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REGISTERED NUMBER: 01279304 (England and Wales)



















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 September 2024

for

Ivygrove Developments Limited

Ivygrove Developments Limited (Registered number: 01279304)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 7

Profit and Loss Account 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Ivygrove Developments Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: J S Blount
N J Blount
R A Blount
A M Foulke ACA
D J Ball





SECRETARY: A M Foulke ACA





REGISTERED OFFICE: Racecourse Industrial Park
Mansfield Road
Derby
DE21 4SX





REGISTERED NUMBER: 01279304 (England and Wales)





AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Ivygrove Developments Limited (Registered number: 01279304)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

The annual figures are shown in £   's to aid clarity.

PRINCIPAL ACTIVITIES
The principal activities of the company are;

- The construction of premium quality housing
- The development of industrial units and brownfield sites
- The rental of commercial warehousing and office space

REVIEW OF BUSINESS
The key performance indicators are gross and net profit as detailed below. In addition, the directors compare quarterly results to budgets.

Year Ended Year Ended Year Ended
30/09/2024 30/09/2023 30/09/2022
£   's £   's £   's
Turnover £12,652 £8,310 £13,657
Gross Profit £5,031 £3,892 £5,016
Gross Profit % 40% 47% 37%
Net Profit (excl. revaluations) £1,270 £1,058 £2,511
Net Profit % 10% 13% 18%
Shareholders Funds £35,930 £36,327 £35,492
Increase in Shareholders Funds
Profit before tax & revaluations £1,270 £1,058 £2,511
Tax - (£180) (£1,402)
Dividends (£1,600) (£100) (£500)
Revaluations (£66) £57 £7
Increase in year (£397) £835 £616

The company has performed largely in line with directors expectations, although there are still cost pressures in the industry but these have largely been offset by increased house/industrial prices.

Looking forward. the housing market is looking difficult with continued cost increases, house prices predicted to fall by 15% and continued increases in base rates.

There are similar pressures in the commercial sector although there is still a high demand from tenants for industrial property with rents per square foot continuing to increase.

Similarly there is still a high level of demand from investors for tenanted properties.

Overall the tenanted properties remain almost fully occupied which reflects the relatively low rentals charged and the flexibility offered to Lessee's by the company.


Ivygrove Developments Limited (Registered number: 01279304)

Strategic Report
for the Year Ended 30 September 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Fire
Safety policies are in place to minimise risks and adequate insurance cover is maintained. Terrorism cover is not taken as this risk is considered minimal.

Liquidity
Like all companies, Ivygrove Developments faces the risk of being unable to pay liabilities when they are due through a lack of available funds. This risk is mitigated by the maintenance of a comprehensive cash flow forecast, regular supplier payments runs, effective credit control measures and not taking on projects that cannot be financed without putting undue pressure on cashflow.

Maintaining adequate cash flow is of vital importance. Liquidity is maintained by the maintenance of a comprehensive cash forecast, regular supplier payment runs ,effective credit control measures and not taking on projects that cannot be financed without putting undue pressure on cashflow.

Safety
Construction is a relatively dangerous occupation and accordingly, the company gives a high priority to the safety of workers on its sites. Site managers and external consultants are used to ensure the sites are as safe as they can be.

Economic Downturn
The risk of the economy receding due to external forces e.g. war, pandemic or a recession poses a risk to the company's future sales. As a precaution, the company maintains a contingency plan detailing steps to take in order to maintain profitability, including essential staff and maximum debt level targets. In addition, legal exchanges are sought as early as possible and up to date leases are maintained, removing or extending break clauses wherever possible. The substantial property portfolio also avoids over-dependence on any one tenant. A housing market crash would have a significant effect in the short term but the economic fundamentals for the housing market remain strong.

Labour Shortage
The country is suffering a nationwide skills shortage. This reduces the number of skilled staff available to the company and can increase project durations. The company works hard to attract and retain a high quality of staff in various skill sectors and ensures payments are made promptly to maintain goodwill. The recent downturn in housing activity has already improved labour availability.

Material Shortage
This could potentially slow construction times and cause cashflow problems, particularly if we are unable to finish buildings and obtain completion. This is mitigated by ordering well in advance and holding higher stocks. In addition, suppliers are paid promptly which enables us to have preferential status with a number of suppliers.

Inflation
Inflation is still a concern, although less so as prices are already so high. Material prices are more dependent on world affairs, particularly in Ukraine and the Middle East and whatever the Bank of England does will have little effect on these. High base rates will subdue house prices and the housing market in general leading to a difficult period ahead. Although some costs are falling, the 10% rise in the living wage will inevitably lead to further price rises and reduce the fall in inflation. We do however expect base rates to fall a little in the next financial year.

Fraud/Computer Virus
The main threat would be if a hacker managed to get into the system and make fraudulent payments. Daily and weekly back-ups of the server are made, and anti-virus protection is in place, together with regular staff training to try and prevent this. In addition, a regular check is made on all requests to change bank details and all large payments are double checked to original supplier records.


Ivygrove Developments Limited (Registered number: 01279304)

Strategic Report
for the Year Ended 30 September 2024

FUTURE DEVELOPMENTS
The Company will continue to develop the housing and industrial sites it already owns and intends to acquire further sites during 2025/26 as opportunities arise.

Housing

The former Fire H.Q. site on Burton Road, Littleover, consisting of 14 Executive Houses, is now well under way, with completion end of 2025, a little later than forecast due to the higher mortgage cost, resulting in slower sales.

The Old Hall is now subject to conversion into three self contained exclusive period houses, being the East Wing and West Wing, either side of the Old Hall, which will retain the imposing entrance and oak staircase.

The dwellings will consist of approximately 3,000 sq.ft. each and enjoy the magnificent paved terrace and landscaped garden.

The proposed conversion will significantly enhance previous valuations of the principle structure within this beautiful five acre location in the middle of Littleover Village.

The Oakerthorpe site of nine Executive Houses has been delayed until late 2025. A higher volume of houses is considered appropriate.

Various housing sites are under consideration but, even so, many are over-priced and have onerous conditions.

Ivygrove will only acquire sites which we believe will achieve healthy margins to sustain future growth in the face of ever increasing cost in materials and labour.

Industrial

On the industrial front, the shortage of Employment Land and new build is driving up values for older stock and the next revaluation of our Portfolio will substantially increase values when interest rates start to come down.

We shall continue to acquire Industrial sites with potential to increase rental income and add value to our Balance Sheet.

The former Rolls-Royce site acquired in 2022 is now a thriving Industrial Park with most of the Units either sold or let.

Dunstall Park is now complete, with the last Unit, consisting of 32,000 sq.ft. split into 2 No. Units of 16,000 sq.ft. and pre-let to two substantial Clients.

Armitage Park, acquired in 2023, is well under construction with the Workshops Units, consisting of 60,000 sq.ft., fully let.

The workspace created in the four storey former Mill Building has been particularly in demand with the ground floor and first floor consisting of 10,000 sq.ft. per floor fully let.

The second and third floors are now under construction, with local Companies waiting to take occupation.

When fully let the site will generate rental income of £700,000 per annum.

The Dunstall Park Units, Merlin Park and Armitage Park combined will increase rental income by 30% and are considered excellent long-term investments.

The Company will strive to consolidate its Portfolio, complete its current programme of new build at Merlin Park, increase rental income on its existing sites wherever possible and generally concentrate on creating a strong Balance Sheet and continuity for the future.


Ivygrove Developments Limited (Registered number: 01279304)

Strategic Report
for the Year Ended 30 September 2024

ON BEHALF OF THE BOARD:





J S Blount - Director


26 June 2025

Ivygrove Developments Limited (Registered number: 01279304)

Report of the Directors
for the Year Ended 30 September 2024

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

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £ 1,600,000 .

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

J S Blount
N J Blount
R A Blount
A M Foulke ACA
D J Ball

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Strategic Report, 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.

ON BEHALF OF THE BOARD:





J S Blount - Director


26 June 2025

Report of the Independent Auditors to the Members of
Ivygrove Developments Limited

Opinion
We have audited the financial statements of Ivygrove Developments Limited (the 'company') for the year ended 30 September 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Ivygrove Developments Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

- Enquiry of management around actual and potential litigation and claims;

-
Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations;


-
Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Ivygrove Developments Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Wayne Thomas FCA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

27 June 2025

Ivygrove Developments Limited (Registered number: 01279304)

Profit and Loss Account
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 4 12,651,849 8,310,292

Cost of sales 7,620,582 4,418,653
GROSS PROFIT 5,031,267 3,891,639

Administrative expenses 2,049,934 1,794,457
2,981,333 2,097,182

Other operating income 203,759 241,498
OPERATING PROFIT 6 3,185,092 2,338,680

Interest receivable and similar income 9,853 1,989
3,194,945 2,340,669
(Loss)/gain on revaluation of investment
property

(66,399

)

57,484
3,128,546 2,398,153

Interest payable and similar expenses 7 1,925,320 1,282,681
PROFIT BEFORE TAXATION 1,203,226 1,115,472

Tax on profit 8 - 180,163
PROFIT FOR THE FINANCIAL YEAR 1,203,226 935,309

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,203,226

935,309

Ivygrove Developments Limited (Registered number: 01279304)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 73,863 140,489
Investments 11 206 206
Investment property 12 68,276,377 63,679,517
68,350,446 63,820,212

CURRENT ASSETS
Work in progress 13 6,178,193 8,599,692
Debtors 14 677,670 1,269,453
Cash at bank 130,004 103
6,985,867 9,869,248
CREDITORS
Amounts falling due within one year 15 26,582,065 10,077,507
NET CURRENT LIABILITIES (19,596,198 ) (208,259 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,754,248

63,611,953

CREDITORS
Amounts falling due after more than one
year

16

(8,304,184

)

(22,765,115

)

PROVISIONS FOR LIABILITIES 20 (4,520,000 ) (4,520,000 )
NET ASSETS 35,930,064 36,326,838

CAPITAL AND RESERVES
Called up share capital 21 40,000 40,000
Fair value reserve 22 17,616,918 17,683,317
Retained earnings 22 18,273,146 18,603,521
SHAREHOLDERS' FUNDS 35,930,064 36,326,838

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





J S Blount - Director


Ivygrove Developments Limited (Registered number: 01279304)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 40,000 18,065,696 17,385,833 35,491,529

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 637,825 297,484 935,309
Balance at 30 September 2023 40,000 18,603,521 17,683,317 36,326,838

Changes in equity
Dividends - (1,600,000 ) - (1,600,000 )
Total comprehensive income - 1,269,625 (66,399 ) 1,203,226
Balance at 30 September 2024 40,000 18,273,146 17,616,918 35,930,064

Ivygrove Developments Limited (Registered number: 01279304)

Cash Flow Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 7,630,930 (1,000,544 )
Interest paid (1,924,397 ) (1,276,003 )
Interest element of hire purchase
payments paid

(923

)

(6,678

)
Tax paid (50,163 ) (221,905 )
Net cash from operating activities 5,655,447 (2,505,130 )

Cash flows from investing activities
Purchase of tangible fixed assets (4,540 ) (52,543 )
Purchase of fixed asset investments - (21 )
Purchase of investment property (4,663,259 ) (6,587,072 )
Sale of tangible fixed assets 97,800 3,250
Sale of investment property - 500,000
Interest received 9,853 1,989
Net cash from investing activities (4,560,146 ) (6,134,397 )

Cash flows from financing activities
New loans in year 4,400,000 8,204,450
Loan repayments in year (3,870,777 ) (745,418 )
Capital (introduced)/repayments in year (12,837 ) (18,074 )
Amount introduced by directors 481,451 425,068
Amount withdrawn by directors - (326,974 )
Equity dividends paid (1,600,000 ) (100,000 )
Net cash from financing activities (602,163 ) 7,439,052

Increase/(decrease) in cash and cash equivalents 493,138 (1,200,475 )
Cash and cash equivalents at
beginning of year

2

(1,069,543

)

130,932

Cash and cash equivalents at end of
year

2

(576,405

)

(1,069,543

)

Ivygrove Developments Limited (Registered number: 01279304)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

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

2024 2023
£    £   
Profit before taxation 1,203,226 1,115,472
Depreciation charges 36,257 48,264
(Profit)/loss on disposal of fixed assets (62,891 ) 1,039
Loss/(gain) on revaluation of fixed assets 66,399 (57,484 )
Finance costs 1,925,320 1,282,681
Finance income (9,853 ) (1,989 )
3,158,458 2,387,983
Decrease/(increase) in work in progress 2,421,499 (2,457,673 )
Decrease/(increase) in trade and other debtors 591,783 (54,109 )
Increase/(decrease) in trade and other creditors 1,459,190 (876,745 )
Cash generated from operations 7,630,930 (1,000,544 )

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 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 130,004 103
Bank overdrafts (706,409 ) (1,069,646 )
(576,405 ) (1,069,543 )
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 103 130,932
Bank overdrafts (1,069,646 ) -
(1,069,543 ) 130,932


Ivygrove Developments Limited (Registered number: 01279304)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 103 129,901 130,004
Bank overdrafts (1,069,646 ) 363,237 (706,409 )
(1,069,543 ) 493,138 (576,405 )
Debt
Finance leases (20,715 ) 12,837 (7,878 )
Debts falling due within 1 year (3,775,220 ) (14,982,277 ) (18,757,497 )
Debts falling due after 1 year (22,757,238 ) 14,453,054 (8,304,184 )
(26,553,173 ) (516,386 ) (27,069,559 )
Total (27,622,716 ) (23,248 ) (27,645,964 )

Ivygrove Developments Limited (Registered number: 01279304)

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

1. STATUTORY INFORMATION

Ivygrove 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The accounts have been prepared on the going concern basis. The directors have confirmed the current liability position will be managed as part of the liquidity risk measures, which include monitoring the maintenance of a comprehensive cash flow forecast, regular supplier payment runs, effective credit control measures and not taking on projects that cannot be financed without putting undue pressure on cashflow.

Preparation of consolidated financial statements
The financial statements contain information about Ivygrove 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 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the amount (excluding value added tax) of property sales and rents receivable. Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the agreed upon payment. Turnover is recognised on the completion date of the property sale.

Changes in accounting policy
During the year Ivygrove Developments Limited has adopted a change in accounting policy regarding the treatment of turnover in accordance with FRS 102. The change pertains to the recognition of revenue upon the sales of property, specifically regarding the timing of when revenue is recognised.

Previously, Ivygrove Developments Limited has recognised revenue upon the exchange of contracts with the customer. Under the new policy, in line with FRS 102, the company now recognises the revenue upon the completion of the sale. The change in policy arises in order to result in more reliable and relevant information.

This change has had no effect on the prior period.

Ivygrove Developments Limited (Registered number: 01279304)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Plant and machinery- 25% on reducing balance
Motor vehicles- 25% on reducing balance

The assets' residual values, useful lives and the depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account.

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

Investment property
Investment property is not depreciated but is revalued annually at its fair value. Any aggregate surplus or deficit arising from changes in fair value is charged to the profit and loss account, then transferred to a fair value reserve.

Investment property comprises freehold and long leasehold buildings. They are measured initially at cost, including related transaction costs. These are held as investments to earn rental income and for capital appreciation and are stated at fair value at the balance sheet date.

Investment property under construction is retained at cost less impairment and revalued on the completion of works.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions.

Subsequent expenditure is added to the assets carrying amount only when it is probable that the future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred.

Work in progress
Work in progress is valued at the lower of cost and net realisable value. Cost represents the purchase price of land and development costs. Net realisable value is based on the estimated selling price less further costs expected to be incurred in completion and disposal.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Ivygrove Developments Limited (Registered number: 01279304)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Provision is made at current rates for taxation deferred in respect of all material timing differences, including provisions made for potential tax arising on assets which have been revalued balance sheet

Leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution plans for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of the company's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical judgements and where relevant the key sources of estimation uncertainty:

The directors have based the fair value of properties held for investment purposes initially on professional valuation and updated for considerations to capital improvements, rental yields, market conditions and other external factors that could bring about a change in the fair value.

4. TURNOVER

Turnover comprises:-
20242023
££
Development properties7,225,0243,661,196

Rents and service charges receivable


5,426,825


4,649,096
12,651,8498,310,292

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,563,459 1,638,048
Social security costs 179,691 195,501
Other pension costs 259,267 87,425
2,002,417 1,920,974

Ivygrove Developments Limited (Registered number: 01279304)

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

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Management 8 8
Administrative 9 9
Operatives 7 13
24 30

2024 2023
£    £   
Directors' remuneration 986,212 761,133

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 314,999 214,950

The directors are the key management personnel.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 44,305 87,509
Depreciation - owned assets 36,257 48,264
(Profit)/loss on disposal of fixed assets (62,891 ) 1,039
Auditors' remuneration 9,000 8,500
Auditors remuneration- non audit services 18,315 9,530

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 1,512,579 958,678
Other interest 411,818 317,325
Hire purchase 923 6,678
1,925,320 1,282,681

Ivygrove Developments Limited (Registered number: 01279304)

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

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 50,163

Deferred tax - 130,000
Tax on profit - 180,163

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,203,226 1,115,472
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

300,807

278,868

Effects of:
Expenses not deductible for tax purposes - 2,377
Other timing differences 112,005 (53,338 )
Change in taxation rate - (6,856 )
rate
Enhanced deduction (412,812 ) (40,888 )
Total tax charge - 180,163

9. DIVIDENDS
2024 2023
£    £   
Interim 1,600,000 100,000

Ivygrove Developments Limited (Registered number: 01279304)

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

10. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2023 193,758 230,644 424,402
Additions 4,540 - 4,540
Disposals (150,158 ) (2,350 ) (152,508 )
At 30 September 2024 48,140 228,294 276,434
DEPRECIATION
At 1 October 2023 143,247 140,666 283,913
Charge for year 13,762 22,495 36,257
Eliminated on disposal (115,484 ) (2,115 ) (117,599 )
At 30 September 2024 41,525 161,046 202,571
NET BOOK VALUE
At 30 September 2024 6,615 67,248 73,863
At 30 September 2023 50,511 89,978 140,489

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 206
NET BOOK VALUE
At 30 September 2024 206
At 30 September 2023 206

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

Holding %
Kinsey (Midlands) Limited 100
Dunstall Park Management Company Limited 100
398 Duffield Rd Management Company Limited 100
Eagle Park Management Company Limited 16.7
Hill (Duffield Rd) Management Limited 100
Lower Burley View Management Company Limited 100
Westside Park Management Company Limited 100
Stephenson Gardens Management Company Limited 100
Merlin Park Management (Derby) Limited 100
R Scot Road Management Company Limited 100
Victoria Centre Management Company Limited 100
Parker Centre Management Company Limited 100

Ivygrove Developments Limited (Registered number: 01279304)

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

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 63,679,517
Additions 4,663,259
Revaluations (66,399 )
At 30 September 2024 68,276,377
NET BOOK VALUE
At 30 September 2024 68,276,377
At 30 September 2023 63,679,517

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2024 62,320,000
Cost 5,956,377
68,276,377

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 47,001,960 42,338,701
Aggregate depreciation (9,583,566 ) (8,644,576 )

Investment property was valued on a fair value basis on 30 September 2024 by the directors .

Investment property held at cost relates to assets under construction as is consistent with FRS 102 16.5 and 17.10 (b).

13. WORK IN PROGRESS
2024 2023
£    £   
Work in progress 6,178,193 8,599,692

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 217,279 945,738
Other debtors 334,754 273,715
Owed by related parties 125,637 50,000
677,670 1,269,453

Ivygrove Developments Limited (Registered number: 01279304)

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

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 17) 19,463,906 3,844,866
Other loans (see note 17) - 1,000,000
Hire purchase contracts (see note 18) 7,878 12,838
Trade creditors 514,722 1,649,974
Amounts owed to group undertakings - 21
Amounts owed to associates 1,401,951 -
Tax - 50,163
Social security and other taxes 155,761 80,604
Other creditors 2,090,679 1,321,159
Owed to related parties 1,510,000 1,273,920
Directors' current accounts 906,519 425,068
Accruals and deferred income 530,649 418,894
26,582,065 10,077,507

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 17) 7,304,184 22,757,238
Other loans (see note 17) 1,000,000 -
Hire purchase contracts (see note 18) - 7,877
8,304,184 22,765,115

17. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 706,409 1,069,646
Bank loans 18,757,497 2,775,220
Other loans - 1,000,000
19,463,906 4,844,866

Amounts falling due between one and two years:
Bank loans 7,304,184 -
Other loans - 1-2 years 1,000,000 -
8,304,184 -

Amounts falling due between two and five years:
Bank loans - 2-5 years - 22,757,238

Ivygrove Developments Limited (Registered number: 01279304)

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

17. LOANS - continued

At the year end bank loans included:
- A loan with a balance of £13,707,496 at a fixed rate of 3.41% expires April 2025.
- A loan with a balance of £650,000 at a rate of 3.25% above base expires September 2025.
- A loan with a balance of £804,184 at a rate of 4% above base expires September 2026.
- Loans with a balance of £6,500,000 at a rate of 2.75% above base expires September 2026.
- Loans with a balance of £4,400,000 at a rate of 2.75% above base expires April 2025.

The loans expiring in April 2025 have been refinanced post year-end for a term of 3 years. The new loans are as follows:
- A loan with a balance of £20,000,000 at a fixed rate of 3.95% plus 2% margin.
- A loan with a balance of £4,000,000 at a variable rate with 2% margin.
- A loan with a balance of £3,000,000 at a variable rate with 2% margin.
- A revolving loan of up to £5,000,000 at a variable rate with a 3% margin.

18. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 7,878 12,838
Between one and five years - 7,877
7,878 20,715

19. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 706,409 1,069,646
Bank loans 26,061,681 25,532,458
Hire purchase contracts 7,878 20,715
26,775,968 26,622,819

National Westminster Bank PLC hold legal charges against property to which the borrowing relates, and a debenture, with fixed and floating charges over all the company's property and assets.

20. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,520,000 4,520,000

Deferred
tax
£   
Balance at 1 October 2023 4,520,000
Balance at 30 September 2024 4,520,000

Ivygrove Developments Limited (Registered number: 01279304)

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

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
40,000 Ordinary £1 40,000 40,000

22. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 October 2023 18,603,521 17,683,317 36,286,838
Profit for the year 1,203,226 1,203,226
Dividends (1,600,000 ) (1,600,000 )
Transfer of revaluation 66,399 (66,399 ) -
At 30 September 2024 18,273,146 17,616,918 35,890,064

23. RELATED PARTY DISCLOSURES

Other related parties

During the year the company traded with other companies which are controlled by company directors. The company billed the related companies £465,719 (2023: £833,719) in respect of income and was charged £2,941,349 (2023: £90,904) in respect of expenditure. At the year end, £125,637 (2023: £146,097) was due in trade debtors and £1,401,951 (2023: £17,151 paid) was payable on account in trade creditors.