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REGISTERED NUMBER: 04803212 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

Ion Projects Limited

Ion Projects Limited (Registered number: 04803212)






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




Page

Company Information 1

Report of the Directors 2

Balance Sheet 4

Notes to the Financial Statements 5


Ion Projects Limited

Company Information
for the Year Ended 30 June 2024







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





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





REGISTERED NUMBER: 04803212 (England and Wales)





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

Ion Projects Limited (Registered number: 04803212)

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.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property developers.

REVIEW OF BUSINESS
The company is the vehicle through which the Ion Property Group undertakes the physical development schemes on behalf of end users and investors by placing construction contracts with third party contractors.

Following successful completions in 2021 and 2022 the company has had reduced activity but has liaised with other group members on identifying and enabling bids, which will provide future turnover as they move to the construction phase of development.

During the year the company has been engaged in finalising matters at Wolverhampton including the provision of a new cycle hub between the i9 building and the railway station.

The company continues to monitor its 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, the company has continued to review the carrying value of all schemes in WIP based upon progress, legal status and events within the year.

As previously reported, Group work in progress costs transferred in from Ion Property Developments Limited are amortised over the contract term and the company has recognised fees and overhead recovery costs permitted under the contracts in the Income Statement.

The company has continued to deliver sustainable results in difficult economic circumstances and the Director's remain confident of further positive trading and profitability into the future.

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

S Parry
G F Douglas
R D Mason
P Hynd

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.

Ion Projects Limited (Registered number: 04803212)

Report of the Directors
for the Year Ended 30 June 2024


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.

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 Projects Limited (Registered number: 04803212)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1 1

CURRENT ASSETS
Stocks 150,000 150,000
Debtors 5 41,298 529,592
Cash at bank 1,849,684 655,857
2,040,982 1,335,449
CREDITORS
Amounts falling due within one year 6 1,112,241 408,722
NET CURRENT ASSETS 928,741 926,727
TOTAL ASSETS LESS CURRENT
LIABILITIES

928,742

926,728

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 928,740 926,726
SHAREHOLDERS' FUNDS 928,742 926,728

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 Projects Limited (Registered number: 04803212)

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

1. STATUTORY INFORMATION

Ion Projects 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 Projects 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 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.

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

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 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.

3. EMPLOYEES AND DIRECTORS

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

Ion Projects Limited (Registered number: 04803212)

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

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors - 41,383
Amounts owed by group undertakings 2,706 447,331
Other debtors 34,969 40,878
VAT 3,623 -
41,298 529,592

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 218,781 304,998
Amounts owed to group undertakings 843,356 -
Tax 259 -
VAT - 4,443
Other creditors 49,845 99,281
1,112,241 408,722

7. 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

8. 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.

9. ULTIMATE CONTROLLING PARTY

The controlling party is Ion Property Group Limited.