REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
Ion Property Developments Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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. |
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: |
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 |
Investments | 6 |
CURRENT ASSETS |
Work in progress |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Short leasehold | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
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 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY |
Nature of business: |
% |
Class of shares: | holding |
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 |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | - | 5,197 |
Other creditors |
Accrued expenses |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Within one year |
Between one and five years |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |