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REGISTERED NUMBER: 03027531 (England and Wales)















STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

IKB INTERNATIONAL PLC

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


IKB INTERNATIONAL PLC

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mrs M Burhan
Mr I Burhan
Mr A L Burhan





SECRETARY: Mrs M Burhan





REGISTERED OFFICE: Ikb House
230 Edgware Road
London
W2 1DW





REGISTERED NUMBER: 03027531 (England and Wales)





AUDITORS: Ashfords Partnership LLP
114-116 Goodmayes Road
Ilford
Esex
IG3 9UZ

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023


The directors present their strategic report for the year ended 31 May 2023.

REVIEW OF BUSINESS
As a result of the current conflicts around the world the impact on the global economy and the timescales for recovery are currently uncertain. This has had an impact on IKB International PLC and especially its investments, the company has an established and experienced management team who have previous experience of navigating through times of challenge and taking remedial action where necessary.

The company has a tightly controlled and well-funded Balance Sheet with no overdraft facilities, and current year's corporation tax liability as its main debt.

The company has used the capital it had to make investments. Due to the current econimic global changes these investments have not performed as expected during the year but expectations are higher for their growth.

Overall income is similar to the previous years and directors are confident of an increase in levels during the coming year. The company intends to capitalise on investments made to ensure growth.

Since the year-end, there is a need to look at the current overheads to ensure they are minimised and look to take to diversify the companies services and investments.

PRINCIPAL RISKS AND UNCERTAINTIES
Global recovery since the pandemic

Based on easement on regulations the company has regained its previous revenue streams on a monthly basis.

Ukraine & Russia Crisis

The impact of the Crisis has not caused any major issues for the company, however the travel costs and other infrastructure costs have increased due to rising commodity prices and inflations.

Liquidity risk

The company manages its cash requirements effectively, whilst ensuring it has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company's principal foreign currency exposures arise from its dealing with overseas companies. The company policy permits but does not demand that these exposures may be hedged in order to fix the cost in UK sterling.

Credit risk

In normal circumstances the company is not exposed to credit risk, as all its income is derived on a receipts basis on agreed contracts.

General risk

The bulk of the company's trading income is generated from contracts placed in Iraq. Given the volatile political situation in the region, the directors are always seeking to diversify the company's trading activities with other countries, whilst continuing to maintain its relations with Iraq.


IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023

KEY PERFORMANCE INDICATORS (KPI)
The company continues monitoring a number of KPls in respect of sales, gross profit, return on capital employed, and operating cash flow of the company.

FOREIGN EXCHANGE
The company has a fairly significant level of exposure to foreign currency fluctuations. The directors continuously take appropriate actions after assessing and reviewing the situation to minimise the effect of such fluctuations.

EMPLOYEES
The company's employment policy is to provide equal opportunity to all current and prospective employees without discrimination. It provides work environment in which all individuals are treated with respect and dignity.

SOCIAL, ENVIRONMENTAL AND ETHICAL MATTERS
The company believes that by operating in an ethical and socially aware manner it will help to preserve the environment. It is an integral part of efficient and profitable business management, and recognises that success in these areas depends on the involvement and commitment of everyone in the organisation.

ON BEHALF OF THE BOARD:





Mr A L Burhan - Director


29 November 2023

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023


The directors present their report with the financial statements of the company for the year ended 31 May 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of general trading and Consultancy services for overseas and UK projects.

FUTURE DEVELOPMENTS
The company's focus on the next 12-months will be to monitor the ongoing impact of the economic global climate, and to ensure that it delivers outstanding service to its customers. The directors key priority is to secure future revenues, profitability and continue to increase the company's market share.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2022 to the date of this report.

Mrs M Burhan
Mr I Burhan
Mr A L Burhan

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITOR
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.


IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr A L Burhan - Director


29 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IKB INTERNATIONAL PLC


Opinion
We have audited the financial statements of Ikb International Plc (the 'company') for the year ended 31 May 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IKB INTERNATIONAL PLC


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IKB INTERNATIONAL PLC


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the consultancy services sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates are reasonable.
- were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IKB INTERNATIONAL PLC


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Ashok Mukundlal Shah (Senior Statutory Auditor)
for and on behalf of Ashfords Partnership LLP
114-116 Goodmayes Road
Ilford
Esex
IG3 9UZ

29 November 2023

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

Year Ended Period
31.5.23 1.4.21 to 31.5.22
Notes £    £    £    £   

TURNOVER 1,885,751 1,868,658

Cost of sales 36,943 11,164
GROSS PROFIT 1,848,808 1,857,494

Administrative expenses 1,219,939 1,188,018
628,869 669,476

Other operating income - 67,435
OPERATING PROFIT 5 628,869 736,911

Income from fixed asset investments 23,429 1,171,711
Interest receivable and similar income 312 -
23,741 1,171,711
PROFIT BEFORE TAXATION 652,610 1,908,622

Tax on profit 7 179,853 363,486
PROFIT FOR THE FINANCIAL YEAR 472,757 1,545,136

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023

Period
1.4.21
Year Ended to
31.5.23 31.5.22
Notes £    £   

PROFIT FOR THE YEAR 472,757 1,545,136


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

472,757

1,545,136

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 36,573 45,406
Investments 10 1,493,691 1,719,215
1,530,264 1,764,621

CURRENT ASSETS
Debtors 11 163,538 179,224
Cash at bank 6,251,081 8,533,053
6,414,619 8,712,277
CREDITORS
Amounts falling due within one year 12 6,255,421 8,878,042
NET CURRENT ASSETS/(LIABILITIES) 159,198 (165,765 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,689,462

1,598,856

PROVISIONS FOR LIABILITIES 13 8,284 7,435
NET ASSETS 1,681,178 1,591,421

CAPITAL AND RESERVES
Called up share capital 14 50,000 50,000
Retained earnings 15 1,631,178 1,541,421
SHAREHOLDERS' FUNDS 1,681,178 1,591,421

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:





Mr A L Burhan - Director


IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 50,000 386,285 436,285

Changes in equity
Profit for the period - 1,545,136 1,545,136
Total comprehensive income - 1,545,136 1,545,136
Dividends - (390,000 ) (390,000 )
Balance at 31 May 2022 50,000 1,541,421 1,591,421

Changes in equity
Profit for the year - 472,757 472,757
Total comprehensive income - 472,757 472,757
Dividends - (383,000 ) (383,000 )
Balance at 31 May 2023 50,000 1,631,178 1,681,178

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

Period
1.4.21
Year Ended to
31.5.23 31.5.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,529,655 ) (1,653,258 )
Tax paid (366,548 ) (93,886 )
Net cash from operating activities (1,896,203 ) (1,747,144 )

Cash flows from investing activities
Purchase of tangible fixed assets (3,358 ) (4,735 )
Purchase of fixed asset investments (454,957 ) (1,894,500 )
Sale of fixed asset investments 432,039 523,084
Interest received 312 -
Dividends received 23,429 1,171,711
Net cash from investing activities (2,535 ) (204,440 )

Cash flows from financing activities
Amount introduced by directors - 196
Amount withdrawn by directors (234 ) -
Equity dividends paid (383,000 ) (390,000 )
Net cash from financing activities (383,234 ) (389,804 )

Decrease in cash and cash equivalents (2,281,972 ) (2,341,388 )
Cash and cash equivalents at beginning of
year

2

8,533,053

10,874,441

Cash and cash equivalents at end of year 2 6,251,081 8,533,053

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023


1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS
Period
1.4.21
Year Ended to
31.5.23 31.5.22
£    £   
Profit for the financial year 472,757 1,545,136
Depreciation charges 12,191 15,135
Loss on disposal of fixed assets 248,442 -
Finance income (23,741 ) (1,171,711 )
Taxation 179,853 363,486
889,502 752,046
Decrease/(increase) in trade and other debtors 15,686 (28,124 )
Decrease in trade and other creditors (2,434,843 ) (2,377,180 )
Cash generated from operations (1,529,655 ) (1,653,258 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 6,251,081 8,533,053
Period ended 31 May 2022
31.5.22 1.4.21
£    £   
Cash and cash equivalents 8,533,053 10,874,441


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.22 Cash flow At 31.5.23
£    £    £   
Net cash
Cash at bank 8,533,053 (2,281,972 ) 6,251,081
8,533,053 (2,281,972 ) 6,251,081
Total 8,533,053 (2,281,972 ) 6,251,081

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Ikb International Plc is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measure reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Fixed assets are measured at cost less accumulated depreciation.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company
becomes party to the contractual provisions of the instrument.

Financial Assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
In assessing the going concern position of the company for the year-ended 31 May 2023, the directors have considered the company's cash flows, liquidity and business activities. Based on the company's forecasts, the directors have adopted the going concern basis in preparing the financial statements.

In making this assessment, the directors have considered the potential impact of world crisis and economic environments on the cash flows and liquidity of the company over the period to 31 August 2023. At the time of this assessment in August 2023, there was sufficient cash available to the company.

Consequently, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12-months from the date of approval of the financial statements. For these reasons, they continue to adopt a going concern basis for the preparation of the financial statements. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the company were unable to continue as a going concern.

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


3. EMPLOYEES AND DIRECTORS
Period
1.4.21
Year Ended to
31.5.23 31.5.22
£    £   
Wages and salaries 574,744 743,953
Social security costs 62,128 78,538
Other pension costs 6,948 10,411
643,820 832,902

The average number of employees during the year was as follows:
Period
1.4.21
Year Ended to
31.5.23 31.5.22

Administrative staff 15 16
Management staff 2 2
17 18

4. DIRECTORS' EMOLUMENTS
Period
1.4.21
Year Ended to
31.5.23 31.5.22
£    £   
Directors' remuneration 125,167 173,250

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.4.21
Year Ended to
31.5.23 31.5.22
£    £   
Depreciation - owned assets 12,191 15,135
Loss on disposal of fixed assets 248,442 -
Foreign exchange differences - (11,647 )

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


6. AUDITORS' REMUNERATION
Period
1.4.21
Year Ended to
31.5.23 31.5.22
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

4,269

4,000
Total audit fees 4,269 4,000

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.4.21
Year Ended to
31.5.23 31.5.22
£    £   
Current tax:
UK corporation tax 179,004 366,548

Deferred tax 849 (3,062 )
Tax on profit 179,853 363,486

8. DIVIDENDS
Period
1.4.21
Year Ended to
31.5.23 31.5.22
£    £   
Final 383,000 390,000

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


9. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 June 2022 68,155 135,423 165,741 369,319
Additions - - 3,358 3,358
At 31 May 2023 68,155 135,423 169,099 372,677
DEPRECIATION
At 1 June 2022 68,154 117,958 137,801 323,913
Charge for year - 4,366 7,825 12,191
At 31 May 2023 68,154 122,324 145,626 336,104
NET BOOK VALUE
At 31 May 2023 1 13,099 23,473 36,573
At 31 May 2022 1 17,465 27,940 45,406

10. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST
At 1 June 2022 1,719,215
Additions 454,957
Disposals (680,481 )
At 31 May 2023 1,493,691
NET BOOK VALUE
At 31 May 2023 1,493,691
At 31 May 2022 1,719,215

11. DEBTORS
31.5.23 31.5.22
£    £   
Amounts falling due within one year:
Social security and other tax 22 -
VAT 3,813 4,878
Prepayments 8,585 40,678
12,420 45,556

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


11. DEBTORS - continued
31.5.23 31.5.22
£    £   
Amounts falling due after more than one year:
IKB (Travel & Tours Ltd) 133,000 133,000
Related party - IKB T&T Ltd 18,118 668
151,118 133,668

Aggregate amounts 163,538 179,224

The above is a loan to an associated company with no fixed payment term.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 6,930 699
Tax 179,004 366,548
Other creditors 16,342 14,909
Client deposit account 6,042,317 8,490,024
Directors' loan accounts 28 262
Accrued expenses 10,800 5,600
6,255,421 8,878,042

13. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax 8,284 7,435

Deferred
tax
£   
Balance at 1 June 2022 7,435
Provided during year 849
Balance at 31 May 2023 8,284

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
50,000 Ordinary £1 50,000 50,000

IKB INTERNATIONAL PLC (REGISTERED NUMBER: 03027531)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


15. RESERVES
Retained
earnings
£   

At 1 June 2022 1,541,421
Profit for the year 472,757
Dividends (383,000 )
At 31 May 2023 1,631,178

16. RELATED PARTY DISCLOSURES

IKB International Plc has a long term loan provided to IKB (Travel & Tours) Ltd of £133,000 in which Mr I Burhan is a director and shareholder.

During the year ended 31 May 2023 the company entered into various transactions with its connected company IKB (Travel & Tours) Limited, in which I K Burhan is also a director and controlling shareholder. These transactions included the purchase of air tickets, payments for rents accruals and also the sharing of the leasehold premises situated at 230 Edgware Road, London W2 1DW, from which both these connected companies operate.