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REGISTERED NUMBER: 10233361 (England and Wales)















Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 30 June 2024

for

Ion Property Group Limited

Ion Property Group Limited (Registered number: 10233361)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Report of the Directors 2

Consolidated Income Statement 5

Consolidated Balance Sheet 6

Company Balance Sheet 7

Consolidated Cash Flow Statement 9

Notes to the Consolidated Cash Flow Statement 10

Notes to the Consolidated Financial Statements 11


Ion Property Group Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: P Hynd
G F Douglas
R D Mason
S Parry





REGISTERED OFFICE: 1st Floor
Port of Liverpool Building
Pier Head
Liverpool
Merseyside
L3 1BY





REGISTERED NUMBER: 10233361 (England and Wales)





ACCOUNTANTS: Myersons
Chartered Accountants
32 Derby Street
Ormskirk
Lancashire
L39 2BY

Ion Property Group Limited (Registered number: 10233361)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company.

REVIEW OF BUSINESS
The company, through its subsidiaries (the Group), actively seeks out potential new development opportunities and engages with local authorities, landowners, contractors and potential funders to bring together viable development schemes. It operates as a specialist regeneration developer delivering complex projects with positive social and economic impacts. This model involves challenging projects which require intensive long-term commitments to bring to fruition, often with a high degree of dependency on third party factors such as planning, public funding and changes in our client organisations.

In pursuing this role, the Group will expend risk funds on formulating plans and undertaking initial viability projections. It therefore holds significant funds in work in progress at any point during the development cycle of the schemes. As with any risk funding, certain schemes will come to business viability and others will not. The group has strategically taken up further development management roles using the Pagabo Developer Led Framework on Hind Street and Maghull Health Park to service public sector client's needs, diversify, improve cashflow and reduce risk. Other potential appointments are likely to be explored in the future.

The Group has continued to progress potential schemes and has been actively engaged in exploring opportunities in the Liverpool City Region, the East and West Midlands and further afield. The Board continue to monitor potential schemes and have sought to engage with both other developers and contractors as potential Joint Venture partners particularly through the Pagabo framework which provides a source of potential projects which are specifically aimed at the company's operating sector. Notwithstanding this the company will only bid or progress projects where it feels its skill base will bring added value to the client.

As part of the ongoing redevelopment of Birkenhead, the business continues to move ahead with the development on the Hind Street Urban Village scheme, which will lead to the regeneration and provision of around 1,400 new homes in the Town Centre.

Working with Vinci UK Developments Limited, the Group is currently progressing the Derby Cultural Heart of the City project with a view to entering into a joint venture to deliver the scheme from 2026 onwards.

The business continues to focus on schemes and opportunities that offer both sustainability and social value. The Public Services (Social Value) Act 2013 requires commissioners of public services to consider how they can secure wider social, economic and environmental benefits from their commissioned services. We seek to help commissioners to understand how they can generate greater social value and real value for money by engaging with us at an early stage.

In this way the involvement of communities as well as suppliers can enable more effective decision making and thus improve overall accountability. Through the use of key tools, datasets and data gathering techniques we hope to assist commissioners to capture data that can be used for social value measurement.

Looking to the future the use of these and other techniques will enable us to focus our work on developing a broad range of regeneration projects including reinvigorating our towns and cities with large numbers of sustainable homes and high-quality places for communities to use and enjoy.

We continue to monitor cash reserves to ensure that they are sufficient to meet the current and future needs of the business and Group. In accordance with best practice, we have continued to review the carrying value of all schemes in work in progress based upon progress, legal status and events within the year.

As a result of this review, we have written off the costs of those schemes where the director's believe that there is little or no prospect of achieving a financially viable and commercial return in the foreseeable future. This review has been conducted in light of the continuing impact of the general economic situation in the construction industry and challenges surrounding the interpretation of case law in respect of public sector procurement.

In certain circumstances the company will act as guarantor for the performance of its subsidiaries in contractual documentation.

Ion Property Group Limited (Registered number: 10233361)

Report of the Directors
for the Year Ended 30 June 2024


DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

P Hynd
G F Douglas
R D Mason
S Parry

MODERN SLAVERY AND HUMAN TRAFFICKING STATEMENT
INTRODUCTION
This statement is made on behalf of Ion Property Group and subsidiary companies pursuant to Section 54(1) of the Modern Slavery Action 2015 and comprises our slavery and human trafficking statement. We are committed to improving our practices to combat slavery and human trafficking.

OUR SUPPLY CHAINS
Our method of working is to select the key delivery team for each project from established supply chains very early in the scheme inception stage to provide accurate background information and advice to our client partners to inform their decision-making process. It is important that the correct team members are involved at early stages of the project where they can make a positive contribution to the feasibility stages.

We are assisted by a framework of consultants and suppliers who support the skills of the "in- house" team members throughout the development process.

We undertake considerable diligence on current and potential future suppliers and make selections based on a broad range of selection criteria including the requirement of meeting appropriate standards in terms of capability, Quality Management, environmental policies, CSR and the Modern Slavery Act.

Established supply chains include the following disciplines:

o Architecture
o Employers Agent/Quantity Surveying
o Environmental Impact
o Highways
o Landscape
o Mechanical & Electrical
o Planning
o Engineering Services
o Legal Services
o Economic Modelling

We have identified particular risks relating to modern slavery in the procurement of construction services which inevitably involves a supply chain of subcontractors and materials/component supplies which extends across national boundaries. We therefore place a particular focus on securing mechanisms and commitments from our principle contractors relating to its own staff and that of its entire supply chain. This is underlined with a contractual requirement to comply with requirements of the Act.

OUR POLICIES
We are committed to ensuring that there is no modern slavery or human trafficking in our supply chains or in any part of our business. Our Anti-Slavery and Human Trafficking Policy reflects our commitment to acting ethically and with integrity in all our business relationships and to implementing and enforcing effective systems and controls to ensure slavery and human trafficking is not taking place anywhere in our business or in our supply chains.

Ion Property Group Limited (Registered number: 10233361)

Report of the Directors
for the Year Ended 30 June 2024


DUE DILIGENCE PROCESSES
As part of our initiative to identify, monitor and mitigate against industry risk, business transaction risk and risk in the country in which we operate, our senior staff report direct to the Group Board who act as a Risk and Compliance Committee. We have in place policies and systems across our business, our trading partners and our supply chains to:-

o Identify inappropriate employment practices;
o Identify, assess and monitor other potential risk areas;
o Mitigate the risk of slavery and human trafficking occurring;
o Protect whistle-blowers; and
o Investigate reports of Modern Slavery.

SUPPLIER ADHERENCE TO OUR VALUES AND ETHICS
We have zero tolerance to slavery and human trafficking. To ensure all those in our supply chain and contractors comply with our values we operate in line with principles of responsible sourcing, including paying employees at the prevailing minimum wage applicable within their relevant country of operation. We have in place a Supplier Code of Conduct which outlines our expectations. The relevant staff will monitor and enforce compliance of the Supplier Code of Conduct.

TRAINING
To ensure a high level of understanding of the risks of modern slavery and human trafficking in our business, in our supply chains and in our business partners, we provide relevant training to all staff. Under our Supplier Code of Conduct we also require our business partners to provide regular and relevant training to their staff and suppliers and providers.

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:





S Parry - Director


5 February 2025

Ion Property Group Limited (Registered number: 10233361)

Consolidated
Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 796,733 2,085,304

Cost of sales (189,114 ) 1,070,398
GROSS PROFIT 985,847 1,014,906

Administrative expenses 980,425 891,562
5,422 123,344

Other operating income 12,000 11,472
OPERATING PROFIT 4 17,422 134,816

Interest receivable and similar income 89,329 59,070
106,751 193,886

Interest payable and similar expenses 1,521 -
PROFIT BEFORE TAXATION 105,230 193,886

Tax on profit 39,548 37,261
PROFIT FOR THE FINANCIAL YEAR 65,682 156,625

Profit attributable to:
Owners of the parent 65,682 156,625

Ion Property Group Limited (Registered number: 10233361)

Consolidated Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 6 - -
Tangible assets 7 36,383 60,702
Investments 8 112 112
36,495 60,814

CURRENT ASSETS
Stocks 4,123,292 2,935,679
Debtors 9 364,432 475,888
Cash at bank and in hand 2,225,256 3,186,929
6,712,980 6,598,496
CREDITORS
Amounts falling due within one year 10 633,461 608,978
NET CURRENT ASSETS 6,079,519 5,989,518
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,116,014

6,050,332

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 5,080,505 5,080,505
Retained earnings 1,035,409 969,727
SHAREHOLDERS' FUNDS 6,116,014 6,050,332

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by:



S Parry - Director


Ion Property Group Limited (Registered number: 10233361)

Company Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 6 - -
Tangible assets 7 - -
Investments 8 80 80
80 80

CURRENT ASSETS
Debtors 9 103,292 31,616
Cash at bank 299,457 1,780,608
402,749 1,812,224
CREDITORS
Amounts falling due within one year 10 12,590 1,424,802
NET CURRENT ASSETS 390,159 387,422
TOTAL ASSETS LESS CURRENT
LIABILITIES

390,239

387,502

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 390,139 387,402
SHAREHOLDERS' FUNDS 390,239 387,502

Company's profit for the financial year 2,737 9,569

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ion Property Group Limited (Registered number: 10233361)

Company Balance Sheet - continued
30 June 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by:





S Parry - Director


Ion Property Group Limited (Registered number: 10233361)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,010,604 ) (1,060,712 )
Interest paid (1,521 ) -
Tax paid (37,261 ) (67,671 )
Net cash from operating activities (1,049,386 ) (1,128,383 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,617 ) (4,641 )
Purchase of fixed asset investments - (1 )
Other items 1 1
Interest received 89,329 59,070
Net cash from investing activities 87,713 54,429

Decrease in cash and cash equivalents (961,673 ) (1,073,954 )
Cash and cash equivalents at beginning of
year

2

3,186,929

4,260,883

Cash and cash equivalents at end of year 2 2,225,256 3,186,929

Ion Property Group Limited (Registered number: 10233361)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

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

30.6.24 30.6.23
£    £   
Profit before taxation 105,230 193,886
Depreciation charges 25,935 24,351
Finance costs 1,521 -
Finance income (89,329 ) (59,070 )
43,357 159,167
Increase in stocks (1,187,613 ) (1,377,699 )
Decrease in trade and other debtors 111,456 575,874
Increase/(decrease) in trade and other creditors 22,196 (418,054 )
Cash generated from operations (1,010,604 ) (1,060,712 )

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 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 2,225,256 3,186,929
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 3,186,929 4,260,883


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 3,186,929 (961,673 ) 2,225,256
3,186,929 (961,673 ) 2,225,256
Total 3,186,929 (961,673 ) 2,225,256

Ion Property Group Limited (Registered number: 10233361)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Ion Property Group 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 General 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2023.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Business combinations have been accounted for using the acquisition accounting method. As the acquisitions during the year were part of a group reorganisation, any pre-acquisition reserves shall be brought in as a movement on other reserves. These movements shall be shown on the statement of changes in equity.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Turnover
Turnover includes development and service activities represented by the value of work carried out during the year, including amounts not invoiced and excluding value added tax.

Also included within turnover are grants received and receivable during the year in relation to the company's trading activities.

All other amounts included in turnover represent net invoiced sales, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed 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
Computer equipment - 50% on cost and 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Ion Property Group Limited (Registered number: 10233361)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 591,157 545,142
Social security costs 58,474 50,609
Other pension costs 23,704 20,065
673,335 615,816

The average number of employees during the year was as follows:
30.6.24 30.6.23

Office staff 11 10

4. OPERATING PROFIT

The operating profit is stated after charging:

30.6.24 30.6.23
£    £   
Depreciation - owned assets 25,936 24,351

Ion Property Group Limited (Registered number: 10233361)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

5. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


6. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
At 1 July 2023
and 30 June 2024 3,270
AMORTISATION
At 1 July 2023
and 30 June 2024 3,270
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

7. TANGIBLE FIXED ASSETS

Group
Short Computer
leasehold equipment Totals
£    £    £   
COST
At 1 July 2023 78,101 43,668 121,769
Additions - 1,617 1,617
At 30 June 2024 78,101 45,285 123,386
DEPRECIATION
At 1 July 2023 31,240 29,827 61,067
Charge for year 15,621 10,315 25,936
At 30 June 2024 46,861 40,142 87,003
NET BOOK VALUE
At 30 June 2024 31,240 5,143 36,383
At 30 June 2023 46,861 13,841 60,702

Ion Property Group Limited (Registered number: 10233361)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

8. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 112
NET BOOK VALUE
At 30 June 2024 112
At 30 June 2023 112
Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 80
NET BOOK VALUE
At 30 June 2024 80
At 30 June 2023 80

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Ion Property Developments Limited
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY
Nature of business: Development of land and buildings
%
Class of shares: holding
Ordinary 100.00

Ion Projects Limited
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY
Nature of business: Property developers
%
Class of shares: holding
Ordinary 100.00

Ion Steam Mill Limited
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00

Ion Property Group Limited (Registered number: 10233361)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

8. FIXED ASSET INVESTMENTS - continued

Neptune Developments Limited
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Ion Regeneration Limited
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Ion Partnership Limited
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Ion Liverpool Partnership Limited
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Bridgespire Limited
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Phoenix Works (Castlefield) Ltd
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Ion Developments Limited
Registered office: 2 Queen Square, Liverpool, Merseyside, L1 1RH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Ion (Earlsfield Park) Limited
Registered office: 2 Queen Square, Liverpool, Merseyside, L1 1RH
Nature of business: Property Developers
%
Class of shares: holding
Ordinary 100.00


Ion Property Group Limited (Registered number: 10233361)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2024

8. FIXED ASSET INVESTMENTS - continued


The investments in dormant group undertakings have not been consolidated in the financial statements due to the balances being immaterial for the period to 30 June 2024.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade debtors 8,242 100,449 - -
Amounts owed by group undertakings - - 102,704 -
Other debtors 312,182 314,080 1 -
VAT 16,329 - - -
Prepayments 27,679 61,359 587 31,616
364,432 475,888 103,292 31,616

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade creditors 239,410 378,491 - -
Amounts owed to group undertakings 102 102 2,708 1,402,708
Tax 39,548 37,261 9,882 -
Social security and other taxes 17,741 14,637 - -
VAT - 10,240 - -
Other creditors 116,236 47,829 - 2
Accruals and deferred income 220,424 120,418 - 22,092
633,461 608,978 12,590 1,424,802

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 82,357 72,808
Between one and five years 102,508 77,867
184,865 150,675