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Registered number:
FOR THE YEAR ENDED 31 OCTOBER 2024
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IIH HOLDINGS LIMITED
COMPANY INFORMATION
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IIH HOLDINGS LIMITED
CONTENTS
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IIH HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors present their Strategic Report on IIH Holdings Ltd for the financial year ended 31 October 2024.
Principal activity: The Group’s principal activity is that for a licenced tour operator specialising in the provision of package holidays exclusively to Greece for a period of nine months. The Group’s other activity is property Investments, with substantial investments in North-west London. IIH Holdings Ltd During the financial year ended 31 October 2024 the Group turnover was £10.50m compared to £15.06m in 2023. Group profit before tax in 2024 was £0.82m compared to £1.26m in 2023. Despite the adversities endured, the directors consider the profitability achieved to be a significant accomplishment and demonstrates the resilience of the Group.
Ionian Island Holidays Ltd
The company’s main activity is that of a specialist tour operator, offering package holidays to Greece. The Company’s turnover for the nine months until the date of de-merger was £10.1m (2023: £14.8m) and the profit before tax was £0.96m. Ionian Island Properties Ltd The Company’s main Investment is a substantial office building In North-west London, Olympia House. De-merger
During the year, as part of a group reorganisation implemented under an HMRC approved de-merger, the group transferred its investment in Ionian Island Holidays Limited to Ionian 1 Limited. The group transferred its foreign investment properties to Ionian Island Greek Properties Limited.
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IIH HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
Funding, liquidity and going concern
As of 31 October 2024, the Group had net assets of £1.62m (2023: £9.06m). The Directors have prepared the financial statements on a going concern as they believe the actions taken to date that the Company will have sufficient funds and cash reserves to meet its liabilities as they fall due.
Principal Risks & Uncertainties
Successful management of existing and emerging risks is critical to the long-term success of our business and to the achievement of our strategic objectives. To seize market opportunities and leverage the potential for success, risk must be accepted to a reasonable degree. Risk Management is therefore an integral part of the Groups policy. • Cost of Living Crisis. The current cost of living crisis, marked by a rapid escalation in common expenses such as housing, food, utilities, and transportation, is outstripping the rise in average incomes. This disparity results in lower purchasing power and financial difficulties for consumers, leading to a substantial decrease in demand, particularly for non-essential products and services. To address these challenges, the Group is focusing on implementing strategic pricing models, refining its marketing strategies, and enhancing operational efficiencies. • Financial Risk. The Group’s activities expose it to a limited measure of financial risk, including credit risk, liquidity risk, cashflow risk and foreign exchange fluctuations. By maintaining high cash balances and hedging against currency fluctuations, fixing fuel on flights the company has demonstrated that it can minimise these risks.
This report was approved by the board on 29 October 2025 and signed on its behalf.
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IIH HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors present their report and the financial statements for the year ended 31 October 2024.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £431,984 (2023 - £967,140).
Dividends amounting to £140,000 (2023: £74,000) were paid to the directors for the year.
The directors who served during the year were:
The group will continue to closely monitor developments and adapt accordingly. On the rental operations, long tenancy agreements are in place with periodic rent reviews in line with market rates.
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IIH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
The directors have confirmed that there are no post balance sheet events to report.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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IIH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IIH HOLDINGS LIMITED
We have audited the financial statements of IIH HOLDINGS LIMITED (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 Group's or the parent 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.
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IIH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IIH HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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IIH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IIH HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Reviewing minutes of meetings of meetings of those charged with governance;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias
∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Group is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: health and safety including data protection laws and, employment law recognising the nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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IIH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IIH HOLDINGS LIMITED (CONTINUED)
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IIH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IIH HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
8th Floor
Becket House
London
EC2R 8DD
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IIH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
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IIH HOLDINGS LIMITED
REGISTERED NUMBER: 08861887
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024
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IIH HOLDINGS LIMITED
REGISTERED NUMBER: 08861887
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2025.
The notes on pages 21 to 41 form part of these financial statements.
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IIH HOLDINGS LIMITED
REGISTERED NUMBER: 08861887
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 41 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
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