Caseware UK (AP4) 2022.0.179 2022.0.179 2023-10-312023-10-312023-10-31Aircraft Seat Wholeseller2022-11-01truefalse00false 03646321 2022-11-01 2023-10-31 03646321 2021-11-01 2022-10-31 03646321 2023-10-31 03646321 2022-10-31 03646321 2021-11-01 03646321 c:Director1 2022-11-01 2023-10-31 03646321 d:PlantMachinery 2022-11-01 2023-10-31 03646321 d:Goodwill 2022-11-01 2023-10-31 03646321 d:CurrentFinancialInstruments 2023-10-31 03646321 d:CurrentFinancialInstruments 2022-10-31 03646321 d:CurrentFinancialInstruments 1 2023-10-31 03646321 d:CurrentFinancialInstruments 1 2022-10-31 03646321 d:CurrentFinancialInstruments 6 2023-10-31 03646321 d:CurrentFinancialInstruments 6 2022-10-31 03646321 d:Non-currentFinancialInstruments 2023-10-31 03646321 d:Non-currentFinancialInstruments 2022-10-31 03646321 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 03646321 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 03646321 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 03646321 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 03646321 d:ShareCapital 2022-11-01 2023-10-31 03646321 d:ShareCapital 2023-10-31 03646321 d:ShareCapital 2021-11-01 2022-10-31 03646321 d:ShareCapital 2022-10-31 03646321 d:ShareCapital 2021-11-01 03646321 d:RevaluationReserve 2022-11-01 2023-10-31 03646321 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 03646321 d:RetainedEarningsAccumulatedLosses 2023-10-31 03646321 d:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 03646321 d:RetainedEarningsAccumulatedLosses 2022-10-31 03646321 d:RetainedEarningsAccumulatedLosses 2021-11-01 03646321 c:FRS102 2022-11-01 2023-10-31 03646321 c:Audited 2022-11-01 2023-10-31 03646321 c:FullAccounts 2022-11-01 2023-10-31 03646321 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 03646321 d:Subsidiary1 2022-11-01 2023-10-31 03646321 d:Subsidiary1 1 2022-11-01 2023-10-31 03646321 d:Subsidiary2 2022-11-01 2023-10-31 03646321 d:Subsidiary2 1 2022-11-01 2023-10-31 03646321 d:Subsidiary3 2022-11-01 2023-10-31 03646321 d:Subsidiary3 1 2022-11-01 2023-10-31 03646321 d:Subsidiary4 2022-11-01 2023-10-31 03646321 d:Subsidiary4 1 2022-11-01 2023-10-31 03646321 d:Subsidiary5 2022-11-01 2023-10-31 03646321 d:Subsidiary5 1 2022-11-01 2023-10-31 03646321 d:Subsidiary6 2022-11-01 2023-10-31 03646321 d:Subsidiary6 1 2022-11-01 2023-10-31 03646321 d:Subsidiary7 2022-11-01 2023-10-31 03646321 d:Subsidiary7 1 2022-11-01 2023-10-31 03646321 d:Subsidiary8 2022-11-01 2023-10-31 03646321 d:Subsidiary8 1 2022-11-01 2023-10-31 03646321 c:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 03646321 c:Consolidated 2023-10-31 03646321 c:ConsolidatedGroupCompanyAccounts 2022-11-01 2023-10-31 03646321 4 2022-11-01 2023-10-31 03646321 5 2022-11-01 2023-10-31 03646321 6 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 03646321









IAG HOLDINGS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
IAG HOLDINGS LIMITED
REGISTERED NUMBER: 03646321

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
36,940
21,546

Tangible assets
 5 
1,684,126
1,679,101

  
1,721,066
1,700,647

Current assets
  

Stocks
  
2,278
-

Debtors: amounts falling due within one year
 8 
1,807,251
997,496

Cash at bank and in hand
 9 
830,930
913,628

  
2,640,459
1,911,124

Creditors: amounts falling due within one year
 10 
(2,417,156)
(1,734,493)

Net current assets
  
 
 
223,303
 
 
176,631

Total assets less current liabilities
  
1,944,369
1,877,278

Creditors: amounts falling due after more than one year
 11 
(843,678)
(953,669)

Provisions for liabilities
  

Deferred taxation
 13 
(102,195)
(102,195)

  
 
 
(102,195)
 
 
(102,195)

Net assets
  
998,496
821,414


Capital and reserves
  

Called up share capital 
  
52,224
52,224

Revaluation reserve
 14 
765,953
765,953

Profit and loss account
 14 
194,686
17,604

Equity attributable to owners of the parent Company
  
1,012,863
835,781

Non-controlling interests
  
(14,367)
(14,367)

  
998,496
821,414


Page 1

 
IAG HOLDINGS LIMITED
REGISTERED NUMBER: 03646321
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2024.




T D Davey
Director

The notes on pages 10 to 26 form part of these financial statements.

Page 2

 
IAG HOLDINGS LIMITED
REGISTERED NUMBER: 03646321

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 6 
306,332
306,332

  
306,332
306,332

Current assets
  

Debtors: amounts falling due within one year
 8 
16,227
10,998

Cash at bank and in hand
 9 
51,435
40,498

  
67,662
51,496

Creditors: amounts falling due within one year
 10 
(69,874)
(104,322)

Net current liabilities
  
 
 
(2,212)
 
 
(52,826)

Total assets less current liabilities
  
304,120
253,506

  

Creditors: amounts falling due after more than one year
 11 
(77,648)
(77,648)

  

Net assets
  
226,472
175,858


Capital and reserves
  

Called up share capital 
  
52,224
52,224

Profit and loss account carried forward
  
174,248
123,634

  
226,472
175,858


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 February 2024.


T D Davey
Director

The notes on pages 10 to 26 form part of these financial statements.

Page 3

 

 
IAG HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023



Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 November 2022
52,224
765,953
17,604
835,781
(14,367)
821,414



Comprehensive income for the year


Profit for the year

-
-
177,082
177,082
-
177,082



Other comprehensive income for the year
-
-
-
-
-
-



Total comprehensive income for the year
-
-
177,082
177,082
-
177,082



Total transactions with owners
-
-
-
-
-
-



At 31 October 2023
52,224
765,953
194,686
1,012,863
(14,367)
998,496



The notes on pages 10 to 26 form part of these financial statements.

Page 4

 

 
IAG HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022



Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 November 2021
52,224
867,203
50,929
970,356
(14,367)
955,989



Comprehensive income for the year


Loss for the year

-
-
(33,325)
(33,325)
-
(33,325)


Deficit on revaluation of freehold property
-
(101,250)
-
(101,250)
-
(101,250)



Other comprehensive income for the year
-
(101,250)
-
(101,250)
-
(101,250)



Total comprehensive income for the year
-
(101,250)
(33,325)
(134,575)
-
(134,575)



Total transactions with owners
-
-
-
-
-
-



At 31 October 2022
52,224
765,953
17,604
835,781
(14,367)
821,414



The notes on pages 10 to 26 form part of these financial statements.

Page 5

 
IAG HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2022
52,224
123,634
175,858


Comprehensive income for the year

Profit for the year

-
50,614
50,614


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
50,614
50,614


Total transactions with owners
-
-
-


At 31 October 2023
52,224
174,248
226,472


The notes on pages 10 to 26 form part of these financial statements.

Page 6

 
IAG HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2021
52,224
89,391
141,615


Comprehensive income for the year

Profit for the year

-
34,243
34,243


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
34,243
34,243


Total transactions with owners
-
-
-


At 31 October 2022
52,224
123,634
175,858


The notes on pages 10 to 26 form part of these financial statements.

Page 7

 
IAG HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023

As restated
2023
2022
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
177,082
(33,325)

Adjustments for:

Amortisation of intangible assets
14,163
4,311

Depreciation of tangible assets
5,589
7,990

Coronavirus (Covid-19) business support grants
-
(10,191)

Interest paid
38,650
10,296

(Increase)/decrease in stocks
(2,278)
-

(Increase) in debtors
(797,098)
(178,089)

Increase in creditors
609,338
124,722

Loss/(gain) on revaluation of foreign currency contracts
(12,657)
400

Net cash generated from operating activities

32,789
(73,886)


Cash flows from investing activities

Purchase of intangible fixed assets
(29,557)
(6,151)

Purchase of tangible fixed assets
(10,614)
-

Coronavirus (Covid-19) business support grants
-
10,191

Net cash from investing activities

(40,171)
4,040
Page 8

 
IAG HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023

As restated

2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(36,666)
(9,167)

Other new loans
-
300,000

Interest paid
(38,650)
(10,296)

Net cash used in financing activities
(75,316)
280,537

Net (decrease)/increase in cash and cash equivalents
(82,698)
210,691

Cash and cash equivalents at beginning of year
913,628
702,937

Cash and cash equivalents at the end of year
830,930
913,628


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
830,930
913,628

830,930
913,628


The notes on pages 10 to 26 form part of these financial statements.

Page 9

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

IAG Holdings Limited is a private company limited by shares and incorporated in England under registered number 03646321. The Company's registered office is: Bolney Place, Cowfold Road, Bolney, West Sussex  RH17 5QT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

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 Statement of Financial Position, 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 Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 November 2017.

Page 10

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The travel industry experienced the benefit of a post-Covid-19 bounce back in travel; however, with consumer unease in relation to the current economic environment, increasing energy costs, and the impact of inflation, Group management and the directors have continued to review the Group’s financial position. This is to ensure a swift response to any changes in planned trading performance.
The directors have prepared budgets and cashflow forecasts to 30 April 2025 which reflect good operational liquidity and profitability throughout. Additionally, they have also performed a sensitivity analysis on the Group's budgets and forecasts to assess the financial impact of any potential further slowdown in trading from the reforecast and its impact, which still shows a healthy financial position ongoing. 
Group management and the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. 
As a result, and with the Group continuing to receive the full support of its shareholders, the directors believe that it is still appropriate to apply the going concern basis for the foreseeable future.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 11

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised 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.
Turnover is the amount derived from ordinary activities and represents the aggregate revenue receivable from tours departed minus the commission paid to travel agents and rental income earned during the year, together with an element of non-refundable deposits received for tours departing in future. 

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Income Statement in the same period as the related expenditure.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 12

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 13

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Income Statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33.33%

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.

Page 14

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.15

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.16

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.18

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.19

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.21

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.22

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the 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.

 
2.23

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Consolidated Income Statement if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Page 16

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.23
Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Average number of employees
25
29

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)
Page 17

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Intangible assets

Group and Company





Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 November 2022
-
260,398
260,398


Additions
29,557
-
29,557



At 31 October 2023

29,557
260,398
289,955



Amortisation


At 1 November 2022
-
238,852
238,852


Charge for the year on owned assets
9,852
4,311
14,163



At 31 October 2023

9,852
243,163
253,015



Net book value



At 31 October 2023
19,705
17,235
36,940



At 31 October 2022
-
21,546
21,546

Goodwill amortisation period which was 20 years earlier has been reduced to 10 years from 1 November 2022.



Page 18

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 November 2022
1,675,000
59,200
1,734,200


Additions
-
10,614
10,614



At 31 October 2023

1,675,000
69,814
1,744,814



Depreciation


At 1 November 2022
-
55,099
55,099


Charge for the year on owned assets
-
5,589
5,589



At 31 October 2023

-
60,688
60,688



Net book value



At 31 October 2023
1,675,000
9,126
1,684,126



At 31 October 2022
1,675,000
4,101
1,679,101

The freehold  property is held at Bolney Place, Cowfold Road, Bolney, West Sussex RH17 5QT.
The property was revalued on 22nd August 2022 by SHW.CO.UK, Lees House, 21-23 Dyke Road, Brighton BN1 3FE. No revaluations were done for year ending 31 October 2023.




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
1,675,000
1,675,000

1,675,000
1,675,000


Page 19

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
306,332



At 31 October 2023
306,332





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Visions Holiday Group Limited
Bolney Place, Bolney, Haywards Heath, West Susses RH17 5QT
Ordinary
100%
Independent Aviation Group Limited
Bolney Place, Bolney, Haywards Heath, West Susses RH17 5QT
Ordinary
100%
IAG Broking Limited
Bolney Place, Bolney, Haywards Heath, West Susses RH17 5QT
Ordinary
100%
Ilios Travel Limited
Bolney Place, Bolney, Haywards Heath, West Susses RH17 5QT
Ordinary
100%
Pure Crete Limited
Bolney Place, Bolney, Haywards Heath, West Susses RH17 5QT
Ordinary
75%
Island of Greece Limited
Bolney Place, Bolney, Haywards Heath, West Susses RH17 5QT
Ordinary
100%
Skiathos Travel Limited
Bolney Place, Bolney, Haywards Heath, West Susses RH17 5QT
Ordinary
100%
Pure Aviation Limited
Bolney Place, Bolney, Haywards Heath, West Susses RH17 5QT
Ordinary
75%

Page 20

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 31 October 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Visions Holiday Group Limited
(548,985)
(23,427)

Independent Aviation Group Limited
1,516,487
-

IAG Broking Limited
216,689
154,206

Ilios Travel Limited
29,605
-

Pure Crete Limited
(57,529)
-

Island of Greece Limited
(20,201)
-

Skiathos Travel Limited
2,110
-

Pure Aviation Limited
2,063
-


7.


Stocks

Group
Group
2023
2022
£
£

Marketing merchandise
2,278
-

2,278
-


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 21

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Debtors

Group

Group
As restated
Company

Company
As restated
2023
2022
2023
2022
£
£
£
£


Trade debtors
392,198
165,718
4,280
1,616

Other debtors
215,683
230,746
-
-

Prepayments and accrued income
1,186,713
601,032
11,947
9,382

Financial instruments
12,657
-
-
-

1,807,251
997,496
16,227
10,998


Included in prepayments and accrued income is the sum of £1,114,016 (2022: £570,793) which relates to suppliers prepaid in advance for departures post 31 October 2023.


9.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
830,930
913,628
51,435
40,498

830,930
913,628
51,435
40,498



10.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
109,992
36,667
-
-

Trade creditors
368,749
407,881
10,514
13,312

Amounts owed to group undertakings
-
-
47,070
78,679

Other taxation and social security
25,118
22,975
5,040
4,606

Other creditors
99,464
100,888
5,000
5,850

Accruals and deferred income
1,813,833
1,165,682
2,250
1,875

Financial instruments
-
400
-
-

2,417,156
1,734,493
69,874
104,322


Included in accruals and deferred income is the sum of £1,395,558 (2022: £966,172) of customer monies received in advance for departures post 31 October 2023.

Page 22

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
394,175
504,166
-
-

Other loans
371,855
371,855
-
-

Other creditors
77,648
77,648
77,648
77,648

843,678
953,669
77,648
77,648


Other creditors of £77,648 consist of redeemable preference shares which cannot be redeemed without Civil Aviation Authority's ("CAA") prior consent.

Page 23

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

12.


Loans

Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
109,992
36,667


109,992
36,667

Amounts falling due 1-2 years

Bank loans
109,992
110,000

Other loans
371,855
371,855


481,847
481,855

Amounts falling due 2-5 years

Bank loans
284,183
329,976


284,183
329,976

Amounts falling due after more than 5 years

Bank loans
-
64,190

-
64,190

876,022
912,688


Other loans consist of £300,000 of shareholder's loans and £71,855 of third party loans. Shareholder's  loans of £300,000 are subject to a subordinated undertaking in favour of the Civil Aviation Authority ("CAA") and cannot be repaid without CAA's written consent. 
Bank loan consists of Coronavirus Business Interruption Loan provided by Barclays Bank UK Plc and is supported by Coronavirus Business Interruption Loan Scheme. The loan is for a term of 84 months, with no capital repayments or interest payments for the first 24 months. Interest is payable at 3.15% per annum over the bank base rate therafter.

Page 24

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Deferred taxation


Group



2023


£






At beginning of year
(102,195)



At end of year
(102,195)

Group
Group
2023
2022
£
£

Tax on revaluation of property
(102,195)
(102,195)

(102,195)
(102,195)


14.


Reserves

Revaluation reserve

The revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decreases relate to a previous increase on the same asset.

Profit and loss account

The profit and loss account represents the net distributable reserves of the Company and the Group at the date of the statement of financial position.


15.


Contingent liabilities

As at 31 October 2023, there were contingent liabilities outstanding in respect of counter indemnities given by the Group, in the normal course of business, to the Group's bond obligors in respect of ABTOT travel bonds amounting to £338,617 (2022: £326,849).


16.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £18,104 (2022: £14,252).

Page 25

 
IAG HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

17.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the reporting date.


18.


BSP

The Company holds an accreditation with International Air Transport Association ("IATA"). There was no BSP liability as at 31 October 2023 (2022: £Nil).  


19.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with wholly owned subsidiaries within the group.
Rookfield Financial Services Limited - A company where director T D Davey is also a director and a shareholder. Amount owed by the related party £186,646 (2022: £186,646) included in debtors due within one year.


20.


Controlling party

The directors considers that the ultimate controlling party is Ms T D Davey by virtue of her controlling interest in the Company.


21.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2023 was unqualified.

The audit report was signed on 14 February 2024 by Ms N A Spoor FCA FCCA (Senior Statutory Auditor) on behalf of White Hart Associates ( London) Limited.

 
Page 26