Ion Projects Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04803212 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 30 June 2017

for

Ion Projects Limited

Previously known as

Neptune Projects Limited

Page

Company Information

1

Report of the Directors

2

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

S Parry

G F Douglas

R D Mason

A R Lovelady

REGISTERED OFFICE:

2 Queen Square

Liverpool

Merseyside

L1 1RH

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 2017.

CHANGE OF NAME

The company passed a special resolution on 16 February 2017 changing its name from Neptune Projects Limited to Ion Projects Limited.

REVIEW OF BUSINESS

The Company is part of a group of businesses under common direction and control. During the year the Board undertook

a re-branding exercise and all of the companies were re-designated under the "Ion" brand name to reflect a fresh

approach by the businesses. This exercise was completed in the early part of 2017 and included the launch of a new

website and updated profiles of key individuals in the organisation.

As noted above, the Company passed a special resolution and changed its name from Neptune Projects Limited to Ion

Projects Limited as part of this exercise

Part of the re-branding of the group was to recognise the specific roles that each company plays in the organisation. Ion

Projects Limited is the vehicle through which schemes are delivered to end users and investors. During the year under

review 3 long standing schemes, Rhyl (Phase 1), Wolverhampton Station and Lime Street, Liverpool were confirmed as

deliverable projects. The Work in Progress costs of these schemes, previously incurred by Ion Property Developments

Limited (formerly Neptune Developments Limited) were transferred to the Company, who have entered into contracts

with contractors, land owners and investors to complete the schemes. These transferred costs are being amortised over

the contract term. As each contract was only started during the year under review only the fees and overhead recovery

costs permitted under the contract have been recognised in the Income Statement. At completion of each project the

Company will pay to Ion Property Developments Limited an agreed management charge of 90% of project profit.

The Company has delivered a strong performance during the year under review with turnover increasing by 138%. As all

the above projects are continuing into the 2017/18 year the directors are confident of a continuation of this strong

growth.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2016 to the date of this report.

S Parry

G F Douglas

R D Mason

Other changes in directors holding office are as follows:

R C Douglas - deceased 8 June 2017

A R Lovelady - appointed 9 May 2017

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;

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

31 October 2017

CURRENT ASSETS

Stocks

986,515

90,000

Debtors

3

2,385,986

1,672,111

Cash at bank

1,131,925

1,122,139

4,504,426

2,884,250

CREDITORS

Amounts falling due within one year

4

3,919,776

2,364,738

NET CURRENT ASSETS

584,650

519,512

TOTAL ASSETS LESS CURRENT LIABILITIES

584,650

519,512

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

584,648

519,510

SHAREHOLDERS' FUNDS

584,650

519,512

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 31 October 2017 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 the provisions of Section 1A "Small Entities" of 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.

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.

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.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

1,728,046

1,229,581

Other debtors

617,129

414,387

Loan account

-

28,143

VAT

40,811

-

2,385,986

1,672,111

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade creditors

1,693,158

1,125,024

Tax

10,156

11,897

VAT

-

6,512

Other creditors

1,212,160

973,937

Loan account

1,004,302

247,368

3,919,776

2,364,738

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

The Report of the Auditors was unqualified.

Paul Rothwell FCCA ATII (Senior Statutory Auditor)

for and on behalf of Myersons

6.	RELATED PARTY DISCLOSURES