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Company No: 10685406 (England and Wales)

HELIX EQUITIES LIMITED

Annual Report and Financial Statements
For the financial year ended 31 March 2025

HELIX EQUITIES LIMITED

Annual Report and Financial Statements

For the financial year ended 31 March 2025

Contents

HELIX EQUITIES LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2025
HELIX EQUITIES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025
DIRECTORS Joachim Christian Benes
Matthew David Mcconnell (Resigned 26 April 2024)
Lucas Sielecki
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
BUSINESS ADDRESS 86 Brook Street
London
W1K 5AY
COMPANY NUMBER 10685406 (England and Wales)
AUDITOR Dixon Wilson Audit Services LLP
Statutory Auditor
22 Chancery Lane
London
WC2A 1LS
HELIX EQUITIES LIMITED

STRATEGIC REPORT

For the financial year ended 31 March 2025
HELIX EQUITIES LIMITED

STRATEGIC REPORT (continued)

For the financial year ended 31 March 2025

The directors present their Strategic Report for the financial year ended 31 March 2025.

REVIEW OF THE BUSINESS

The Company is authorised by the FCA as an AIFM. It provides management services to a unit trust domiciled in the Cayman Islands and is remunerated based on a percentage of the value of managed assets.

Revenue grew by a further 9% during the period, underscoring the strength of our investment model. In a year characterised by significant market volatility and geopolitical uncertainty, our diversified approach has continued to deliver consistent results. We remain confident that this discipline will continue to serve us well, and we anticipate comparable performance in 2025/26.

Capital and liquid reserves are maintained in accordance with FCA regulations.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal potential risks for the company's business model are:
- if there were failures in controls it could lead to withdrawal of the company's FCA authorisation
- withdrawals of funds by investors of managed entities could lead to a reduction in the company's income
- regulatory changes could make it more difficult for the company to provide cross border management services

Approved by the Board of Directors and signed on its behalf by:

Lucas Sielecki
Director

15 July 2025

HELIX EQUITIES LIMITED

DIRECTORS' REPORT

For the financial year ended 31 March 2025
HELIX EQUITIES LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 March 2025

The directors present their annual report on the affairs of the company, together with the financial statements and auditors’ report, for the financial year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the company is the provision of portfolio management services.

REVIEW OF THE BUSINESS

Turnover for the financial year amounted to £2,782,693 (2024: £2,547,816). The company earned a profit after taxation totalling £472,915 (2024: £155,940).

The net current asset position of the company as at the financial year end amounted to £1,478,718 (2024: net current asset £999,102).

The net asset position of the company as at the financial year end amounted to £1,492,331 (2024: net asset £1,019,416).

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company complies with the FCA's rules regarding capital and liquidity. The company's capital is represented principally by on demand balances with banks with high credit ratings. The company's income is from a single source, to which the company is fund manager, and is billed and paid on a regular basis. The company has exposure to price risk as its income is a percentage of managed funds and the principal protection is therefore the success of the company's investment strategy for the managed funds.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Joachim Christian Benes
Matthew David Mcconnell (Resigned 26 April 2024)
Lucas Sielecki

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.



Approved by the Board of Directors and signed on its behalf by:

Lucas Sielecki
Director

15 July 2025

HELIX EQUITIES LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 31 March 2025
HELIX EQUITIES LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 31 March 2025

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 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 of the profit or loss of the company for that financial period.

In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HELIX EQUITIES LIMITED

For the financial year ended 31 March 2025

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HELIX EQUITIES LIMITED (continued)

For the financial year ended 31 March 2025

Opinion

We have audited the financial statements of Helix Equities Limited for the financial year ended 31 March 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 16, including 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 of Helix Equities Limited (the ‘company’):
* Give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; 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)). Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the company 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 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 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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.

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.

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 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 Strategic Report and Directors' Report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and 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, or returns adequate for our audit have not been received from branches not visited by us; or
* The 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, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 auditor's 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 financial statements.

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

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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:

We gained an understanding of the legal and regulatory framework applicable to the company by considering, amongst other things, the industry and sector in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the assessed level of risk, but recognised that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate
concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, UK Company Law, UK tax legislation, FCA Regulations.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and consideration of the firm’s FCA scope of permission.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by management that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

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 an auditor’s 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.

Steven Wakefield
For and on behalf of
Dixon Wilson Audit Services LLP
Statutory Auditor

22 Chancery Lane
London
WC2A 1LS

15 July 2025

HELIX EQUITIES LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

For the financial year ended 31 March 2025
HELIX EQUITIES LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS (continued)

For the financial year ended 31 March 2025
Note 2025 2024
£ £
Turnover 2 2,782,693 2,547,816
Administrative expenses ( 2,159,960) ( 2,336,055)
Operating profit 622,733 211,761
Interest receivable and similar income 11,995 0
Profit before taxation 3 634,728 211,761
Tax on profit 7 ( 161,813) ( 55,821)
Profit for the financial year 472,915 155,940
Retained earnings at the beginning of financial year 779,316 623,376
Profit for the financial year 472,915 155,940
Retained earnings at the end of financial year 1,252,231 779,316
HELIX EQUITIES LIMITED

BALANCE SHEET

As at 31 March 2025
HELIX EQUITIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 8 17,913 26,839
17,913 26,839
Current assets
Debtors 9 783,406 743,945
Cash at bank and in hand 1,205,654 826,308
1,989,060 1,570,253
Creditors: amounts falling due within one year 10 ( 510,342) ( 571,151)
Net current assets 1,478,718 999,102
Total assets less current liabilities 1,496,631 1,025,941
Provision for liabilities 11 ( 4,300) ( 6,525)
Net assets 1,492,331 1,019,416
Capital and reserves 12
Called-up share capital 240,100 240,100
Profit and loss account 1,252,231 779,316
Total shareholder's funds 1,492,331 1,019,416

The financial statements of Helix Equities Limited (registered number: 10685406) were approved and authorised for issue by the Board of Directors on 15 July 2025. They were signed on its behalf by:

Lucas Sielecki
Director
HELIX EQUITIES LIMITED

STATEMENT OF CASH FLOWS

For the financial year ended 31 March 2025
HELIX EQUITIES LIMITED

STATEMENT OF CASH FLOWS (continued)

For the financial year ended 31 March 2025
2025 2024
£ £
Net cash flows from operating activities (note 14) 373,569 211,196
Cash flows from investing activities
Purchase of plant and machinery ( 6,218) ( 4,197)
Interest received 11,995 0
Net cash flows from investing activities 5,777 ( 4,197)
Cash flows from financing activities
Net cash flows from financing activities 0 0
Net increase in cash and cash equivalents 379,346 206,999
Cash and cash equivalents at beginning of year 826,308 619,309
Cash and cash equivalents at end of year 1,205,654 826,308
Reconciliation to cash at bank and in hand:
Cash at bank and in hand at end of year 1,205,654 826,308
Cash and cash equivalents at end of year 1,205,654 826,308
HELIX EQUITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
HELIX EQUITIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Helix Equities Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.

The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS.
The principal place of business is 86 Brook Street, London, W1K 5AY.

The financial statements have been prepared under the historical cost convention, in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date. Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise.

Turnover

Turnover comprises the fair value of the consideration receivable for the provision of portfolio management services in the ordinary course of the company’s activities. Turnover is determined as a percentage of managed assets, and recognised in the periods in which the related services are provided.

Taxation

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

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment
Leases

The company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

The company's financial instruments are all debt instruments measured at amortised cost. The company's principal financial instruments are cash at bank, and short term payables and receivables.

2. Turnover

Turnover is wholly attributable to the principal activity of the company and generated solely from activities carried on within the United Kingdom.

An analysis of the company's turnover is as follows:

2025 2024
£ £
Rendering of services 2,782,693 2,547,816

3. Profit before taxation

Profit before taxation is stated after charging/(crediting):

2025 2024
£ £
Depreciation of tangible fixed assets (note 8) 15,144 20,007
Operating lease rentals 224,894 219,607
Foreign exchange losses 9 9

4. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

2025 2024
£ £
Fees payable to the company’s auditor and its associates for the audit of the company's annual financial statements: 8,000 7,500
Total audit fees 8,000 7,500
Taxation compliance services 9,000 6,000
Other services 12,313 8,100
Total non-audit fees 21,313 14,100

5. Staff number and costs

2025 2024
Number Number
The average monthly number of employees (including directors) was:
Directors 2 3
Other employees 5 5
7 8

Their aggregate remuneration comprised:

2025 2024
£ £
Wages and salaries 1,261,205 1,425,518
Social security costs 165,537 190,149
Other retirement benefit costs 7,965 8,611
Other compensation costs
Short term employee benefits 20,861 25,077
1,455,568 1,649,355

6. Directors' remuneration

2025 2024
£ £
Directors' emoluments 509,531 936,000
Company contributions to money purchase pension schemes 2,752 3,962
512,283 939,962
2025 2024
Number Number
Members of a money purchase pension scheme 2 3

Remuneration of the highest paid director

2025 2024
£ £
Director's emoluments 300,000 400,000
Company contributions to money purchase schemes 1,321 1,321
301,321 401,321

7. Tax on profit

2025 2024
£ £
Current tax on profit
UK corporation tax 164,038 59,774
Total current tax 164,038 59,774
Deferred tax
Origination and reversal of timing differences ( 2,225) ( 3,953)
Total deferred tax ( 2,225) ( 3,953)
Total tax on profit 161,813 55,821
Tax reconciliation

The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:

2025 2024
£ £
Profit before taxation 634,728 211,761
Tax on profit at standard UK corporation tax rate of 25.00% (2024: 25.00%) 158,682 52,940
Effects of:
Expenses not deductible for tax purposes 3,131 2,881
Total tax charge for year 161,813 55,821

8. Tangible assets

Office equipment Total
£ £
Cost
At 01 April 2024 103,376 103,376
Additions 6,218 6,218
At 31 March 2025 109,594 109,594
Accumulated depreciation
At 01 April 2024 76,537 76,537
Charge for the financial year 15,144 15,144
At 31 March 2025 91,681 91,681
Net book value
At 31 March 2025 17,913 17,913
At 31 March 2024 26,839 26,839

9. Debtors

2025 2024
£ £
VAT recoverable 34,558 31,260
Prepayments and accrued income 748,848 712,685
783,406 743,945

10. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 0 69,066
Corporation tax 164,038 59,744
Payroll taxes payable 333,140 434,616
Accruals 11,500 6,000
Defined contribution pension scheme accrual 1,664 1,725
510,342 571,151

11. Provision for liabilities

Deferred taxation Total
£ £
At 01 April 2024 6,525 6,525
Credited to the Statement of Income and Retained Earnings ( 2,225) ( 2,225)
At 31 March 2025 4,300 4,300

Deferred tax

2025 2024
£ £
Accelerated capital allowances 4,478 6,710
Other timing differences ( 178) ( 185)
Provision for deferred tax 4,300 6,525

12. Called-up share capital and reserves

2025 2024
£ £
Allotted, called-up and fully-paid
240,100 Ordinary shares of £ 1.00 each 240,100 240,100
Presented as follows:
Called-up share capital presented as equity 240,100 240,100

13. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2025 2024
£ £
within one year 72,508 72,508

14. Statement of Cash Flows

2025 2024
£ £
Operating profit 622,733 211,761
Adjustment for:
Depreciation and amortisation 15,144 20,007
Operating cash flows before movement in working capital 637,877 231,768
Increase in debtors ( 39,461) ( 91,038)
(Decrease)/increase in creditors ( 165,103) 76,943
Cash generated by operations 433,313 217,673
Income taxes paid ( 59,744) ( 6,477)
Net cash flows from operating activities 373,569 211,196

15. Related party transactions

The directors hold interests in the AIF that is managed by the company and provides the company's turnover.

16. Controlling party

The ultimate controlling party is the director, Lucas Sielecki.