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Registered number:
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
COMPANY INFORMATION
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IONIAN ISLAND HOLIDAYS LIMITED
CONTENTS
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IONIAN ISLAND HOLIDAYS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
The directors present their Strategic Report for Ionian Island Holidays Ltd for the period ended 30 September 2025.
Principal activity: The Company’s principal activity is that of a licensed tour operator specialising in the provision of package holidays exclusively to Greece.
A group restructuring took place in August 2024, under which the tour operating business, Ionian Island Holidays Limited, was separated from the property business, Ionian Island Properties Limited, and from the original holding company, IIH Holdings Limited. Following the restructuring, Ionian Island Holidays Limited became wholly owned by Ionian 1 Limited.
On 30 September 2025, IIH Trustee Limited, acting in its capacity as an Employee Ownership Trust (EOT), acquired 100% of the issued ordinary share capital of Ionian 1 Limited, which in turn controls 100% of Ionian Island Holidays Limited and Ionian Island (Flights) Limited (a non-trading company). As a result of this transaction, Ionian Island Holidays Limited became an employee-owned company with effect from that date and an additional £0.25m in professional and administrative costs and other one-off adjustments associated with the transaction were incurred by the Company. As part of the settlement consideration, a surplus cash settlement of £5.8m was made. This amount has been recognised in the financial statements for the period and has had a material impact on the Company’s reserves and reported net assets. The directors believe the transition to employee ownership will strengthen employee engagement, ensure long-term stability, and align the interests of all staff with the future success of the business. Furthermore, the directors believe the Employee Ownership Trust (EOT) best serves the company's long-term interests by solidifying the strong supplier relationships built over the last 24 years. This move also rewards the enduring loyalty of Ionian's staff and customers, reinforcing the core ethos and focus shared by everyone at the company. The company has maintained its investment in technology and its website during this period of successful growth, which has resulted in significant improvements in online business performance and operational efficiency.
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IONIAN ISLAND HOLIDAYS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Review of the business
Financial performance
*The adjusted EBITDA is made up of profit before interest, tax , depreciation, and one-off exceptional reorganisation costs.
Trading performance The Company’s performance during the period was influenced by continued volatility in the holiday sector. Cost-of-living pressures continued to suppress discretionary spending and affect demand during key booking periods, while supplier cost inflation placed pressure on margins. Operational disruption within the aviation sector, including flight cancellations and capacity constraints, continued to impact load factors during parts of the season. Despite these challenges, the directors consider the level of profitability achieved to be a significant accomplishment and a demonstration of the resilience of the business. The Company has been voted for the last 15 consecutive years in the prestigious British Travel Awards as the “Best Specialist Tour Operator to Hellenic Europe” and was also voted Best Small Villa Holiday Company.
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IONIAN ISLAND HOLIDAYS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
As the Company looks ahead to the 2026 season, confirmed forward bookings are encouraging.
The Company continues to: • Use multiple airlines to mitigate the risk of airline failure • Reduce early and late season flight commitments • Rationalise its overall flight programme • Fix fuel prices on committed flights • Pursue favourable suppliers The directors believe these measures position the Company well for the forthcoming financial year. Funding, liquidity and going concern As at 30 September 2025, the Company had net assets of £0.2m (2024: £5.4m). The Directors have prepared the accounts on a going concern basis, having concluded that the Company has sufficient funds and cash reserves to meet its liabilities as they fall due for the foreseeable future.
As of 31 October 2024, the Company reported:
• Net Assets: £5.4m (£4.2m in 2023). • Liquidity Position: Strong cash reserves, sufficient to meet liabilities as they fall due. The directors remain confident in the company’s ability to operate as a going concern, supported by robust cash flows and prudent financial management.
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IONIAN ISLAND HOLIDAYS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Successful management of existing and emerging risks is critical to the long-term success of the business and the achievement of its strategic objectives. Risk management remains an integral part of the Company’s governance framework.
• Cost of Living Crisis Ongoing pressure on household finances continues to reduce discretionary spending. The Company is responding through disciplined pricing, targeted marketing and improved operational efficiency. • Health and safety The pandemic demonstrated the potential impact of infectious disease on the travel sector. The Company continues to monitor public health risks and maintain operational resilience. • Financial Risk The Company is exposed to credit, liquidity, cashflow and foreign exchange risks. These are mitigated through strong cash management, currency hedging and fuel price fixing. • Airline Failure The risk of airline failure is mitigated through the use of multiple airline suppliers. • Other Risks Other risks include political instability, volcanic disruption and force majeure events.
This report was approved by the board and signed on its behalf.
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IONIAN ISLAND HOLIDAYS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
The Directors present their report and the financial statements for the period ended 30 September 2025.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the period, after taxation, amounted to £778,475 (2024 - £1,280,656).
Dividends amounting to £5,909,000 (2024: £70,000 paid to IIH Holdings Limited) were paid to Ionian 1 Limited in the period.
The Directors who served during the period were:
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IONIAN ISLAND HOLIDAYS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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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IONIAN ISLAND HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IONIAN ISLAND HOLIDAYS LIMITED
We have audited the financial statements of Ionian Island Holidays Limited (the 'Company') for the period ended 30 September 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the 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).
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.
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IONIAN ISLAND HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IONIAN ISLAND HOLIDAYS 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 Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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IONIAN ISLAND HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IONIAN ISLAND HOLIDAYS 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 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 Company 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 Company 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 Company’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, employment law, ABTA and ATOL compliance recognising the nature of the Company’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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IONIAN ISLAND HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IONIAN ISLAND HOLIDAYS LIMITED (CONTINUED)
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IONIAN ISLAND HOLIDAYS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IONIAN ISLAND HOLIDAYS 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
Statutory Auditor
8th Floor
Becket House
36 Old Jewry
EC2R 8DD
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IONIAN ISLAND HOLIDAYS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
REGISTERED NUMBER: 04352657
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
REGISTERED NUMBER: 04352657
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 37 form part of these financial statements.
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IONIAN ISLAND HOLIDAYS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024
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IONIAN ISLAND HOLIDAYS LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Ionian Island Holidays Limited is a private company limited by shares incorporated in England and Wales, United Kingdom.
The address of the registered office is: Olympia House, Armitage Road, London, NW11 8RQ. The principal activity of the company continued to be that of a tour operator. The company has changed its accounting reference date, shortening the financial year end from 31 October 2025 to 30 September 2025. Accordingly, the current period accounts cover a 11-month period, whereas the comparative figures relate to a 12-month period.
2.Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company has taken advantage of the exemption not to produce consolidated accounts under section 405 of the Companies Act 2006.
Functional and presentation currency
Transactions and balances
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Revenue and expenses relating to tours are taken to the profit and loss account on date of departure.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
All revenue relating to tours with departure dates after the year end are treated as advance receipts at the balance sheet date and are separately disclosed under accruals and deferred income.
Payments made to suppliers in respect of these trips are included in prepayments.
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.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Amortisation is provided on the following basis:
The assets' residual values, useful lives and amortisation 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
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
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.
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.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
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.
Provisions are made where an event has taken place that gives the Company 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 the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet 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 Balance sheet. Increases in provisions are generally charged as an expense to profit or loss.
The Company 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 and investments in ordinary shares.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. Critical judgments The directors are of the view that there are no critical adjustments that have had a significant effect on the amounts recognised in the financial statements Key sources of estimation uncertainty The directors are of the view that there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
11.Taxation (continued)
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
Capital redemption reserve
Profit and loss account
The Company currently holds an Air Travel Organisers' License ('ATOL') issued by the Civil Aviation Authority ('CAA').
In order to offer air inclusive package holidays, the company requires the annual renewal by the CAA of its ATOL license. The CAA grants this license based on meeting agreed financial criteria and renews this in March (effective 1st April) each year. The company has complied with these requirements in previous years. The directors see no reason as to why the ATOL licence will not be renewed in March 2026 on substantially the same terms and conditions as currently agreed with the CAA. During the year, the Company was a members of the Association of British Travel Agents Limited ('ABTA'). As at 30 September 2025 the Company had in place an insurance bond in favour of ABTA amounting to £30,000 (2024: £25,000 ) As at 30 September 2025, there were no other material contingent liabilities in place in the normal course of business.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,310 (2024: £17,028). Contributions totalling £3,099 (2024: £2,969) were payable to the fund at the balance sheet date and are included in creditors.
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
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IONIAN ISLAND HOLIDAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2025
The Company is a wholly owned subsidiary of Ionian 1 Limited, a company registered in England and Wales. Ionian 1 Limited's registered address is Olympia House, Armitage Road, London, NW11 8RQ.
The ultimate controlling party is IIH Trustee Limited, acting as the trustees of the IIH Employee Ownership Trust. There is no ultimate controlling individual.
The directors confirm there have been no significant events affecting the Company since the period end.
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