REGISTERED NUMBER: 03199308 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

IKB (TRAVEL & TOURS) LIMITED

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

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

The directors present their strategic report for the year ended 31 May 2025.

REVIEW OF BUSINESS

During the financial year, the travel industry had recovered to its normal activity levels. However due to rising costs, we had noticed a slight reduction in flights taken by individuals.

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 and rising costs 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 2025, 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.

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:

Mr A L Burhan - Director

22 September 2025

The directors present their report with the financial statements of the company for the year ended 31 May 2025.

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 2024 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 thecompany 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 willcontinue 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.

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

22 September 2025

Opinion

We have audited the financial statements of Ikb (Travel & Tours) Limited (the 'company') for the year ended 31 May 2025 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 2025 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.

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.

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.

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.

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

22 September 2025

TURNOVER

9,692,824

11,703,813

Cost of sales

9,526,800

11,563,005

GROSS PROFIT

166,024

140,808

Administrative expenses

373,009

384,283

(206,985

)

(243,475

)

Other operating income

226,524

291,287

OPERATING PROFIT

5

19,539

47,812

Interest payable and similar expenses

7

369

568

PROFIT BEFORE TAXATION

19,170

47,244

Tax on profit

8

3,854

15,765

PROFIT FOR THE FINANCIAL YEAR

15,316

31,479

PROFIT FOR THE YEAR

15,316

31,479

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

15,316

31,479

FIXED ASSETS

Tangible assets

10

5,701

7,600

CURRENT ASSETS

Debtors

11

256,822

291,105

Cash at bank and in hand

1,121,317

767,554

1,378,139

1,058,659

CREDITORS

Amounts falling due within one year

12

922,086

581,614

NET CURRENT ASSETS

456,053

477,045

TOTAL ASSETS LESS CURRENT LIABILITIES

461,754

484,645

CREDITORS

Amounts falling due after more than one year

13

(163,496

)

(201,322

)

PROVISIONS FOR LIABILITIES

15

(1,001

)

(1,382

)

NET ASSETS

297,257

281,941

CAPITAL AND RESERVES

Called up share capital

16

90,000

90,000

Retained earnings

17

207,257

191,941

SHAREHOLDERS' FUNDS

297,257

281,941

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

Mr A L Burhan - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 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

Changes in equity

Total comprehensive income

-

15,316

15,316

Balance at 31 May 2025

90,000

207,257

297,257

Cash flows from operating activities

Cash generated from operations

1

409,245

57,711

Interest paid

(369

)

(568

)

Tax paid

(17,162

)

(18,814

)

Net cash from operating activities

391,714

38,329

Cash flows from financing activities

Loan repayments in year

(10,281

)

(10,404

)

Amount withdrawn by directors

(123

)

(2,496

)

Associated company

(27,547

)

28,389

Equity dividends paid

-

(26,000

)

Net cash from financing activities

(37,951

)

(10,511

)

Increase in cash and cash equivalents

353,763

27,818

Cash and cash equivalents at beginning of year

2

767,554

739,736

Cash and cash equivalents at end of year

2

1,121,317

767,554

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.5.25

31.5.24

£

£

Profit before taxation

19,170

47,244

Depreciation charges

1,901

20,383

Finance costs

369

568

21,440

68,195

Decrease in trade and other debtors

34,895

178,513

Increase/(decrease) in trade and other creditors

352,910

(188,997

)

Cash generated from operations

409,245

57,711

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 2025

31.5.25

1.6.24

£

£

Cash and cash equivalents

1,121,317

767,554

Year ended 31 May 2024

31.5.24

1.6.23

£

£

Cash and cash equivalents

767,554

739,736

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.24

Cash flow

At 31.5.25

£

£

£

Net cash

Cash at bank and in hand

767,554

353,763

1,121,317

767,554

353,763

1,121,317

Debt

Debts falling due after 1 year

(21,815

)

10,279

(11,536

)

(21,815

)

10,279

(11,536

)

Total

745,739

364,042

1,109,781

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.

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 2025, 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 2026. At the time of this assessment in August 2025, 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.

3.	EMPLOYEES AND DIRECTORS

31.5.25

31.5.24

£

£

Wages and salaries

187,882

185,837

Other pension costs

9,750

8,349

197,632

194,186

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

31.5.25

31.5.24

Administrative staff

9

9

Management staff

2

2

11

11

4.	DIRECTORS' EMOLUMENTS

31.5.25

31.5.24

£

£

Directors' remuneration

6,000

6,000

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.5.25

31.5.24

£

£

Depreciation - owned assets

1,899

20,385

6.	AUDITORS' REMUNERATION

31.5.25

31.5.24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

5,330

5,087

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.5.25

31.5.24

£

£

Bank loan interest

369

568

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.5.25

31.5.24

£

£

Current tax:

UK corporation tax

4,235

16,550

Deferred tax

(381

)

(785

)

Tax on profit

3,854

15,765

9.

DIVIDENDS

31.5.25

31.5.24

£

£

Final

-

26,000

10.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 June 2024

and 31 May 2025

423,008

39,055

118,429

95,487

675,979

DEPRECIATION

At 1 June 2024

423,008

38,301

114,015

93,055

668,379

Charge for year

-

188

1,103

608

1,899

At 31 May 2025

423,008

38,489

115,118

93,663

670,278

NET BOOK VALUE

At 31 May 2025

-

566

3,311

1,824

5,701

At 31 May 2024

-

754

4,414

2,432

7,600

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Trade debtors

211,152

249,105

Other loans

42,000

42,000

Social security and other tax

612

-

VAT

3,058

-

256,822

291,105

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Trade creditors

712

1,205

BSP

896,832

520,231

Tax

4,235

16,550

VAT

-

3,448

Other creditors

140

2,640

Directors' loan accounts

-

123

Accrued expenses

20,167

37,417

922,086

581,614

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