REGISTERED NUMBER: 04803212 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 30 June 2025

for

Ion Projects Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

5

Notes to the Financial Statements

6

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

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

PRINCIPAL ACTIVITY

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

REVIEW OF BUSINESS

Ion Projects Limited acts as the delivery vehicle through which the Group undertakes physical development works, entering into construction contracts with third-party contractors on behalf of end users and investors. The company's role is integral to converting development projects into operational assets and ensuring that construction delivery aligns with the standards, requirements and programme obligations set by commissioning clients.

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 continued to progress final matters relating to the Wolverhampton programme, including works associated with the cycle hub located between the i9 building and the railway station. The company remains engaged in supporting the close-out of outstanding obligations and ensuring that long-term operational requirements are met.

The company continues to monitor its cash reserves to ensure they remain sufficient for current and future operational needs. In accordance with best practice, the carrying value of Work in Progress has been reviewed, taking into account contractual status, delivery progress and events arising during the year.

Work in progress costs transferred from Ion Property Developments Limited continue to be amortised over the relevant contract term, with fees and overhead recovery recognised in line with the stage of completion and contractual entitlements. This ensures that income is matched appropriately to delivery activity.

Despite ongoing challenges within the construction sector, particularly relating to inflation, procurement processes and supply chain pressures, the company has continued to achieve stable financial results. The Directors remain confident that, as Group led projects move into construction over the coming years, the company is well positioned to deliver positive trading performance and sustainable profitability.

DIRECTORS

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

S Parry

G F Douglas

R D Mason

P Hynd

MODERN SLAVERY AND HUMAN TRAFFICKING STATEMENT

1. Policy Statement

Ion Projects 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 Projects 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 Projects 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

Investments

4

-

1

CURRENT ASSETS

Stocks

150,000

150,000

Debtors

5

52,265

41,298

Cash at bank

1,112,332

1,849,684

1,314,597

2,040,982

CREDITORS

Amounts falling due within one year

6

369,829

1,112,241

NET CURRENT ASSETS

944,768

928,741

TOTAL ASSETS LESS CURRENT LIABILITIES

944,768

928,742

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

944,766

928,740

SHAREHOLDERS' FUNDS

944,768

928,742

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 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 (2024 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 July 2024

1

Disposals

(1

)

At 30 June 2025

-

NET BOOK VALUE

At 30 June 2025

-

At 30 June 2024

1

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

£

Amounts owed by group undertakings

-

2,706

Other debtors

25,000

34,969

VAT

27,265

3,623

52,265

41,298

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

£

Trade creditors

102,057

218,781

Amounts owed to group undertakings

234,772

843,356

Tax

-

259

Other creditors

33,000

49,845

369,829

1,112,241

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.