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Registered number: 08860157
IONIAN ISLAND PROPERTIES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2025
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IONIAN ISLAND PROPERTIES LIMITED
COMPANY INFORMATION
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IONIAN ISLAND PROPERTIES LIMITED
CONTENTS
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Statement of financial position
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Notes to the financial statements
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IONIAN ISLAND PROPERTIES LIMITED
REGISTERED NUMBER: 08860157
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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IONIAN ISLAND PROPERTIES LIMITED
REGISTERED NUMBER: 08860157
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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A Matsoukis
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The notes on pages 3 to 10 form part of these financial statements.
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Ionian Island Properties Limited is a private company limited by shares incorporated in England and Wales. The address of the registered is Olympia House, Armitage Road, London, NW11 8RQ.
The principal activity of the company was that of investment property.
2.Accounting policies
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Basis of preparation of financial statements
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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 requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
Revenue recognised by the company in respect of rental income receivable and service charges, to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Straight line over 5 years
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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.
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Intercompany loan write off
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During the year, the company recognised exceptional income of £1,000,000 arising from the waiver and write-off of an intercompany loan payable to Ionian Island Holidays Limited, a connected company.
The item has been presented as exceptional due to its size and non-recurring nature.
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Charge for the year on owned assets
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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Freehold investment property
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The 2025 valuations were made by Independent Chartered Surveyors, on an open market value basis.
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Amounts owed by group undertakings
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Cash and cash equivalents
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The bank have a fixed and floating charge over the property in respect of outstanding loans.
In 2021, the company secured a loan of £50,000 through a Coronavirus Bounce Back Loan Scheme. This loan is guaranteed by the UK Government.
Other creditors includes amounts owed to Ionian Island Greek Properties Limited and Ionian Island Holidays Limited (see note 13).
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Creditors: Amounts falling due after more than one year
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The bank have a fixed and floating charge over the property in respect of outstanding loans.
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed assets timing differences
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Short term timing differences
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IONIAN ISLAND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Revaluation reserve
Revaluation reserve records the surplus arising on the valuation of property held for own use of the company in prior years.
Profit and loss account
Profit and loss includes all current and prior periods retained profit.
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Related party transactions
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During the year, the company entered into the following transactions with related parties in respect of rental income:
2025 2024
£ £
Entities with joint control - 26,000
At the year end, the company was owed £26,346 (2024: £1,013,461 owed to) by Ionian Island Holidays Limited, a fellow subsidiary, and £99,676 (2024: £135,000) was owed to IIH Holdings Limited, the company's parent undertaking.
At the year end the company was owed £2,000 (2024: owed to £441,345) from Ionian Island Greek Properties Limited, a company in which D Patrikios is also a director.
At the year end the company was owed £324 (2024: £Nil) by Ionian 2 Limited, a company wholly owned by A Matsoukis.
During the year, an amount of £8,621 was advanced to the director, M Matsoukis. The balance due from the director at the balance sheet date was £8,621 (2024: £Nil). The loan was interest-free and was fully repaid on 2 April 2026.
The company has taken advantage of the exemption under FRS 102 section 33.1A not to disclose transactions with companies that are wholly owned within the group.
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The Company is a wholly owned subsidiary of IIH Holdings Limited, a company registered in England and Wales. IIH Holdings Limited registered address is Olympia House, Armitage Road, London, NW11 8RQ.
Following the de-merger on 14 August 2024, the ultimate controlling party undertaking is lonian 2 Limited which is wholly owned by A Matsoukis.
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Post balance sheet events
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The directors confirm there have been no significant events affecting the Company since the year end.
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