Ion Property Group Limited - Limited company accounts 25.1

REGISTERED NUMBER: 10233361 (England and Wales)

Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 30 June 2025

for

Ion Property Group Limited

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

DIRECTORS:

P Hynd

G F Douglas

R D Mason

S Parry

REGISTERED OFFICE:

1st Floor

Port of Liverpool Building

Pier Head

Liverpool

Merseyside

L3 1BY

REGISTERED NUMBER:

10233361 (England and Wales)

ACCOUNTANTS:

Myersons

Chartered Accountants

32 Derby Street

Ormskirk

Lancashire

L39 2BY

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

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"), continues to actively identify and promote high-quality development opportunities, working with local authorities, landowners, contractors and funding partners to bring forward viable regeneration schemes. The Group operates as a specialist regeneration developer with a long-established reputation for successfully delivering complex projects that generate significant social, economic and environmental benefits. These schemes require sustained long-term commitment, coordination and partnership working, particularly where progression depends on planning processes and public-sector funding.

In fulfilling this role, the Group invests risk funds into early-stage visioning, design and viability work. As a result, it holds substantial Work in Progress balances at various stages of the development cycle. While some projects will progress to commercial viability and long-term value creation, others may not, and the Group applies disciplined governance to ensure resources are focused on the most deliverable and strategically important opportunities.

During the year, the Group has expanded its Development Management activities through the Pagabo Developer Led Framework, including major roles on Hind Street and Maghull Health Park, helping diversify income streams and reduce exposure to development risk. Further Development Management appointments under this Framework will continue to be explored.

As part of the wider redevelopment of Birkenhead, the Group has made significant progress on the Hind Street Urban Village scheme, a transformational regeneration programme delivering approximately 1,400 new homes and major infrastructure improvements in the town centre. Key milestones achieved during the year, including securing public funding, progressing enabling works and advancing the delivery structure, strengthening both the commercial and practical readiness of the scheme.

Working alongside Vinci UK Developments Limited, the Group is also progressing regeneration projects procured through the Mixed Use Developer lot of the Pagabo Developer Led Framework in Derby, Chester, Coventry and Northwich, with a view to delivering these schemes from 2026 onwards. These projects reflect the Group's expanding national footprint and its ability to secure and deliver major regeneration programmes in partnership with leading public and private sector organisations.

The Group continues to prioritise schemes that deliver environmental sustainability and measurable social value. In line with the Public Services (Social Value) Act 2013, it works with public-sector commissioners to maximise wider economic, environmental and community benefits. Through structured engagement, robust data gathering and recognised valuation tools, the Group supports commissioners in evidencing long-term social value and achieving improved community outcomes.

Looking ahead, these capabilities will support the Group in delivering a wide range of regeneration projects focused on revitalising towns and cities with sustainable homes, high-quality public spaces and long-lasting community benefit.

Cash reserves are monitored closely to ensure they remain appropriate for the current and future needs of the business. In accordance with best practice, the Board has reviewed the carrying value of all Work in Progress, considering progress, legal status and market conditions. Where the Directors consider a scheme unlikely to yield a commercially viable return within a reasonable timeframe, costs have been prudently written off. This disciplined approach ensures that expenditure is focused on projects with clear deliverability and value potential, particularly in the context of ongoing challenges within the construction sector and evolving public-sector procurement case law.

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

G F Douglas

R D Mason

S Parry

MODERN SLAVERY AND HUMAN TRAFFICKING STATEMENT

1. Policy Statement

Ion Property Group 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 Group 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 Group Ltd and will be reviewed annually.

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

TURNOVER

1,597,729

796,733

Cost of sales

615,700

(189,114

)

GROSS PROFIT

982,029

985,847

Administrative expenses

984,375

980,425

(2,346

)

5,422

Other operating income

13,000

12,000

OPERATING PROFIT

4

10,654

17,422

Interest receivable and similar income

51,842

89,329

62,496

106,751

Interest payable and similar expenses

224

1,521

PROFIT BEFORE TAXATION

62,272

105,230

Tax on profit

-

39,548

PROFIT FOR THE FINANCIAL YEAR

62,272

65,682

Profit attributable to:

Owners of the parent

62,272

65,682

FIXED ASSETS

Intangible assets

6

-

Tangible assets

7

18,042

36,383

Investments

8

112

18,154

36,495

CURRENT ASSETS

Stocks

4,478,444

4,123,292

Debtors

9

785,719

364,432

Cash at bank and in hand

1,336,103

2,225,256

6,600,266

6,712,980

CREDITORS

Amounts falling due within one year

10

440,134

633,461

NET CURRENT ASSETS

6,160,132

6,079,519

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,178,286

6,116,014

CAPITAL AND RESERVES

Called up share capital

100

Other reserves

5,080,505

Retained earnings

1,097,681

1,035,409

SHAREHOLDERS' FUNDS

6,178,286

6,116,014

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 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2025 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 15 December 2025 and were signed on its behalf by:

S Parry - Director

FIXED ASSETS

Intangible assets

6

-

Tangible assets

7

-

Investments

8

80

CURRENT ASSETS

Debtors

9

368,451

103,292

Cash at bank

25,716

299,457

394,167

402,749

CREDITORS

Amounts falling due within one year

10

2

12,590

NET CURRENT ASSETS

394,165

390,159

TOTAL ASSETS LESS CURRENT
LIABILITIES

394,245

390,239

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

394,145

390,139

SHAREHOLDERS' FUNDS

394,245

390,239

Company's profit for the financial year

4,006

2,737

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.

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.

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 15 December 2025 and were signed on its behalf by:

S Parry - Director

Cash flows from operating activities

Cash generated from operations

1

(898,421

)

(1,010,604

)

Interest paid

(224

)

(1,521

)

Tax paid

(39,548

)

(37,261

)

Net cash from operating activities

(938,193

)

(1,049,386

)

Cash flows from investing activities

Purchase of tangible fixed assets

(2,802

)

(1,616

)

Interest received

51,842

89,329

Net cash from investing activities

49,040

87,713

Decrease in cash and cash equivalents

(889,153

)

(961,673

)

Cash and cash equivalents at beginning of
year

2

2,225,256

3,186,929

Cash and cash equivalents at end of year

2

1,336,103

2,225,256

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

30.6.25

30.6.24

£

Profit before taxation

62,272

105,230

Depreciation charges

21,143

25,935

Finance costs

224

1,521

Finance income

(51,842

)

(89,329

)

31,797

43,357

Increase in stocks

(355,152

)

(1,187,613

)

(Increase)/decrease in trade and other debtors

(421,286

)

111,456

(Decrease)/increase in trade and other creditors

(153,780

)

22,196

Cash generated from operations

(898,421

)

(1,010,604

)

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 2025

30.6.25

1.7.24

£

Cash and cash equivalents

1,336,103

2,225,256

Year ended 30 June 2024

30.6.24

1.7.23

£

Cash and cash equivalents

2,225,256

3,186,929

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.24

Cash flow

At 30.6.25

£

Net cash

Cash at bank and in hand

2,225,256

(889,153

)

1,336,103

2,225,256

(889,153

)

1,336,103

Total

2,225,256

(889,153

)

1,336,103

1.	STATUTORY INFORMATION

Ion Property Group 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 General 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.

Basis of consolidation

The consolidated financial statements include the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2025.

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.

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

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

30.6.25

30.6.24

£

Wages and salaries

596,481

591,157

Social security costs

55,575

58,474

Other pension costs

24,372

23,704

676,428

673,335

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

30.6.25

30.6.24

Office staff

11

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.6.25

30.6.24

£

Depreciation - owned assets

21,143

25,935

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 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

-

7.	TANGIBLE FIXED ASSETS

Group

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

COST

At 1 July 2024

78,101

-

45,284

123,385

Additions

-

1,646

1,156

2,802

At 30 June 2025

78,101

1,646

46,440

126,187

DEPRECIATION

At 1 July 2024

46,860

-

40,142

87,002

Charge for year

15,620

457

5,066

21,143

At 30 June 2025

62,480

457

45,208

108,145

NET BOOK VALUE

At 30 June 2025

15,621

1,189

1,232

18,042

At 30 June 2024

31,241

-

5,142

36,383

8.	FIXED ASSET INVESTMENTS

Group

Shares in

group

undertakings

£

COST

At 1 July 2024

and 30 June 2025

112

NET BOOK VALUE

At 30 June 2025

112

At 30 June 2024

112

Company

Shares in

group

undertakings

£

COST

At 1 July 2024

and 30 June 2025

80

NET BOOK VALUE

At 30 June 2025

80

At 30 June 2024

80

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

Subsidiaries

Ion Property Developments Limited

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

Nature of business: Development of land and buildings

%

Class of shares:

holding

Ordinary

100.00

Ion Projects Limited

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

Nature of business: Property developers

%

Class of shares:

holding

Ordinary

100.00

Ion Steam Mill Limited

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

Nature of business: Property Development

%

Class of shares:

holding

Ordinary

100.00

Neptune Developments Limited

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

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Ion Regeneration Limited

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

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Ion Partnership Limited

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

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Ion Liverpool Partnership Limited

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

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Bridgespire Limited

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

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Phoenix Works (Castlefield) Ltd

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

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Ion Developments Limited

Registered office: 2 Queen Square, Liverpool, Merseyside, L1 1RH

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

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 2025.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

30.6.25

30.6.24

30.6.25

30.6.24

£

Trade debtors

407,346

8,242

-

Amounts owed by group undertakings

1

-

368,451

102,704

Other debtors

327,561

312,182

-

1

VAT

-

16,329

-

Prepayments

50,811

27,679

-

587

785,719

364,432

368,451

103,292

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

30.6.25

30.6.24

30.6.25

30.6.24

£

Trade creditors

269,140

239,410

-

Amounts owed to group undertakings

103

102

2

2,708

Tax

-

39,548

-

9,882

Social security and other taxes

18,119

17,741

-

VAT

11,968

-

Other creditors

48,978

116,236

-

Accruals and deferred income

91,826

220,424

-

440,134

633,461

2

12,590

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

Non-cancellable

operating leases

30.6.25

30.6.24

£

Within one year

81,593

82,357

Between one and five years

20,915

102,508

184,865