REGISTERED NUMBER: 03498080 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 30 June 2025

for

Ion Property Developments Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTORS:

P Hynd

S Parry

R D Mason

G F Douglas

D P Hynd

C T Jones

REGISTERED OFFICE:

1st Floor

Port of Liverpool Building

Pier Head

Liverpool

Merseyside

L3 1BY

REGISTERED NUMBER:

03498080 (England and Wales)

AUDITORS:

Myersons

Statutory Auditors

Chartered Accountants

32 Derby Street

Ormskirk

Lancashire

L39 2BY

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

REVIEW OF BUSINESS

The company continues to identify and shape high-quality development opportunities, working directly with local authorities, landowners, contractors and funders to assess and progress viable regeneration schemes. As a specialist regeneration developer, the company has built a strong reputation for managing complex projects that deliver meaningful social, economic and environmental outcomes. These projects typically require sustained long-term involvement and extensive coordination with third-party stakeholders, particularly where delivery is influenced by planning, infrastructure requirements and availability of public-sector support.

To advance these opportunities, the company invests risk funds into early design, feasibility and viability work, resulting in Work in Progress balances that reflect different stages of scheme development. Some projects will secure commercial viability and move into the delivery phase, while others may not progress beyond early feasibility. The company therefore maintains a structured review process to ensure investment remains focused on schemes with the strongest likelihood of delivery and value creation. During the year, the company expanded its Development Management activities through the Pagabo Developer Led Framework on schemes such as Hind Street and Maghull Health Park, helping to broaden revenue streams and manage exposure to development risk. Additional development management appointments through the Framework will continue to be assessed.

The company has continued to develop a strong pipeline of opportunities across the Liverpool City Region, the Midlands and other regions. The Board regularly reviews emerging projects and engages with contractors and potential delivery partners, including through the Pagabo Framework, which remains a useful source of public-sector regeneration opportunities. The company remains selective in its approach, pursuing only those schemes where its expertise can provide clear and tangible benefit to commissioning authorities and stakeholders.

In Birkenhead, the company has made further progress on the Hind Street Urban Village scheme, one of the largest regeneration programmes within its portfolio, supporting the advancement of delivery structures, technical workstreams and funding processes that will underpin the scheme's next phases. This project will deliver approximately 1,400 new homes and associated infrastructure over the long term.

The company is also supporting work on several additional regeneration initiatives, including projects in Derby, Chester, Coventry and Northwich. These schemes, which have been procured through the Mixed Use lot of the Pagabo Developer Led Framework, are being progressed in partnership with Vinci UK Developments Limited and other stakeholders, reflect the company's growing operational footprint and its ability to contribute to major town and city regeneration programmes as they move toward delivery from 2026 onwards.

The company continues to focus on environmental sustainability and measurable social value across its portfolio. In accordance with the Public Services (Social Value) Act 2013, the company works with commissioning bodies to help articulate and maximise the broader benefits of regeneration. By applying structured engagement processes, data-driven analysis and recognised valuation methodologies, the company supports clients in demonstrating long-term community benefit and improved accountability in decision making.

Looking forward, these capabilities will support the company in advancing a range of regeneration schemes that prioritise sustainable homes, high-quality environments and long-term community value.

Cash reserves continue to be monitored closely to ensure they remain appropriate for the operational needs of the business. The Board has undertaken its annual review of Work in Progress, considering progress made, legal status and market conditions. Where a project is not expected to achieve a viable commercial return within a reasonable timeframe, its costs have been prudently written down. This ensures development expenditure remains focused on schemes with clear prospects of delivery and value creation, particularly given the ongoing challenges within the construction sector and evolving procurement requirements in the public sector.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2024 to the date of this report.

P Hynd

S Parry

R D Mason

G F Douglas

D P Hynd

Other changes in directors holding office are as follows:

C T Jones - appointed 26 February 2025

MODERN SLAVERY AND HUMAN TRAFFICKING STATEMENT

1. Policy Statement

Ion Property Developments Ltd is committed to preventing modern slavery and human trafficking in its business operations and supply chains. We adopt a zero-tolerance approach to any form of slavery, servitude, forced or compulsory labour, and human trafficking. We are dedicated to acting ethically and with integrity in all our business relationships and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere in our operations.

This policy is published in compliance with the Modern Slavery Act 2015, Section 54(1).

2. Our Organisation and Supply Chains

Ion Property Developments Ltd is a UK-based property developer delivering schemes in partnership with a range of public and private sector organisations. We operate entirely within the UK, engaging a broad supply chain including consultants, main contractors and subcontractors.

Our supply chains span:

o Design and professional consultancy services

o Construction and civil engineering contractors

o In limited instances suppliers of construction materials and products

We recognise that some areas of our supply chain may carry a higher risk of modern slavery, particularly where subcontracted labour or imported goods are involved.

3. Risk Assessment and Due Diligence

We take a risk-based approach to modern slavery, focused on prevention and early identification:

o Risk Mapping: We assess potential exposure to modern slavery within different tiers of our supply chain, with particular scrutiny of labour practices and sourcing of raw materials.

o Pre-Qualification Checks: All suppliers and subcontractors are required to complete due diligence questionnaires, confirming compliance with modern slavery legislation and disclosing any relevant policies or incidents.

o Onboarding Controls: Where risk is identified, further investigation and contractual assurances are required prior to engagement.

4. Supplier Engagement and Contractual Controls

We set clear expectations with our supply chain partners:

o Contractual Requirements: Our standard terms include obligations to comply with the Modern Slavery Act and require suppliers to cascade equivalent obligations to their own subcontractors.

o Ethical Procurement: We encourage sourcing from suppliers with recognised third-party certifications (e.g. FSC, BES 6001) and adherence to ethical standards.

o Corrective Action: In the event of suspected non-compliance, we reserve the right to investigate and take appropriate remedial or disciplinary measures, including termination of contracts.

5. Training and Awareness

We are committed to building internal capability and awareness.

o Employee Training: All staff receive training on identifying the sign: of modern slavery and understanding their responsibilities in preventing it.

o Toolkits and Resources: We make use of sector-specific guidance such as Stronger Together, the Gangmasters and Labour Abuse Authority (GLAA), and the Supply Chain Sustainability School.

6. Monitoring, Reporting and Accountability

We actively promote transparency and accountability:

o Whistleblowing Mechanism: We encourage the adoption of these mechanisms in our supply chain and have reporting channel is open to staff

o Incident Protocol: Any reported concerns are escalated for prompt investigation and, where necessary, reported to the Modern Slavery Helpline or relevant authorities.

o Performance Review: We review our processes annually, assessing the effectiveness of our controls and updating procedures accordingly.

7. Governance and Continuous Improvement

Our modern slavery commitments are embedded within our broader governance framework:

o The policy is owned by the Board of Directors and reviewed annually.

o Risk oversight sits with senior management, who report regularly on compliance matters.

o We participate in industry forums and collaborate with partners to share best practice and improve collective safeguards.

Approval

This policy has been approved by the Board of Directors of Ion Property Developments Ltd and will be reviewed annually.

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.

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

15 December 2025

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

18,042

36,383

Investments

6

102

102

18,144

36,485

CURRENT ASSETS

Work in progress

4,328,443

3,923,291

Debtors

7

995,516

1,198,364

Cash at bank

70,647

66,170

5,394,606

5,187,825

CREDITORS

Amounts falling due within one year

8

744,278

452,675

NET CURRENT ASSETS

4,650,328

4,735,150

TOTAL ASSETS LESS CURRENT LIABILITIES

4,668,472

4,771,635

CAPITAL AND RESERVES

Called up share capital

200

200

Capital redemption reserve

1,999,900

1,999,900

Retained earnings

2,668,372

2,771,535

SHAREHOLDERS' FUNDS

4,668,472

4,771,635

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 15 December 2025 and were signed on its behalf by:

S Parry - Director

1.	STATUTORY INFORMATION

Ion Property Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

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

Turnover

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

All other amounts included in turnover represent net invoiced sales, excluding value added tax.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

in accordance with the property

Fixtures and fittings

-

25% on cost

Computer equipment

-

50% on cost and 33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks and work in progress

Work in progress is valued at the lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2024 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 July 2024

and 30 June 2025

3,270

AMORTISATION

At 1 July 2024

and 30 June 2025

3,270

NET BOOK VALUE

At 30 June 2025

-

At 30 June 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2024

78,101

-

45,285

123,386

Additions

-

1,646

1,156

2,802

At 30 June 2025

78,101

1,646

46,441

126,188

DEPRECIATION

At 1 July 2024

46,861

-

40,142

87,003

Charge for year

15,620

457

5,066

21,143

At 30 June 2025

62,481

457

45,208

108,146

NET BOOK VALUE

At 30 June 2025

15,620

1,189

1,233

18,042

At 30 June 2024

31,240

-

5,143

36,383

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 July 2024

and 30 June 2025

102

NET BOOK VALUE

At 30 June 2025

102

At 30 June 2024

102

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

Ion Developments Limited

Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

IGF Developments Limited

Registered office: Port of Liverpool Building, First Floor, Liverpool, L3 1BY

Nature of business: The development of building projects

%

Class of shares:

holding

Ordinary

100.00

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

£

Trade debtors

407,346

8,242

Amounts owed by group undertakings

234,798

873,112

Other debtors

302,561

277,212

VAT

-

12,706

Prepayments

50,811

27,092

995,516

1,198,364

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

£

Trade creditors

167,081

20,629

Amounts owed to group undertakings

408,911

98,804

Tax

-

29,197

Social security and other taxes

18,119

17,741

VAT

46,353

-

Other creditors

15,978

66,390

Accrued expenses

87,836

219,914

744,278

452,675

9.	LEASING AGREEMENTS

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

30.6.25

30.6.24

£

£

Within one year

81,593

82,357

Between one and five years

20,915

102,508

102,508

184,865

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

The Report of the Auditors was unqualified.

Paul Rothwell FCA FCCA CTA (Senior Statutory Auditor)

for and on behalf of Myersons

11.	RELATED PARTY DISCLOSURES

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

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Ion Property Group Limited.