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REGISTERED NUMBER: 03199308 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

IKB (TRAVEL & TOURS) LIMITED

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 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 (TRAVEL & TOURS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr I Burhan
Mr A L Burhan



SECRETARY: Mrs M Burhan



REGISTERED OFFICE: Ikb House 3rd Floor
230 Edgware Road
London
W2 1DW



REGISTERED NUMBER: 03199308 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Ashok Mukundlal Shah



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

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024


The directors present their strategic report for the year ended 31 May 2024.

REVIEW OF BUSINESS
During the financial year, the travel industry had recovered to its normal activity levels that were present prior to the Covid-19 pandemic.

Due to the competitive arena of the company and its reputation and reliability with airlines it has held on to customers and confidence from the airline suppliers.

The opening of the travel market has led to fierce competition from counterpart service providers leading to steady but lower income levels.

The impact of certain worldwide crises on fuel prices and commodities has impacted the cost of travel, also inflation has caused travel to reduce slightly whereby costs of services are looked at and compared before purchase.
From IKB (Travel & Tours) Limited' perspective, the company has an established and experienced management team with a loyal and growing customer base. The directors believe it starts from a reasonably strong position. The company has a controlled Balance Sheet at the year-ended 31 May 2024, with no overdraft facilities, and manageable debt.

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity risk

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

Credit risk

The company has external debtors; however it undertakes assessments of its customers in order to ensure that credit is not extended where there is a likelihood of default.

General risk

The company's income is generated from selling flights to the Middle East. Given the volatile political situation in the region, the directors are always seeking to diversify the company's trading activities with other countries.

Foreign exchange

The company has a small 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.

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.

FUTURE PROJECTS
The company's focus on the next 12-months will be to monitor the ongoing impact of the current economic 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.


IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

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 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:





Director


20 September 2024

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of travel agents.

FUTURE DEVELOPMENTS
The company's focus on the next 12-months will be to monitor the ongoing impact of cost increases in the airline industry 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 2023 to the date of this report.

Mr I Burhan
Mr A L Burhan

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.


IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

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


20 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IKB (TRAVEL & TOURS) LIMITED


Opinion
We have audited the financial statements of Ikb (Travel & Tours) Limited (the 'company') for the year ended 31 May 2024 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 2024 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 Report of the Directors, 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
IKB (TRAVEL & TOURS) LIMITED


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 Report of the Directors.

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 Report of the Directors.

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 (TRAVEL & TOURS) LIMITED


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 (TRAVEL & TOURS) LIMITED


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

25 September 2024

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   

TURNOVER 11,703,813 13,088,494

Cost of sales 11,563,005 12,851,202
GROSS PROFIT 140,808 237,292

Administrative expenses 384,283 453,530
(243,475 ) (216,238 )

Other operating income 291,287 269,534
OPERATING PROFIT 5 47,812 53,296


Interest payable and similar expenses 7 568 982
PROFIT BEFORE TAXATION 47,244 52,314

Tax on profit 8 15,765 19,276
PROFIT FOR THE FINANCIAL YEAR 31,479 33,038

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   

PROFIT FOR THE YEAR 31,479 33,038


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

31,479

33,038

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 7,600 27,985

CURRENT ASSETS
Debtors 11 291,105 469,618
Cash at bank and in hand 767,554 739,736
1,058,659 1,209,354
CREDITORS
Amounts falling due within one year 12 581,614 775,371
NET CURRENT ASSETS 477,045 433,983
TOTAL ASSETS LESS CURRENT
LIABILITIES

484,645

461,968

CREDITORS
Amounts falling due after more than one year 13 (201,322 ) (183,339 )

PROVISIONS FOR LIABILITIES 15 (1,382 ) (2,167 )
NET ASSETS 281,941 276,462

CAPITAL AND RESERVES
Called up share capital 16 90,000 90,000
Retained earnings 17 191,941 186,462
SHAREHOLDERS' FUNDS 281,941 276,462

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





Mr A L Burhan - Director


IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 90,000 183,424 273,424

Changes in equity
Dividends - (30,000 ) (30,000 )
Total comprehensive income - 33,038 33,038
Balance at 31 May 2023 90,000 186,462 276,462

Changes in equity
Dividends - (26,000 ) (26,000 )
Total comprehensive income - 31,479 31,479
Balance at 31 May 2024 90,000 191,941 281,941

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 86,100 (1,020,459 )
Interest paid (568 ) (982 )
Tax paid (18,814 ) (39,704 )
Net cash from operating activities 66,718 (1,061,145 )

Cash flows from investing activities
Purchase of tangible fixed assets - (1,458 )
Net cash from investing activities - (1,458 )

Cash flows from financing activities
Loan repayments in year (10,404 ) (9,665 )
Amount introduced by directors - 1,719
Amount withdrawn by directors (2,496 ) -
Equity dividends paid (26,000 ) (30,000 )
Net cash from financing activities (38,900 ) (37,946 )

Increase/(decrease) in cash and cash equivalents 27,818 (1,100,549 )
Cash and cash equivalents at beginning of
year

2

739,736

1,840,285

Cash and cash equivalents at end of year 2 767,554 739,736

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.5.24 31.5.23
£    £   
Profit before taxation 47,244 52,314
Depreciation charges 20,383 45,679
Finance costs 568 982
68,195 98,975
Decrease in trade and other debtors 178,513 46,236
Decrease in trade and other creditors (160,608 ) (1,165,670 )
Cash generated from operations 86,100 (1,020,459 )

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 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 767,554 739,736
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 739,736 1,840,285


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 739,736 27,818 767,554
739,736 27,818 767,554
Debt
Debts falling due after 1 year (32,221 ) 10,406 (21,815 )
(32,221 ) 10,406 (21,815 )
Total 707,515 38,224 745,739

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Ikb (Travel & Tours) Limited is a private company, limited by shares , 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 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
Plant and machinery - 25% on reducing balance
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 (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


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 2024, the directors have considered the company's cash flows, liquidity and business operations. Based on the company's quarterly 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 the current economic and volatile situations across the world on the cash flows and liquidity of the company over the period to 31 August 2025. At the time of this assessment in August 2024, there was sufficient cash available to the company.

This assessment reflects the mitigating actions that the directors have put in place to improve liquidity by preserving cash, including significantly curtailing various categories of expenditure.

Despite this however, the directors acknowledge there are material uncertainties that may cast significant doubt upon the company's ability to continue as a going concern in respect of the uncertainty surrounding costs to the travel industry and its potential impact on consumer confidence and spending capabilities to buy air-flights that the company sell.

Nevertheless the afore-mentioned assessments, uncertainties and mitigating actions which the directors , have taken up gives 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. The company has already seen improvements during the financial year by means of increased monthly revenues. 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 (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 185,837 244,741
Other pension costs 8,349 10,532
194,186 255,273

The average number of employees during the year was as follows:
31.5.24 31.5.23

Administrative staff 9 11
Management staff 2 2
11 13

4. DIRECTORS' EMOLUMENTS
31.5.24 31.5.23
£    £   
Directors' remuneration 6,000 6,000

5. OPERATING PROFIT

The operating profit is stated after charging:

31.5.24 31.5.23
£    £   
Depreciation - owned assets 20,385 45,679

6. AUDITORS' REMUNERATION
31.5.24 31.5.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

5,087

4,833

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Bank loan interest 568 982

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 16,550 18,814

Deferred tax (785 ) 462
Tax on profit 15,765 19,276

9. DIVIDENDS
31.5.24 31.5.23
£    £   
Final 26,000 30,000

10. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 June 2023
and 31 May 2024 423,008 39,055 118,429 95,487 675,979
DEPRECIATION
At 1 June 2023 405,157 38,049 112,543 92,245 647,994
Charge for year 17,851 252 1,472 810 20,385
At 31 May 2024 423,008 38,301 114,015 93,055 668,379
NET BOOK VALUE
At 31 May 2024 - 754 4,414 2,432 7,600
At 31 May 2023 17,851 1,006 5,886 3,242 27,985

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 249,105 125,986
Other loans 42,000 338,545
Prepayments - 5,087
291,105 469,618

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 1,205 836
BSP 520,231 667,628
Tax 16,550 18,814
VAT 3,448 4,997
Other creditors 2,640 13,310
Directors' loan accounts 123 2,619
Accrued expenses 37,417 67,167
581,614 775,371

The company's bankers National Westminster Bank PLC hold a debenture over all of the company's assets present and future.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 14) 21,815 32,221
IKB International Plc 133,000 133,000
Related Party 46,507 18,118
201,322 183,339

The above is a loan from the associated company, which is subordinated to the Civil Aviation Authority (CAA) and cannot be withdrawn without CAA's prior written consent.

14. LOANS

An analysis of the maturity of loans is given below:

31.5.24 31.5.23
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 21,815 32,221

15. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 1,382 2,167

IKB (TRAVEL & TOURS) LIMITED (REGISTERED NUMBER: 03199308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2023 2,167
Provided during year (785 )
Balance at 31 May 2024 1,382





16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
90,000 Ordinary £1 90,000 90,000

17. RESERVES
Retained
earnings
£   

At 1 June 2023 186,462
Profit for the year 31,479
Dividends (26,000 )
At 31 May 2024 191,941

18. RELATED PARTY DISCLOSURES

During the year ended 31 May 2024 the company entered into various transactions with its connected company IKB International PLC, in which I K Burhan is also a director and controlling shareholder. These transactions included the sale of air tickets, accrued rent payments and also the sharing of the leasehold premises situated at 230 Edgware Road, London W2 1DW, from which both these connected companies operate.

At 31 May 2024 the aggregate sum due to IKB International PLC amounted to £46,507 (2023: £18,118).

At 31 May 2024 the aggregate sum due to AI Burhan Group amounted to Nil (2023: £Nil).

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