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REGISTERED NUMBER: 03498080 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

Ion Property Developments Limited

Ion Property Developments Limited (Registered number: 03498080)






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




Page

Company Information 1

Report of the Directors 2

Balance Sheet 6

Notes to the Financial Statements 7


Ion Property Developments Limited

Company Information
for the Year Ended 30 June 2024







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





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





REGISTERED NUMBER: 03498080 (England and Wales)





AUDITORS: Myersons
Statutory Auditors
Chartered Accountants
32 Derby Street
Ormskirk
Lancashire
L39 2BY

Ion Property Developments Limited (Registered number: 03498080)

Report of the Directors
for the Year Ended 30 June 2024

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

REVIEW OF BUSINESS
The company 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 company 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 company 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 company 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 company 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.


Ion Property Developments Limited (Registered number: 03498080)

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
S Parry
R D Mason
G F Douglas
D P Hynd

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 Developments Limited (Registered number: 03498080)

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.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 the company 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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.


Ion Property Developments Limited (Registered number: 03498080)

Report of the Directors
for the Year Ended 30 June 2024

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 Developments Limited (Registered number: 03498080)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 36,383 60,702
Investments 6 102 102
36,485 60,804

CURRENT ASSETS
Work in progress 3,923,291 2,735,678
Debtors 7 1,198,364 1,617,924
Cash at bank 66,170 739,718
5,187,825 5,093,320
CREDITORS
Amounts falling due within one year 8 452,675 444,077
NET CURRENT ASSETS 4,735,150 4,649,243
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,771,635

4,710,047

CAPITAL AND RESERVES
Called up share capital 200 200
Capital redemption reserve 1,999,900 1,999,900
Retained earnings 2,771,535 2,709,947
SHAREHOLDERS' FUNDS 4,771,635 4,710,047

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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 Developments Limited (Registered number: 03498080)

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

1. STATUTORY INFORMATION

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

Preparation of consolidated financial statements
The financial statements contain information about Ion Property Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Ion Property Group Limited, 1st Floor, Port of Liverpool Building, Pier Head, Merseyside, L3 1BY.

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

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.

Stocks and work in progress
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 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.


Ion Property Developments Limited (Registered number: 03498080)

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

2. ACCOUNTING POLICIES - continued
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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
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 -

Ion Property Developments Limited (Registered number: 03498080)

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

5. TANGIBLE FIXED ASSETS
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

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 102
NET BOOK VALUE
At 30 June 2024 102
At 30 June 2023 102

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

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

IGF Developments Limited
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY
Nature of business: The development of building projects
%
Class of shares: holding
Ordinary 100.00

Ion Property Developments Limited (Registered number: 03498080)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 8,242 59,066
Amounts owed by group undertakings 873,112 1,178,366
Other debtors 277,212 328,601
VAT 12,706 -
Prepayments 27,092 51,891
1,198,364 1,617,924

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 20,629 73,492
Amounts owed to group undertakings 98,804 194,725
Tax 29,197 37,261
Social security and other taxes 17,741 14,637
VAT - 5,197
Other creditors 66,390 -
Accrued expenses 219,914 118,765
452,675 444,077

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
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

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Rothwell FCA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Myersons

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Ion Property Group Limited.