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REGISTERED NUMBER: 06713486 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 30 November 2023

for

Helix International Group Limited

Helix International Group Limited (Registered number: 06713486)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Statement of Director's Responsibilities 5

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Company Cash Flow Statement 16

Notes to the Cash Flow Statements 17

Notes to the Consolidated Financial Statements 19


Helix International Group Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Ms R Benjamin





REGISTERED OFFICE: Warnford Court
29 Throgmorton Street
London
EC2N 2AT





REGISTERED NUMBER: 06713486 (England and Wales)





AUDITORS: Primera Accountants Limited
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

Helix International Group Limited (Registered number: 06713486)

Group Strategic Report
for the Year Ended 30 November 2023

The director presents her strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
The Group's performance continued to show strong results in its trading companies and the overall turnover for the Group for the year ended November 2023 was £12.21m (2022: £10.30m) an increase of 18.80%. Gross profit margin was increased due to improvements in resource management for the year ended November 2023 at approximately 47% (2022: 43%) with a total Group gross profit of £5.69m (2022: £4.44m).

Towards QTR 3 we secured a growth capital finance deal which helped fuel growth and development of our growth plans for future years.

Our service range remains highly relevant to the markets we serve as we constantly innovate and lead the market in developing highly compelling solutions for our customers in order to help them meet their statutory and policy obligations. Maintaining and developing a suite of applications and solutions assisting our customers to navigate an increasingly complex compliance landscape in order to ensure that they are mitigating risks controlling their compliance and, equally importantly, are prepared for future changes to the relevant legislation and market conditions.

During the year we continued to execute our long term strategy which has enabled us to further invest in our QUOODA® platform. Recent legislation, including the Building Safety Act and the Fire Safety Act, along with updated guidance, is increasing the demand for our solutions, no matter the current economic climate and we achieved high retention rates.

We have invested in management initiatives which have been developed and implemented to create value within the group for scaling and driving efficiency in future years. This includes technology and information management to improve performance, review and development of operating models and organisation of functions, and service innovations.

The holding company and 4 of its 5 subsidiaries continue to operate from service offices & a hybrid working model which continues to deliver significant savings.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk for the Group remains the retention and expansion of its customer base, whilst continuing to garner new revenues and adding innovative new products. Some clients may also struggle in the current economic climate. Retention of staff and speed of recruiting suitable employees to serve the growing sales.

To mitigate these risks, we ensure we monitor our business's key metrics on a regular basis so that we can identify both potential risks and opportunities as soon as they arise. We have implemented a highly effective customer success strategy to protect and grow our clients and deliver an exceptional reputation. We have prioritised service delivery to ensure that service delivery is always at a high level and quality. We identify clients with credit worthiness and those able to fulfil our ideal customer criteria which includes minimum spend and recurring spend over a long term partnership. We also constantly review and update our existing products to ensure they deliver the high standards and technical excellence our customers expect as well as being relevant and being ahead of the curve for all things risk, compliance and safety. Helping our clients meet their existing and new obligations has enabled us to diversify our product base and hence some of these risks and whilst some of our clients may struggle in the current economic climate, although this is an industry proven to weather any challenges, our expectations are that the compliance burden on most will increase ensuring a growing market for risk compliance and safety solution providers. We have implemented measures to build out an internal talent team within the group to increase our recruitment efforts which are ongoing and mitigate the risk of lack of resources.


Helix International Group Limited (Registered number: 06713486)

Group Strategic Report
for the Year Ended 30 November 2023

KEY PERFORMANCE INDICATORS
The director considers the following as the key performance indicators:

2023 2022
Turnover £12,216k £10,301k
Gross profit £5,694k £4,440k
Gross margin 46.61% 43.11%
Net Assets £2,684k £1,934k
EBITDA £2,118k £1,170k

OTHER INFORMATION AND EXPLANATIONS
The results for the year and the financial position at the year end were considered satisfactory by the director who expects controlled growth and profitability to continue in the foreseeable future.

The director is confident that the company will be able to further strengthen its financial position by building on its current portfolio of contracts and grow the business with both existing and new clients in the future.

ON BEHALF OF THE BOARD:





Ms R Benjamin - Director


22 August 2024

Helix International Group Limited (Registered number: 06713486)

Report of the Director
for the Year Ended 30 November 2023

The director presents her report with the financial statements of the company and the group for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of holding company of its subsidiary companies whereby it continues to support the development and pursuit of operational excellence and efficiencies within each company in order to realise the Group's strategic objectives.

DIVIDENDS
An interim dividend of 0.3954 pence per share was paid on the end of each month during the year. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 30 November 2023 will be £185,040.

DIRECTOR
Ms R Benjamin held office during the whole of the period from 1 December 2022 to the date of this report.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Primera Accountants Limited, is deemed to be re-appointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Ms R Benjamin - Director


22 August 2024

Helix International Group Limited (Registered number: 06713486)

Statement of Director's Responsibilities
for the Year Ended 30 November 2023

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Helix International Group Limited

Opinion
We have audited the financial statements of Helix International Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and Notes to the Cash Flow Statements, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Helix International Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Helix International Group Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation including compliance with data protection, anti-bribery, employment, and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- obtaining an understanding of the policies and procedures including internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations in order to design audit procedures that are appropriate in the circumstances (but not not for the purpose of expressing an opinion on the effectiveness of the company's internal control).

To address the risk of fraud through management bias and override of controls, we:

- identified and assessed the risks of material misstatement of the financial statements, whether due to fraud or error, design and performed audit procedures responsive to those risks, and obtained audit evidence that is sufficient and appropriate to provide a basis for our opinion

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates in relation to income recognition, collectability of debtors, impairment of tangible and intangible assets and valuation of stock were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:


Report of the Independent Auditors to the Members of
Helix International Group Limited

- evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors;

-evaluating the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view);

-reading the minutes of meetings of those charged with governance;

-enquiring of management as to actual and potential litigation and claims;

-reviewing correspondence with HMRC and the company's legal advisors; and

- Concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve collusion, forgery, deliberate concealment and omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sadikali Gulamabas Premji FCCA (Senior Statutory Auditor)
for and on behalf of Primera Accountants Limited
First Floor
Spitalfields House
Stirling Way
Borehamwood
Hertfordshire
WD6 2FX

22 August 2024

Helix International Group Limited (Registered number: 06713486)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   

TURNOVER 3 12,216,738 10,300,722

Cost of sales 6,522,091 5,860,427
GROSS PROFIT 5,694,647 4,440,295

Distribution costs 177,517 173,458
Administrative expenses 4,491,933 4,004,405
4,669,450 4,177,863
OPERATING PROFIT 5 1,025,197 262,432

Interest receivable and similar income 4,527 452
1,029,724 262,884

Interest payable and similar expenses 7 93,711 11,524
PROFIT BEFORE TAXATION 936,013 251,360

Tax on profit 8 1,242 -
PROFIT FOR THE FINANCIAL YEAR 934,771 251,360

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

934,771

251,360

Profit attributable to:
Owners of the parent 934,771 251,360

Total comprehensive income attributable to:
Owners of the parent 934,771 251,360

Helix International Group Limited (Registered number: 06713486)

Consolidated Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 2,577,300 2,299,707
Tangible assets 12 97,556 78,297
Investments 13 - -
2,674,856 2,378,004

CURRENT ASSETS
Stocks 14 6,960 6,960
Debtors 15 3,490,707 1,946,378
Cash at bank and in hand 637,436 511,261
4,135,103 2,464,599
CREDITORS
Amounts falling due within one year 16 2,839,974 2,559,973
NET CURRENT ASSETS/(LIABILITIES) 1,295,129 (95,374 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,969,985

2,282,630

CREDITORS
Amounts falling due after more than one
year

17

(1,270,957

)

(333,333

)

PROVISIONS FOR LIABILITIES 21 (14,500 ) (14,500 )
NET ASSETS 2,684,528 1,934,797

CAPITAL AND RESERVES
Called up share capital 22 39,000 39,000
Capital redemption reserve 23 11,000 11,000
Retained earnings 23 2,634,528 1,884,797
SHAREHOLDERS' FUNDS 2,684,528 1,934,797

The financial statements were approved by the director and authorised for issue on 22 August 2024 and were signed by:





Ms R Benjamin - Director


Helix International Group Limited (Registered number: 06713486)

Company Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 2,086 7,314
Investments 13 50,108 50,108
52,194 57,422

CURRENT ASSETS
Debtors 15 508,646 6,020,226
Cash at bank 23,460 -
532,106 6,020,226
CREDITORS
Amounts falling due within one year 16 9,905,091 4,679,870
NET CURRENT (LIABILITIES)/ASSETS (9,372,985 ) 1,340,356
TOTAL ASSETS LESS CURRENT
LIABILITIES

(9,320,791

)

1,397,778

CREDITORS
Amounts falling due after more than one
year

17

(1,270,957

)

(333,333

)

PROVISIONS FOR LIABILITIES 21 (4,400 ) (4,400 )
NET (LIABILITIES)/ASSETS (10,596,148 ) 1,060,045

CAPITAL AND RESERVES
Called up share capital 22 39,000 39,000
Capital redemption reserve 23 11,000 11,000
Retained earnings 23 (10,646,148 ) 1,010,045
SHAREHOLDERS' FUNDS (10,596,148 ) 1,060,045

Company's (loss)/profit for the financial year (11,471,153 ) 194,854

The financial statements were approved by the director and authorised for issue on 22 August 2024 and were signed by:





Ms R Benjamin - Director


Helix International Group Limited (Registered number: 06713486)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 42,667 1,695,117 7,333 1,745,117

Changes in equity
Reduction in share capital (3,667 ) - 3,667 -
Dividends - (61,680 ) - (61,680 )
Total comprehensive income - 251,360 - 251,360
Balance at 30 November 2022 39,000 1,884,797 11,000 1,934,797

Changes in equity
Dividends - (185,040 ) - (185,040 )
Total comprehensive income - 934,771 - 934,771
Balance at 30 November 2023 39,000 2,634,528 11,000 2,684,528

Helix International Group Limited (Registered number: 06713486)

Company Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 42,667 876,871 7,333 926,871

Changes in equity
Profit for the year - 194,854 - 194,854
Total comprehensive income - 194,854 - 194,854
Dividends - (61,680 ) - (61,680 )
Reduction in share capital (3,667 ) - 3,667 -
Balance at 30 November 2022 39,000 1,010,045 11,000 1,060,045

Changes in equity
Deficit for the year - (11,471,153 ) - (11,471,153 )
Total comprehensive income - (11,471,153 ) - (11,471,153 )
Dividends - (185,040 ) - (185,040 )
Balance at 30 November 2023 39,000 (10,646,148 ) 11,000 (10,596,148 )

Helix International Group Limited (Registered number: 06713486)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 771,704 1,402,407
Interest paid (93,711 ) (9,891 )
Interest element of hire purchase payments
paid

-

(1,633

)
Tax paid - (26,468 )
Net cash from operating activities 677,993 1,364,415

Cash flows from investing activities
Purchase of intangible fixed assets (1,330,699 ) (1,223,716 )
Purchase of tangible fixed assets (56,310 ) (25,302 )
Sale of tangible fixed assets - 2,095
Receipts arising from loans made - (5,687 )
Interest received 4,527 452
Net cash from investing activities (1,382,482 ) (1,252,158 )

Cash flows from financing activities
New loans in year 1,270,957 -
Loan repayments in year (433,333 ) 433,333
Capital repayments in year (46,418 ) (265,874 )
Share buyback - (500,000 )
Equity dividends paid (185,040 ) (61,680 )
Net cash from financing activities 606,166 (394,221 )

Decrease in cash and cash equivalents (98,323 ) (281,964 )
Cash and cash equivalents at beginning of
year

2

321,656

603,620

Cash and cash equivalents at end of year 2 223,333 321,656

Helix International Group Limited (Registered number: 06713486)

Company Cash Flow Statement
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (506,361 ) (129,242 )
Interest paid (93,294 ) (9,190 )
Interest element of hire purchase payments
paid

-

(1,633

)
Net cash from operating activities (599,655 ) (140,065 )

Cash flows from financing activities
New loans in year 1,270,957 433,333
Loan repayments in year (433,333 ) -
Capital repayments in year (168 ) (17,418 )
Amount withdrawn by directors - (5,685 )
Share issue - (3,667 )
Share buyback - (496,333 )
Equity dividends paid (185,040 ) (61,680 )
Net cash from financing activities 652,416 (151,450 )

Increase/(decrease) in cash and cash equivalents 52,761 (291,515 )
Cash and cash equivalents at beginning of
year

2

(29,301

)

262,214

Cash and cash equivalents at end of year 2 23,460 (29,301 )

Helix International Group Limited (Registered number: 06713486)

Notes to the Cash Flow Statements
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT/(LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED
FROM OPERATIONS
Group
30.11.23 30.11.22
£    £   
Profit before taxation 936,013 251,360
Depreciation charges 1,093,981 915,370
Finance costs 93,711 11,524
Finance income (4,527 ) (452 )
2,119,178 1,177,802
Increase in stocks - (999 )
(Increase)/decrease in trade and other debtors (1,544,329 ) 149,011
Increase in trade and other creditors 196,855 76,593
Cash generated from operations 771,704 1,402,407

Company
30.11.23 30.11.22
£    £   
(Loss)/profit before taxation (11,471,153 ) 194,854
Depreciation charges 5,228 9,352
Amounts written off intercompany 11,347,265 -
Finance costs 93,294 10,823
(25,366 ) 215,029
Increase in trade and other debtors (994,675 ) (850,462 )
Increase in trade and other creditors 513,680 506,191
Cash generated from operations (506,361 ) (129,242 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statements in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Group Company
Year ended 30 November 2023
30.11.23 1.12.22 30.11.23 1.12.22
£    £    £    £   
Cash and cash equivalents 637,436 511,261 23,460 -
Bank overdrafts (414,103 ) (189,605 ) - (29,301 )
223,333 321,656 23,460 (29,301 )
Year ended 30 November 2022
30.11.22 1.12.21 30.11.22 1.12.21
£    £    £    £   
Cash and cash equivalents 511,261 1,007,212 - 262,214
Bank overdrafts (189,605 ) (403,592 ) (29,301 ) -
321,656 603,620 (29,301 ) 262,214


Helix International Group Limited (Registered number: 06713486)

Notes to the Cash Flow Statements
for the Year Ended 30 November 2023

3. ANALYSIS OF CHANGES IN NET DEBT

Group
At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand 511,261 126,175 637,436
Bank overdrafts (189,605 ) (224,498 ) (414,103 )
321,656 (98,323 ) 223,333
Debt
Finance leases (46,418 ) 46,418 -
Debts falling due within 1 year (100,000 ) 100,000 -
Debts falling due after 1 year (333,333 ) (937,624 ) (1,270,957 )
(479,751 ) (791,206 ) (1,270,957 )
Total (158,095 ) (889,529 ) (1,047,624 )
Company
At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank - 23,460 23,460
Bank overdrafts (29,301 ) 29,301 -
(29,301 ) 52,761 23,460
Debt
Finance leases (168 ) 168 -
Debts falling due within 1 year (100,000 ) 100,000 -
Debts falling due after 1 year (333,333 ) (937,624 ) (1,270,957 )
(433,501 ) (837,456 ) (1,270,957 )
Total (462,802 ) (784,695 ) (1,247,497 )

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Helix International 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The director has reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The director regards the foreseeable future as no less than twelve months following the publication of these annual financial statements. The director has considered the Group's balance sheet position as at the year end, its working capital forecasts and projections, taking account of possible changes in trading performance and the current state of its operating market, and is satisfied that for the foreseeable future the Group's financial position is improving and will enable the company to remain in operational existence. Consequently, the director considers it to be appropriate to prepare the financial statements on the going concern basis.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Helix International Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development Costs25% per annum on a straight line basis

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment25% per annum on a straight line basis
Fixtures and fittings20% - 33% per annum on a reducing balance
Computers 33% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long- term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.


Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.


Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

30.11.23 30.11.22
£    £   
Provision of safety solutions 7,762,480 5,657,888
Supply of fire systems 4,454,258 4,642,834
12,216,738 10,300,722

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

4. EMPLOYEES AND DIRECTORS
30.11.23 30.11.22
£    £   
Wages and salaries 2,240,312 1,938,742
Social security costs 91,220 95,910
Other pension costs 18,663 14,008
2,350,195 2,048,660

The average number of employees during the year was as follows:
30.11.23 30.11.22

Management, finance and administration 41 36
Sales 4 4
Engineers 4 4
Consultancy 24 24
Operations, developers and testers 12 12
Support 8 8
93 88

The average number of employees by undertakings that were proportionately consolidated during the year was 93 (2022 - 88 ) .

30.11.23 30.11.22
£    £   
Director's remuneration 121,838 201,899

5. OPERATING PROFIT

The operating profit is stated after charging:

30.11.23 30.11.22
£    £   
Hire of plant and machinery 1,868 5,138
Depreciation - owned assets 37,051 37,158
Development costs amortisation 1,053,106 878,212
Foreign exchange differences 2,330 2,715

Auditor's remuneration

Fees payable to the company's auditor and associates 2023 2022
£    £   
For audit services
Audit of the financial statements of the group and company 5,500 4,500
Audit of the financial statements of the company's subsidiaries 28,500 24,020
34,000 28,520


6. AUDITORS' REMUNERATION

Auditors' Remuneration for the Group and the Company is disclosed in note 5 above.

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.11.23 30.11.22
£    £   
Bank interest 93,711 9,891
Hire purchase - 1,633
93,711 11,524

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.11.23 30.11.22
£    £   
Current tax:
UK corporation tax 1,242 -
Tax on profit 1,242 -

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.11.23 30.11.22
£    £   
Profit before tax 936,013 251,360
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

234,003

47,758

Effects of:
Group relief (232,761 ) (47,758 )
Total tax charge 1,242 -

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


10. DIVIDENDS
30.11.23 30.11.22
£    £   
Ordinary shares of £0.01 each
Interim 185,040 61,680

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

11. INTANGIBLE FIXED ASSETS

Group
Development
costs
£   
COST
At 1 December 2022 7,750,217
Additions 1,330,699
At 30 November 2023 9,080,916
AMORTISATION
At 1 December 2022 5,450,510
Amortisation for year 1,053,106
At 30 November 2023 6,503,616
NET BOOK VALUE
At 30 November 2023 2,577,300
At 30 November 2022 2,299,707

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 December 2022 2,925 296,565 71,453 370,943
Additions - 56,187 123 56,310
At 30 November 2023 2,925 352,752 71,576 427,253
DEPRECIATION
At 1 December 2022 2,925 229,131 60,590 292,646
Charge for year - 29,683 7,368 37,051
At 30 November 2023 2,925 258,814 67,958 329,697
NET BOOK VALUE
At 30 November 2023 - 93,938 3,618 97,556
At 30 November 2022 - 67,434 10,863 78,297

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

12. TANGIBLE FIXED ASSETS - continued

Company
Computer
equipment
£   
COST
At 1 December 2022
and 30 November 2023 28,140
DEPRECIATION
At 1 December 2022 20,826
Charge for year 5,228
At 30 November 2023 26,054
NET BOOK VALUE
At 30 November 2023 2,086
At 30 November 2022 7,314

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 50,108
NET BOOK VALUE
At 30 November 2023 50,108
At 30 November 2022 50,108

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

Subsidiaries

Ark Sustainabillity Ltd
Registered office: England & Wales
Nature of business: Structural investigations for fire safety
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves (280,648 ) (530,057 )
Profit/(loss) for the year 249,409 (184,400 )

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

13. FIXED ASSET INVESTMENTS - continued

Ark Workplace Risk Ltd
Registered office: England & Wales
Nature of business: Provision of workplace risk compliance
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves 4,310,460 3,321,401
Profit for the year 989,059 278,908

Firetecnics Systems Limited
Registered office: England & Wales
Nature of business: Installation of fire safety systems
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves 7,550,102 6,303,939
Profit for the year 1,246,163 1,104,188

Sustainware Limited
Registered office: England & Wales
Nature of business: Development of risk compliance software
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves (9,568,158 ) (8,152,401 )
Loss for the year (1,423,229 ) (1,140,679 )

Building Safety Management Solution Ltd
Registered office: England & Wales
Nature of business: Management consultancy
%
Class of shares: holding
Ordinary 100.00
30.11.23 30.11.22
£    £   
Aggregate capital and reserves (26,999 ) (25,494 )
Loss for the year (1,505 ) (8,983 )


14. STOCKS

Group
30.11.23 30.11.22
£    £   
Stocks 6,960 6,960

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Trade debtors 3,082,223 1,735,312 - 15,120
Amounts owed by group undertakings - - 242,284 5,971,378
Other debtors 68,087 33,355 59,560 20,984
Tax 835 835 - -
Prepayments 339,562 176,876 206,802 12,744
3,490,707 1,946,378 508,646 6,020,226

The group uses invoice discounting facilities to obtain advance on invoices rendered to its customers. The amount of advance received on invoice discounting is recorded within the liabilities. The advance against invoice discounting is secured by a fixed and floating charge over the assets of the group.

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Bank loans and overdrafts (see note 18) 414,103 289,605 - 129,301
Hire purchase contracts (see note 19) - 46,418 - 168
Trade creditors 510,637 611,955 8,568 11,120
Amounts owed to group undertakings - - 9,757,327 4,465,026
Tax 1,242 - - -
Social security and other taxes 184,683 123,172 16,779 5,791
VAT 492,618 533,302 45,660 43,962
Other creditors 265,603 237,036 3,449 1,115
Accruals and deferred income 971,088 718,485 73,308 23,387
2,839,974 2,559,973 9,905,091 4,679,870

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Bank loans (see note 18) 1,270,957 333,333 1,270,957 333,333

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 414,103 189,605 - 29,301
Bank loans - 100,000 - 100,000
414,103 289,605 - 129,301
Amounts falling due between one and two years:
Bank loans - 1-2 years - 333,333 - 333,333
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,270,957 - 1,270,957 -

The bank loans and overdrafts and the net obligations under hire purchase contracts are secured by cross guarantees and fixed and floating charges over the assets of Helix International Group Limited and subsidiary companies.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.11.23 30.11.22
£    £   
Net obligations repayable:
Within one year - 46,418

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Company
Hire purchase contracts
30.11.23 30.11.22
£    £   
Net obligations repayable:
Within one year - 168

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

19. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
30.11.23 30.11.22
£    £   
Within one year 95,000 95,000
Between one and five years 118,750 118,750
213,750 213,750

20. FINANCIAL INSTRUMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Carrying amount of financial assets
Debt instruments measured at amortised cost 3,150,310 1,768,667 301,844 6,007,482
Carrying amount of financial liabilities
Measured at amortised costs 3,432,390 2,252,848 11,113,608 4,963,450

21. PROVISIONS FOR LIABILITIES

Group Company
30.11.23 30.11.22 30.11.23 30.11.22
£    £    £    £   
Deferred tax
Accelerated capital allowances 4,400 4,400 4,400 4,400
Deferred tax 10,100 10,100 - -
14,500 14,500 4,400 4,400

Group
Deferred
tax
£   
Balance at 1 December 2022 14,500
Balance at 30 November 2023 14,500

Company
Deferred
tax
£   
Balance at 1 December 2022 4,400
Balance at 30 November 2023 4,400

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
3,900,000 Ordinary £0.01 39,000 39,000

23. RESERVES

Capital redemption reserve
Group Company
2023 2022 2023 2022
£    £    £    £   
At the beginning of the year 7,333 7,333 7,333 7,333
Transfers 3,667 3,667 3,667 3,667
At the end of the year 11,000 11,000 11,000 11,000

24. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company has given unlimited cross guarantees to the group bankers to cover group borrowings.

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Rosalind Benjamin by virtue of her ownership of 100% of the issued share capital in the company.

Helix International Group Limited (Registered number: 06713486)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

26. SHARE-BASED PAYMENT TRANSACTIONS

The company had share-based payment arrangements as follows:

The company adopted an EMI Scheme and had options in respect of 269,000 ordinary shares outstanding to 8 of its employees at start of the year. During the year, the company granted a further 185,000 options in respect of ordinary shares in June 2023 to 8 of its employees for a maximum term of 10 years. The Option Holders may exercise the Options on vesting provided they satisfy the conditions or are classified as a good leaver and the performance criteria set under the terms of the option agreement are satisfied. Also, during the year, one of the employees left and her options lapsed.

The number and weighted average exercise prices of share options during the year are as follows:


Number of share options Weighted average exercise price
2023 2022 2023 2022
Number Number £    £   
Outstanding at 1 Dec 2022 269,000 2645,00 0.51 0.52
Granted 185,000 41,000 1.36 0.01
Forfeited (2,000 ) (36,500 ) 0.01 0.01
Outstanding at 30 November 2023 452,000 269,000 0.86 0.51
Exercisable at 30 November 2023 452,000 269,000 0.86 0.51

The options outstanding at 30 November 2023 had an exercise price ranging from £0.01 to £1.36 and a remaining contractual life of 4 to 10 years.

Liabilities and expenses
The fair value of each share option granted was measured using the Black-Scholes model. The reason for choosing this model was that the director considers it to be the most conventionally used model.

No expense was recognised during the year in respect of share-based payments and no liabilities arose from share-based payments transactions.