund. All cash refunds were settled in under two weeks in full compliance with the Package Travel and Linked Travel Arrangements 2018 Regulations. The Company has taken several steps to safeguard existing bookings for departure dates beyond the current cancellation period, including offering customers the option to amend their holidays to a future departure date and to extend the deadline for collecting final balances to give customers more flexibility. Alongside the cancellation of the holiday program the business undertook several swift and decisive cost reduction measures, including furloughing of staff in response to reduced activity and a range of other measures to reduce the fixed cost base of the business during the time travel was suspended. The Company worked closely with its suppliers to achieve a reduction in its fixed costs; firstly, all contracts for properties were switched from commitment basis to an allotment basis. Secondly contracts with airlines were renegotiated enabling the company to reduce a significant percentage of committed capacity. Once travel corridors were established between UK and Greece on 15 July 2020 the company was able to resume operations on a limited basis. Despite consumer confidence being affected by the pandemic the company was able to operate with a total of 3k passengers compared with 13K in 2019. Despite the adversities, customer feedback was extremely positive with some customers booking a second holiday in the same season whilst 60% of customers who travelled in 2020 have rebooked for 2021. To that end the company announced and implemented its “Keeping You Safe Policy,” The measures taken, and the strict protocols in place keeping customers safe during their holiday allowed many guests to enjoy their holidays in the knowledge that the highest levels of hygiene standards were put in place in relation to COVID -19. Whilst these measures significantly increased the Company’s operating costs, on a positive note the experience gained was invaluable.
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IIH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
Having operated successfully under these restrictions has made the Company more resilient to operate under exceptional circumstances in the future.
The Company has benefited from the UK Government measures put in place to mitigate the impact of the pandemic, including active participation in the Government’s Job retention scheme and an agreement with HMRC to delay the payment of certain business taxes. In addition, the company has secured a Corona Virus Business Interruption Loan of £1.2m with preferential interest rates to ensure we are able to meet our obligations as they fall due. At present, the UK Government advise remains against all but essential travel. With the vaccination program successfully underway and with its tangible results that the spread of the disease is being reduced, on the 22 Feb 2021 the UK Government indicated in its “roadmap to recovery” that foreign travel may resume from 18th May 2021. Additionally, the Greek Government has also indicated its intention to resume inbound arrivals by May 2021. Since the announcement there has been a significant increase in bookings demonstrating a pending demand for holidays. On the 17th of September 2020, Medicane Ioanos, an extremely rare hurricane severely hit the islands of Kefalonia and Ithaka. The hurricane was the worst that has hit Greece since recorded history, causing significant damage to infrastructure and powerlines. The village of Assos which is featured as one of our main resorts was particularly affected. During the hurricane, the company had 155 guests staying on Kefalonia with further 152 arriving during the storm. Our representatives and ground handling agents worked effortlessly to ensure the safety of our guests and ensure those departing from the affected island returned safely whilst those who had just arrived were temporarily put up in hotels whilst power was restored on the island. Bookings to Assos for the rest of the season had to be cancelled or rescheduled. The hurricane contributed to £100k of the losses incurred during the year. During 2020 The company was voted for the 10th consecutive year in the prestigious British Travel Awards, as the “Best Specialist Tour Operator to Hellenic Europe” “Best Small Villa Holiday Company” for the 3rd time. Looking at the year ahead, confirmed bookings for the 2021 season are particularly strong. The company continues to use multiple airlines to reduce the risk of airline failure. Flight commitments in early and late season have been reduced and the overall flight program has been rationalised. Fuel has been fixed for all committed flights. I onian Island Properties Ltd The Company’s main Investment is a substantial office building In North West London, Olympia House and the property remains fully let. During the year, the company completed a substantial extension on the third-floor increasing office space by 1500 sq. feet. This should increase the earning potential of the building. The company also owns five villas with private pools on the island of Paxos Greece which have been refurbished and modernised since their 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 2020
As of 31 October 2020, the Group had net assets of £5.9m (2019 £6.2m). The financial statements have been prepared on a going concern as we believe that due to the actions taken to date the Group will have sufficient funds and cash reserves to meet its liabilities as they fall due.
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 ) - As the situation regarding the pandemic continues to evolve, it demonstrates the effect an infectious disease can have in a relatively short space of time. It is not clear how long and quickly operations can return to pre-crisis levels. Considering the disruption caused, the risk mitigation strategies implemented by the Group allowed to reduce the overall impact and has placed the company in a better position for when operations resume. • Brexit - It is still not clear the overall impact that Brexit will have on operations. There is an inherent risk that companies may need to set subsidiaries in host countries to facilitate operations. It will be more difficult for European air carriers to operate out of the UK giving less choice in airlines available. Despite the continued risk, the differentiation of our customer offering will ensure the Group adapts to the ever-changing business environment. • Financial Risk - The Group’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, fixing fuel on flights the Group has demonstrated that it can mitigate these risks. • Airline Failure - Given several significant airline failures in the past the Group has mitigated this risk by using multiple airlines. • Other Risks - Other risks facing the Group continue to be political instability, volcanic disruption, adverse climatic conditions, and force majeure.
This report was approved by the board
and signed on its behalf.
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IIH HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2020
The directors present their report and the financial statements for the year ended 31 October 2020.
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 loss for the year, after taxation, amounted to £
226,492
(2019 -
profit
£
490,730
)
.
The directors who served during the year were:
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IIH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
Refer to note 31 of the accounts for further details
The auditors, Elman Wall Limited, 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, AS A BODY, 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 2020, 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.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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IIH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS, AS A BODY, OF IIH HOLDINGS LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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, AS A BODY, 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.
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.
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 2020
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IIH HOLDINGS LIMITED
REGISTERED NUMBER:
08861887
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2020
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IIH HOLDINGS LIMITED
REGISTERED NUMBER:
08861887
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 OCTOBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2021
.
The notes on pages 19 to 37 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 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 37 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 OCTOBER 2020
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 OCTOBER 2019
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 OCTOBER 2020
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 OCTOBER 2019
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IIH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2020
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IIH HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2020
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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.
The following principal accounting policies have been applied:
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.
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
2.
Accounting policies (continued)
Due to the Covid-19 pandemic the tour operating business was interrupted from March 2020. As at the date of approval of these financial statements, the impact of Covid-19 on the Group's trading continues to be assessed and is subject to rapidly changing external factors, including Government responses to controlling the spread of the virus towards future business and leisure travel.
The Group has a net current assets position of £2,319,211 net assets of £5,966,725 as at 31 October 2020 despite generating a loss of £226,429. The directors have taken steps to reduce outgoings on the tour opertaing side of the business by controlling overhead expenses, utilising the Government Job Retention Scheme to furlough staff and obtaining additional grants where appropriate and have also secured additional bank funding of £1,200,000 through a Coronavirus Business Interruption Loan. The directors have prepared a cash flow forecast for a period of 12 months from the date of approval of these financial statements. The forecasts assumes a relatively low level of recovery through the remainder of 2021 and the outcome of the worst case scenario indicates that the tour operating business will continue to have sufficient funds to meet their liabilities as they fall due for that period. Consequently, the directors are confident that the Group, will have sufficient funds and cash reserves to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.
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 2020
2.
Accounting policies (continued)
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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 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 2020
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.
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
2.
Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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 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.
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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 critical 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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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
12.
Taxation (continued)
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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 2020
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
Revaluation reserve
company in prior years.
Merger Reserve
amount in excess of the nominal value of the ordinary shares in connection with the acquisition of the subsidiary companies.
Profit and loss account
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
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 2020, 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 £8,470 (2019 £10,364) . Contributions totalling £748 (2019 £Nil) were payable to the fund at the balance sheet date and are included in creditors
confidence to travel though the directors cannot determine at present the extent to which the company is likely to be affected (See pages 1-3 of the strategic report and note 2.3).
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IIH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
The ultimate controlling parties are A Matsoukis and D Patrikios, by virtue of their shareholding.
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