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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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. |
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: |
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 |
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 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 2,737 | 9,569 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Short leasehold | - |
Computer equipment | - |
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 |
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 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
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 |
Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY |
Nature of business: |
% |
Class of shares: | holding |
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 |
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 |
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 |
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 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 | - | - |
Other debtors | 312,182 | 314,080 |
VAT | 16,329 | - |
Prepayments | 27,679 | 61,359 |
364,432 | 475,888 |
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 |
Tax | 39,548 | 37,261 |
Social security and other taxes | 17,741 | 14,637 |
VAT | - | 10,240 | - | - |
Other creditors | 116,236 | 47,829 |
Accruals and deferred income | 220,424 | 120,418 |
633,461 | 608,978 |
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 |