Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Rental income | 15,652 | 14,584 |
Other income | 506 | 521 |
Insurance recharged | 164 | 143 |
Rental income straight-line adjustment | 33 | 233 |
Gross property income | 16,355 | 15,481 |
Service charge income | 3,953 | 4,461 |
Total | 20,308 | 19,942 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Recoverable service charges | 3,953 | 4,461 |
Service charge void costs | 665 | 1,120 |
Premises expenses | 662 | 591 |
Rates | 378 | 457 |
Insurance expense | 198 | 153 |
Bad debt charge/(write back) | 28 | (665) |
Property operating expenses | 1,931 | 1,656 |
Investment Adviser fees | 2,979 | 3,389 |
Other administration expenses | 1,473 | 1,500 |
Directors’ remuneration (see note 5) | 201 | 200 |
Audit fees (see note 6) | 185 | 172 |
Cost associated with moving to Main Market | – | (12) |
Administration expenses | 4,838 | 5,249 |
Total | 10,722 | 11,366 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Claire Boyle | 55 | 55 |
Richard Howell | 45 | 45 |
Sally Ann Forsyth | 40 | 40 |
Michael Taylor | 40 | 40 |
Employers’ National Insurance contributions | 21 | 20 |
Total | 201 | 200 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Audit fee | 185 | 172 |
Total | 185 | 172 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Audit of Group Annual Report and Financial Statements 1 | 185 | 172 |
Total | 185 | 172 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Interest receivable from interest rate derivatives | 3,858 | 3,019 |
Change in fair value of deferred consideration on interest rate derivatives | 195 | 152 |
Income from cash and short-term deposits | 150 | 636 |
Total | 4,203 | 3,807 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Loan interest | 9,221 | 8,209 |
Change in fair value of interest rate derivatives | 2,649 | 3,936 |
Loan arrangement fees amortised | 320 | 458 |
Loan expenses | 286 | 261 |
Break fees | – | 751 |
Loan arrangement fees written off | – | 716 |
Gross interest costs | 12,476 | 14,331 |
Capitalisation of finance costs | (2,086) | (3,261) |
Total | 10,390 | 11,070 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Corporation tax on residual income | – | (146) |
Total | – | (146) |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Loss before tax | (13,977) | (21,852) |
Corporation tax at 25.0% (2023: 23.5%) | (3,494) | (5,135) |
Change in value of investment properties | 4,344 | 5,369 |
Change in value of interest rate derivatives | 613 | (888) |
Adjustment for disallowable costs | – | (3) |
Tax-exempt property rental business | (1,463) | 657 |
Current year tax charge | – | – |
Prior year accrual reversal | – | (146) |
Total | – | (146) |
As at | As at | |
31 December | 31 December | |
2024 | 2023 | |
Within one year | 15,384 | 15,008 |
Between one and five years | 38,974 | 44,625 |
More than five years | 31,133 | 31,771 |
Total | 85,491 | 91,404 |
Pence | ||
For the year ended 31 December 2024 | per share | £’000 |
Second interim dividend for year ended 31 December 2023, paid on 13 May 2024 | 1.0 | 3,500 |
First interim dividend for year ended 31 December 2024, paid on 31 October 2024 | 1.0 | 3,500 |
Total | 2.0 | 7,000 |
Paid as: | ||
Property income distribution | – | – |
Non-property income distribution | 2.0 | 7,000 |
Total | 2.0 | 7,000 |
Pence | ||
For the year ended 31 December 2023 | per share | £’000 |
Second interim dividend for year ended 31 December 2022, paid on 15 May 2023 | 3.0 | 10,500 |
First interim dividend for year ended 31 December 2023, paid on 31 October 2023 | 1.0 | 3,500 |
Total | 4.0 | 14,000 |
Paid as: | ||
Property income distribution | – | – |
Non-property income distribution | 4.0 | 14,000 |
Total | 4.0 | 14,000 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
IFRS earnings | (13,977) | (21,706) |
EPRA earnings adjustments: | ||
Fair value losses on investment properties | 17,376 | 22,848 |
Realised losses on disposal of investment properties | – | 317 |
Exceptional finance costs greater than one year | – | 716 |
Changes in fair value of interest rate derivatives | 2,649 | 3,936 |
Changes in fair value of deferred consideration payable on interest rate derivatives | (195) | (152) |
EPRA earnings | 5,853 | 5,959 |
Group-specific earnings adjustments: | ||
Exceptional finance costs less than one year | – | 751 |
Cost associated with moving to Main Market | – | (12) |
Adjusted earnings | 5,853 | 6,698 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
Pence | Pence | |
Basic IFRS EPS | (4.0) | (6.2) |
Diluted IFRS EPS | (4.0) | (6.2) |
EPRA EPS | 1.7 | 1.7 |
Adjusted EPS | 1.7 | 1.9 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
Number | Number | |
of shares | of shares | |
Weighted average number of shares in issue (thousands) | 350,000 | 350,000 |
Completed | Development | Total | |
investment | property | investment | |
property | and land | property | |
£’000 | £’000 | £’000 | |
Investment property valuation brought forward as at 1 January 2024 | 314,858 | 67,442 | 382,300 |
Acquisitions 1 | (218) | – | (218) |
Disposals in the year | – | – | – |
Capital expenditure | 5,493 | 13,048 | 18,541 |
Finance costs capitalised | 61 | 2,025 | 2,086 |
Fair value losses on investment property | (12,511) | (4,865) | (17,376) |
Movement in rent incentives and amortisation | (256) | 143 | (113) |
Transfer from development to investment 3 | 21,246 | (21,246) | – |
Fair value at 31 December 2024 | 328,673 | 56,547 | 385,220 |
Completed | Development | Total | |
investment | property | investment | |
property | and land | property | |
£’000 | £’000 | £’000 | |
Investment property valuation brought forward as at 1 January 2023 | 309,969 | 77,581 | 387,550 |
Acquisitions 1 | (759) | (21) | (780) |
Disposals in the year 2 | (7,833) | – | (7,833) |
Capital expenditure | 2,410 | 20,373 | 22,783 |
Finance costs capitalised | – | 3,261 | 3,261 |
Fair value losses on investment property | (18,182) | (4,666) | (22,848) |
Movement in rent incentives and amortisation | 167 | – | 167 |
Transfer from development to investment 3 | 29,086 | (29,086) | – |
Fair value at 31 December 2023 | 314,858 | 67,442 | 382,300 |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Rent and insurance receivable | 2,333 | 2,065 |
Prepayments and other receivables | 964 | 2,230 |
Interest receivable | 714 | 763 |
Occupier deposits | 180 | 173 |
Amounts due from property manager | 5 | 991 |
VAT receivable | – | 434 |
Current trade and other receivables | 4,196 | 6,656 |
Occupier deposits | 3,826 | 3,409 |
Non-current trade and other receivables | 3,826 | 3,409 |
Total trade and other receivables | 8,022 | 10,065 |
Year ended | Year ended | |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Cash | 3,567 | 4,341 |
Cash equivalents | 2,000 | 10,000 |
Total | 5,567 | 14,341 |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
At the start of the year | 3,998 | 4,303 |
Additional premiums paid and accrued | 1,351 | 3,631 |
Changes in fair value of interest rate derivatives | (2,649) | (3,936) |
Termination of caps | (322) | – |
Balance at the end of the year | 2,378 | 3,998 |
Current | 2,378 | – |
Non-current | – | 3,998 |
Balance at the end of the year | 2,378 | 3,998 |
31 December | 31 December | |
2024 | 2023 | |
Non-current | £’000 | £’000 |
At the beginning of the year | 108,726 | 75,000 |
Drawn in the year | 14,000 | 142,520 |
Repaid in the year | – | (108,794) |
Interest-bearing loans and borrowings | 122,726 | 108,726 |
Unamortised fees at the beginning of the year | (808) | (912) |
Loan arrangement fees paid in the year | – | (980) |
Unamortised fees written off | – | 716 |
Amortisation charge for the year | 320 | 368 |
Unamortised loan arrangement fees | (488) | (808) |
Loan balance less unamortised loan arrangement fees | 122,238 | 107,918 |
31 December | 31 December | |
2024 | 2023 | |
Current | £’000 | £’000 |
At the beginning of the year | – | 35,833 |
Repaid in the year | – | (36,510) |
Interest and commitment fees incurred in the year | – | 677 |
Interest-bearing loans and borrowings | – | – |
Unamortised fees at the beginning of the year | – | (90) |
Amortisation charge for the year | – | 90 |
Unamortised loan arrangement fees | – | – |
Loan balance less unamortised loan arrangement fees | – | – |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Deferred income | 4,222 | 3,686 |
Capital expenses payable | 1,943 | 4,046 |
Deferred consideration on interest rate caps | 1,922 | 2,636 |
Loan interest payable | 1,809 | 1,823 |
Administration and other expenses payable | 1,101 | 1,753 |
Accounts payable | 761 | – |
Property operating expenses payable | 389 | 320 |
Occupier deposits payable to occupier | 180 | 173 |
VAT payable | 28 | – |
Current other payables and accrued expenses | 12,355 | 14,437 |
Occupier deposits payable to occupier | 3,826 | 3,409 |
Deferred consideration on interest rate caps | – | 1,195 |
Non-current other payables and accrued expenses | 3,826 | 4,604 |
Total other payables and accrued expenses | 16,181 | 19,041 |
31 December 2024 | 31 December 2023 | |||
Ordinary shares of £0.01 each | Number | £’000 | Number | £’000 |
Authorised, issued and fully paid: | ||||
Shares issued | 350,000,000 | 3,500 | 350,000,000 | 3,500 |
Balance at the end of the year | 350,000,000 | 3,500 | 350,000,000 | 3,500 |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Total unrealised loss on investment properties | (63,500) | (46,124) |
Total unrealised loss on interest rate derivatives and deferred consideration | (4,083) | (1,629) |
Total realised gains | 12,028 | 6,175 |
Retained earnings | (55,555) | (41,578) |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
IFRS net assets attributable to ordinary shareholders | 262,768 | 283,745 |
IFRS net assets for calculation of NAV | 262,768 | 283,745 |
Adjustment to net assets: | ||
Fair value of interest rate derivatives | (2,378) | (3,998) |
EPRA NTA | 260,390 | 279,747 |
31 December | 31 December | |
2024 | 2023 | |
Pence | Pence | |
IFRS basic and diluted NAV per share (pence) | 75.1 | 81.1 |
EPRA NTA per share (pence) | 74.4 | 79.9 |
31 December | 31 December | |
2024 | 2023 | |
Number | Number | |
of shares | of shares | |
Number of shares in issue (thousands) | 350,000 | 350,000 |
31 December 2024 | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets and liabilities measured at fair value | £’000 | £’000 | £’000 | £’000 |
Investment properties | – | – | 385,220 | 385,220 |
Interest rate derivatives | – | 2,378 | – | 2,378 |
Deferred consideration on interest rate caps | – | (1,922) | – | (1,922) |
Total | – | 456 | 385,220 | 385,676 |
31 December 2023 | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets and liabilities measured at fair value | £’000 | £’000 | £’000 | £’000 |
Investment properties | – | – | 382,300 | 382,300 |
Interest rate derivatives | – | 3,998 | – | 3,998 |
Deferred consideration on interest rate caps | – | (3,831) | – | (3,831) |
Total | – | 167 | 382,300 | 382,467 |
Key | ||||
Fair value | Valuation | unobservable | ||
31 December 2024 | £’000 | technique | inputs | Range |
Completed investment property 1 | £328,673 | Income | ERV | £15.4–£110.0 |
capitalisation | per sq ft | |||
Equivalent yield | 5.05%–7.25% | |||
Development property | £50,972 | Income | ERV | £20.0 per sq ft |
capitalisation/ | ||||
residual method | ||||
Equivalent yield | 5.05%–5.75% | |||
Development land | £5,575 | Comparable | Sales rate | £63.7 per sq ft |
method/ | per sq ft | |||
residual method | ||||
Total | £385,220 |
Key | ||||
Fair value | Valuation | unobservable | ||
31 December 2023 | £’000 | technique | inputs | Range |
Completed investment property | £314,858 | Income | ERV | £16.0–£115.0 |
capitalisation | per sq ft | |||
Equivalent yield | 4.75%–7.25% | |||
Development property | £58,930 | Income | ERV | £20.0 per sq ft |
capitalisation/ | ||||
residual method | ||||
Equivalent yield | 5.25%–5.70% | |||
Development land | £8,512 | Comparable | Sales rate | £102.4 per sq ft |
method/ | per sq ft | |||
residual method | ||||
Total | £382,300 |
As at 31 December 2024 | ||
Increase in | Decrease in | |
sensitivity | sensitivity | |
Completed investment property | £’000 | £’000 |
Change in ERV of 10% | 32,867 | (32,867) |
Change in net equivalent yields of 50 basis points | (31,077) | 37,251 |
Increase in | Decrease in | |
sensitivity | sensitivity | |
Development property | £’000 | £’000 |
Change in ERV of 10% | 5,097 | (5,097) |
Change in net equivalent yields of 50 basis points | (5,042) | 6,032 |
Increase in | Decrease in | |
sensitivity | sensitivity | |
Development land | £’000 | £’000 |
Change in sales rate per sq ft of 10% | 558 | (558) |
As at 31 December 2023 | ||
Increase in | Decrease in | |
sensitivity | sensitivity | |
Completed investment property | £’000 | £’000 |
Change in ERV of 10% | 31,486 | (31,486) |
Change in net equivalent yields of 50 basis points | (29,733) | 35,987 |
Increase in | Decrease in | |
sensitivity | sensitivity | |
Development property | £’000 | £’000 |
Change in ERV of 10% | 5,893 | (5,893) |
Change in net equivalent yields of 50 basis points | (6,829) | 8,190 |
Increase in | Decrease in | |
sensitivity | sensitivity | |
Development land | £’000 | £’000 |
Change in sales rate per sq ft of 10% | 851 | (851) |
31 December | 31 December | |
2024 | 2023 | |
£’000 | £’000 | |
Cash and cash equivalents | 5,567 | 14,341 |
Trade and other receivables 1 | 3,118 | 5,300 |
Total | 8,685 | 19,641 |
2024 | 2023 | |||
Increase in | Decrease in | Increase in | Decrease in | |
interest rates | interest rates | interest rates | interest rates | |
by 1% | by 1% | by 1% | by 1% | |
Effect on profit before tax | £’000 | £’000 | £’000 | £’000 |
(Decrease)/increase | (119) | 118 | (1,475) | 1,446 |
2024 | 2023 | |||||
Fair | Carrying | Fair | Carrying | Fair | ||
value | value | value | Fair | value | value | |
hierarchy | £’000 | £’000 | value | £’000 | £’000 | |
Held at amortised cost | ||||||
Cash and cash equivalents | n/a | 5,567 | 5,567 | n/a | 14,341 | 14,341 |
Trade and other receivables 1 | n/a | 7,124 | 7,124 | n/a | 9,316 | 9,316 |
Other payables and accrued | n/a | (11,959) | (11,959) | n/a | (15,355) | (15,355) |
expenses 2 | ||||||
Interest-bearing loans and borrowings | n/a | (122,238) | (122,238) | n/a | (107,918) | (107,918) |
Held at fair value | ||||||
Interest rate derivatives | n/a | 2,378 | 2,378 | n/a | 3,998 | 3,998 |
Less | Three | |||||
than three | to 12 | One to | Two to | More than | ||
months | months | two years | five years | five years | Total | |
Year ended 31 December 2024 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Other payables and accrued | 6,844 | 1,653 | 1,934 | 516 | 1,376 | 12,323 |
expenses 1 | ||||||
Interest-bearing loans and borrowings | 1,438 | 4,931 | 125,504 | – | – | 131,873 |
Total | 8,282 | 6,584 | 127,438 | 516 | 1,376 | 144,196 |
Less | Three | |||||
than three | to 12 | One to | Two to | More than | ||
Company | months | months | two years | five years | five years | Total |
Other payables and accrued | 7,976 | 2,775 | 1,318 | 2,355 | 1,054 | 15,478 |
expenses 1 | ||||||
Interest-bearing loans and borrowings | 1,336 | 4,036 | 5,357 | 110,017 | – | 120,746 |
Total | 9,312 | 6,811 | 6,675 | 112,372 | 1,054 | 136,224 |
Number and | ||||
Country of | Country of | class of | ||
incorporation | Registration | share held by | Group | |
Company | and operation | Number | the Group | holding |
Ironstone Life Science Holdings Limited 2 | UK | 13390321 | 1,000 | 100% |
ordinary shares | ||||
Ironstone Life Science Cambourne Two Limited 1, 2 | UK | 13779806 | 1 ordinary share | 100% |
Ironstone Life Science Cambourne Limited 1, 2 | UK | 13763082 | 1 ordinary share | 100% |
Ironstone Life Science RSY Limited 1, 2 | UK | 13763039 | 1 ordinary share | 100% |
Ironstone Life Science Merrifield Limited 1, 2 | UK | 13763037 | 1 ordinary share | 100% |
Merrifield Centre Limited 1, 2, 4 | UK | 11118349 | 21,786,493 | 100% |
ordinary shares | ||||
Ironstone Life Science Herbrand Limited 1, 2 | UK | 14044299 | 1 ordinary share | 100% |
Herbrand Properties Limited 1, 3 | BVI | 1908435 | 6,000 | 100% |
ordinary shares | ||||
Oxford Technology Park Holdings Limited 2 | UK | 12434159 | 92 | 100% |
ordinary shares | ||||
Oxford Technology Park Limited 1, 2 | UK | 08483449 | 100 | 100% |
ordinary shares | ||||
Oxford Technology Park Investments Limited 1, 2 | UK | 12442240 | 1 ordinary share | 100% |
Interest- | Interest- | ||
bearing loans | bearing loans | ||
and | and | ||
borrowings | borrowings | ||
current | non-current | Total | |
£’000 | £’000 | £’000 | |
Balance as at 1 January 2024 | – | 107,918 | 107,918 |
Changes from financing cash flows: | |||
Bank loans drawn down | – | 14,000 | 14,000 |
Bank loans repaid | – | – | – |
Loan arrangement fees paid in the year | – | – | – |
Total changes from financing cash flows | – | 14,000 | 14,000 |
Additional interest and commitment fees capitalised | – | – | – |
Unamortised fees written off | – | – | – |
Amortisation charge for the year | – | 320 | 320 |
Balance as at 31 December 2024 | – | 122,238 | 122,238 |
Interest- | Interest- | ||
bearing loans | bearing loans | ||
and | and | ||
borrowings | borrowings | ||
current | non-current | Total | |
£’000 | £’000 | £’000 | |
Balance as at 1 January 2023 | 35,743 | 74,088 | 109,831 |
Changes from financing cash flows: | |||
Bank loans drawn down | – | 142,520 | 142,520 |
Bank loans repaid | (36,510) | (108,794) | (145,304) |
Loan arrangement fees paid in the year | – | (980) | (980) |
Total changes from financing cash flows | (36,510) | 32,746 | (3,764) |
Additional interest and commitment fees capitalised | 677 | – | 677 |
Unamortised fees written off | – | 716 | 716 |
Amortisation charge for the year | 90 | 368 | 458 |
Balance as at 31 December 2023 | – | 107,918 | 107,918 |