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Registered number: 08952074










HELLIOS HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



 
HELLIOS HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
C J Maund 
The Duke of Richmond and Gordon 
S Sand 




Company secretary
R A Maund



Registered number
08952074



Registered office
Kemp House
Chawley Park

Cumnor Hill

Oxford

OX2 9PH




Independent auditors
James Cowper Kreston Audit
Chartered Accountants

2 Chawley Park

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
HELLIOS HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12 - 13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15
Consolidated Analysis of Net Debt
16
Notes to the Financial Statements
17 - 29


 
HELLIOS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Hellios Holdings Limited is based in Oxfordshire, UK, with subsidiary companies currently based in the United Kingdom, Ireland, the Netherlands, Spain, and Australia.  
Hellios Holdings Limited manages a business that gathers, maintains, and reports on third party supplier data collected directly from suppliers on behalf of Buyer Customers. The business is structured around industry and geographic Communities within those industries where the data is shared in a common IT platform with Buyer Customers. Our expertise is developing and managing industry Communities to create a single pool of accurate and up to date supplier information.
Business is growing because of an increasing requirement for companies to have accurate and up-to-date information on suppliers and their supply chains to meet the challenges of managing Third Party Risk. (TPR). Challenging macroeconomic conditions make the low-cost community model offered by Hellios an attractive proposition for Buyers, and the scale of the communities delivers efficiencies for suppliers of multiple buyer members.  The TPR marketplace is evolving with the development of new products and services, particularly for Procurement processes and for niche risk topics such as Cyber Security, Data Privacy and Environmental analysis tools coupled with an increased appetite to use AI to gather and assess information. 

Business review
 
For the 2023 financial year the group has seen a strong performance with Revenue Growth of 20% across the group and an EBITDA margin of 23.8%.
The main areas for growth have been a sustained increase in the size of our existing communities with both in terms of new Buyers & Suppliers. We have also seen additional streams of revenue created after launching the Live events (conferences for our buyers and suppliers to come together) in the UK and the first revenue from our Joscar Zero Carbon reporting solution which is still in development. 
We did see a slow down in our stage 3 revenue as we looked to re-develop the business model during the year. 
To facilitate the ongoing growth we have continued to make investments in our headcount to ensure the growth is supported in the best way.

Principal risks and uncertainties
 
During the year the board has had to consider a number of risk and uncertainties in the wider environment and take decisions as a result.
Economic uncertainty has continued to be an issue for the business since the various events in 2022, including the invasion of Ukraine by Russia and the economic shock in September which caused inflation to increase to levels not seen in a generation. While it has helped generate some new customers, this also led the board to consider how to balance meeting the increasing costs to our business while also aiming to provide adequate support to our staff members and helping them to manage the financial impact to them.
Opportunities for expansion presented themselves during the year and a key consideration for the board was how to take advantage of these while balancing the economic uncertainty highlighted above.  There were two key investment decisions which were undertaken as a result of this as outlined in the future developments section of the board report.
The board was able to make these investments funded by both retained earnings and cash generated by ongoing trading throughout the year. This can be seen by the increase in the strength of the balance sheet during the period with increases in Intangible Assets to £3,128,764 (2022: £2,475,877) and the Cash balance of £2,415,251 (2022 £2,296,654).

Page 1

 
HELLIOS HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 15 October 2024 and signed on its behalf.



C J Maund
Director

Page 2

 
HELLIOS HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,174,791 (2022 - £675,494).

Directors

The directors who served during the year were:

C J Maund 
The Duke of Richmond and Gordon 
S Sand 

Future developments

During the year, the board continued to set ambitious growth targets for the business driven by organic growth. This has been facilitated as the board chose to re-invest in the business in the following areas:

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 
HELLIOS HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

Post year end a new subsidiary, Hellios Information ApS, was incorporated.

Auditors

The auditorsJames Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





C J Maund
Director

Date: 15 October 2024

Page 4

 
HELLIOS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELLIOS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Hellios Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 or 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 directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
HELLIOS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELLIOS HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
HELLIOS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELLIOS HOLDINGS LIMITED (CONTINUED)


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 an Auditors' Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 


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 Auditors' Report.


Other matters 
 

The financial statements for the year to 31 December 2022 were unaudited.


Page 7

 
HELLIOS HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELLIOS HOLDINGS LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Sue Staunton MA FCA CF (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants
  
2 Chawley Park
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

15 October 2024
Page 8

 
HELLIOS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
                                                                                                               
£
£

  

Turnover
  
8,123,214
6,736,712

Cost of sales
  
(530,432)
(543,147)

Gross profit
  
7,592,782
6,193,565

Distribution costs
  
(99,868)
(101,195)

Administrative expenses
  
(6,229,716)
(5,282,380)

Other operating income
  
140,464
310

Operating profit
  
1,403,662
810,300

Interest receivable and similar income
  
26,755
-

Profit before taxation
  
1,430,417
810,300

Tax on profit
  
(255,626)
(134,806)

Profit for the financial year
  
1,174,791
675,494

Profit for the year attributable to:
  

Owners of the parent Company
  
1,174,791
675,494

  
1,174,791
675,494

The notes on pages 17 to 29 form part of these financial statements.

Page 9

 
HELLIOS HOLDINGS LIMITED
REGISTERED NUMBER: 08952074

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                      Note
£
£

Fixed assets
  

Intangible assets
 11 
3,128,764
2,475,877

Tangible assets
 12 
148,446
156,118

  
3,277,210
2,631,995

Current assets
  

Debtors: amounts falling due within one year
 14 
1,129,743
551,145

Cash at bank and in hand
 15 
2,415,251
2,296,654

  
3,544,994
2,847,799

Creditors: amounts falling due within one year
 16 
(4,013,670)
(3,409,428)

Net current liabilities
  
 
 
(468,676)
 
 
(561,629)

Total assets less current liabilities
  
2,808,534
2,070,366

Provisions for liabilities
  

Net assets
  
2,808,534
2,070,366


Capital and reserves
  

Called up share capital 
 18 
143,355
143,355

Share premium account
  
632,178
632,178

Concessions, licences and IP rights reserve
  
7,208
-

Foreign exchange reserve
  
(88,859)
(145,028)

Additional paid in capital
  
(160,056)
-

Profit and loss account
  
2,274,708
1,349,917

Equity attributable to owners of the parent Company
  
2,808,534
1,980,422

Non-controlling interests
  
-
89,944

  
2,808,534
2,070,366


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C J Maund
Director

Date: 15 October 2024

The notes on pages 17 to 29 form part of these financial statements.

Page 10

 
HELLIOS HOLDINGS LIMITED
REGISTERED NUMBER: 08952074

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
253,460
3,460

  
253,460
3,460

Current assets
  

Debtors: amounts falling due within one year
 14 
682,204
1,146,839

  
682,204
1,146,839

Creditors: amounts falling due within one year
 16 
(23,477)
(11,450)

Net current assets
  
 
 
658,727
 
 
1,135,389

Total assets less current liabilities
  
912,187
1,138,849

  

  

Net assets excluding pension asset
  
912,187
1,138,849

Net assets
  
912,187
1,138,849


Capital and reserves
  

Called up share capital 
 18 
143,355
143,355

Share premium account
  
632,178
632,178

Profit and loss account brought forward
  
363,316
158,384

Profit for the year
  
23,338
354,932

Dividends paid

  

(250,000)
(150,000)

Profit and loss account carried forward
  
136,654
363,316

  
912,187
1,138,849


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


C J Maund
Director

Date: 15 October 2024

The notes on pages 17 to 29 form part of these financial statements.

Page 11

 

 
HELLIOS HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Concessions, Licenses & IP Rights Reserve
Foreign exchange reserve
Additional paid in capital
Profit and loss account
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£


At 1 January 2023
143,355
632,178
-
(145,028)
-
1,349,917
89,944
2,070,366





Profit for the year
-
-
-
-
-
1,174,791
-
1,174,791


Currency translation differences
-
-
-
56,169
-
-
-
56,169


Dividends: Equity capital
-
-
-
-
-
(250,000)
-
(250,000)


Purchase of additional shares in subsidiary
-
-
7,208
-
(160,056)
-
(89,944)
(242,792)



At 31 December 2023
143,355
632,178
7,208
(88,859)
(160,056)
2,274,708
-
2,808,534



Page 12

 

 
HELLIOS HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022



Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Non-controlling interests
Total equity


£
£
£
£
£
£


At 1 January 2022
143,355
632,178
(142,441)
821,748
89,944
1,544,784





Profit for the year
-
-
-
675,494
-
675,494


Taxation in respect of items of other comprehensive income
-
-
-
2,675
-
2,675


Other movements
-
-
(2,587)
-
-
(2,587)


Dividends: Equity capital
-
-
-
(150,000)
-
(150,000)



At 31 December 2022
143,355
632,178
(145,028)
1,349,917
89,944
2,070,366



The notes on pages 17 to 29 form part of these financial statements.

Page 13

 
HELLIOS HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
143,355
632,178
363,316
1,138,849



Profit for the year
-
-
23,338
23,338

Dividends: Equity capital
-
-
(250,000)
(250,000)


At 31 December 2023
143,355
632,178
136,654
912,187



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
143,355
632,178
158,384
933,917



Profit for the year
-
-
354,932
354,932

Dividends: Equity capital
-
-
(150,000)
(150,000)


At 31 December 2022
143,355
632,178
363,316
1,138,849


The notes on pages 17 to 29 form part of these financial statements.

Page 14

 
HELLIOS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

Cash flows from operating activities
  

Profit for the financial year
  
1,174,791
675,494

Adjustments for:
  

Amortisation of intangible assets
 11 
543,108
435,777

Depreciation of tangible assets
 12 
86,671
71,779

Loss on disposal of tangible assets
  
2,355
1,027

Interest received
  
(26,755)
-

Taxation charge
 9 
172,286
(134,806)

(Increase)/decrease in debtors
 14 
(661,938)
116,706

Increase in creditors
 16 
457,757
620,629

Increase in provisions
  
83,340
123,364

Corporation tax (paid)/received
  
(25,801)
142,980

Foreign exchange
  
(4,709)
(3,583)

Net cash generated from operating activities

  

1,801,105
2,049,367

  

Cash flows from investing activities
  

Purchase of intangible fixed assets
 11 
(1,131,898)
(717,464)

Purchase of tangible fixed assets
 12 
(77,365)
(118,370)

Sale of tangible fixed assets
  
-
848

Purchase of fixed asset investments
 13 
(250,000)
-

Interest received
  
26,755
-

Net cash from investing activities

  

(1,432,508)
(834,986)

Cash flows from financing activities
  

Dividends paid
  
(250,000)
(150,000)

Net cash used in financing activities
  
(250,000)
(150,000)

Net increase in cash and cash equivalents
  
118,597
1,064,381

Cash and cash equivalents at beginning of year
 15 
2,296,654
1,232,273

Cash and cash equivalents at the end of year
  
2,415,251
2,296,654


Cash and cash equivalents at the end of year comprise:
  

Cash at bank and in hand
 15 
2,415,251
2,296,654

  
2,415,251
2,296,654


The notes on pages 17 to 29 form part of these financial statements.

Page 15

 
HELLIOS HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

2,296,654

118,597

2,415,251


2,296,654
118,597
2,415,251

The notes on pages 17 to 29 form part of these financial statements.

Page 16

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Hellios Holdings Limited is a private company limited by share capital and incorporated in England and Wales. The registered office and principal place of business is Kemp House, Chawley Park, Cumnor Hill, Oxford, OX2 9PH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 17

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.5

Research and development

Development expenditure is written off in the same financial year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, with the net amounts presented in the financial statements,
Page 20

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
8,123,214
6,736,712

8,123,214
6,736,712


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
6,259,288
5,271,161

Rest of Europe
1,461,857
1,129,101

Rest of the world
402,069
336,450

8,123,214
6,736,712


Page 21

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Other operating income

2023
2022
£
£

Other operating income
-
310

Research and development claim
140,464
-

140,464
310



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
110,504
76,228

Exchange differences
(504)
3,319

Amortisation of intangible assets, including goodwill
526,999
415,157


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
15,000
-

Preparation of the consolidated financial statements
2,900
2,750


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
3,735,753
3,309,607

Social security costs
427,701
358,230

Cost of defined contribution scheme
104,010
78,892

4,267,464
3,746,729


The average monthly number of employees, including directors, during the year was  (2022: 62).

Page 22

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
245,578
181,980

Group contributions to defined contribution pension schemes
7,603
7,263

253,181
189,243


During the year retirement benefits were accruing to 1 directors (2022 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £191,270 (2022 - £181,980).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,603 (2022 - £7,263).


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
172,286
11,442

Total current tax
172,286
11,442

Deferred tax


Origination and reversal of timing differences
83,340
123,364

Total deferred tax
83,340
123,364


Taxation on profit on ordinary activities
255,626
134,806
Page 23

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,430,417
810,300


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
336,434
154,392

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,847
-

Fixed asset differences
(258)
-

Remeasurement of deferred tax charge for changes in tax rates
4,932
-

Other differences leading to an increase (decrease) in the tax charge
(90,329)
(19,586)

Total tax charge for the year
255,626
134,806


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2023
2022
£
£


Dividends paid
250,000
150,000

250,000
150,000

Page 24

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets

Group 





Development expenditure
Trademarks
Total

£
£
£



Cost


At 1 January 2023
3,360,385
7,675
3,368,060


Additions
1,131,898
-
1,131,898


Foreign exchange movement
65,399
-
65,399



At 31 December 2023

4,557,682
7,675
4,565,357



Amortisation


At 1 January 2023
891,672
512
892,184


Charge for the year on owned assets
542,341
767
543,108


Foreign exchange movement
1,301
-
1,301



At 31 December 2023

1,435,314
1,279
1,436,593



Net book value



At 31 December 2023
3,122,368
6,396
3,128,764



At 31 December 2022
2,468,713
7,163
2,475,876



Page 25

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group






Computer equipment

£



Cost or valuation


At 1 January 2023
341,371


Additions
77,365


Exchange adjustments
2,350



At 31 December 2023

421,086



Depreciation


At 1 January 2023
185,253


Charge for the year on owned assets
86,671


Exchange adjustments
716



At 31 December 2023

272,640



Net book value



At 31 December 2023
148,446



At 31 December 2022
156,118


13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,460


Additions
250,000



At 31 December 2023
253,460




Page 26

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Hellios Information Limited
Ordinary
100%
Hellios Information B.V.
Ordinary
100%
Hellios Information S.L.
Ordinary
100%
Hellios Technology Solutions Limited
Ordinary
100%
Hellios Information Pty
Ordinary
100%


14.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
435,283
189,526
-
-

Amounts owed by group undertakings
-
-
682,204
1,144,824

Other debtors
285,818
94,748
-
2,015

Prepayments and accrued income
387,899
162,788
-
-

Deferred taxation
20,743
104,083
-
-

1,129,743
551,145
682,204
1,146,839



15.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,415,251
2,296,654
-
-



16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
221,904
151,672
-
-

Corporation tax
153,797
7,312
14,427
7,250

Other taxation and social security
413,934
404,856
-
-

Other creditors
31,091
13,098
-
-

Accruals and deferred income
3,192,944
2,832,490
9,050
4,200

4,013,670
3,409,428
23,477
11,450



17.


Deferred taxation

Page 27

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
17.Deferred taxation (continued)


Group



2023
2022


£

£






At beginning of year
104,083
225,355


Charged to profit or loss
(83,340)
(167,586)


Utilised in year
-
46,314



At end of year
20,743
104,083

Company


2023
2022





At beginning of year
-
-



At end of year
-
-
The deferred tax asset is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
20,743
104,083

20,743
104,083


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



143,355 (2022 - 143,355) Ordinary shares of £1 each
143,355
143,355



19.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £104,010 (2022: £78,892). Contributions totalling £21,187 (2022 - £714) were payable to the fund at the balance sheet date.

Page 28

 
HELLIOS HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
160,859
117,466

Later than 1 year and not later than 5 years
326,396
118,137

487,255
235,603

21.


Post balance sheet events

Post year end a new subsidiary, Hellios Information ApS, was incorporated.  


22.


Controlling party

The Company is controlled by its directors.


Page 29