Registration number: 10827352

Helix Parent Holdings Limited

Contents

Helix Parent Holdings Limited

Company Information

Helix Parent Holdings Limited

Strategic Report for the period from 1 January 2024 to 30 June 2025

The directors present their strategic report for the period from 1 January 2024 to 30 June 2025.

Principal activity

The principal activity of the group is that of a holding company.

Fair review of the business

The reporting period represented a significant phase in the development of the business and one of the most challenging trading environments experienced by the UK construction sector in recent years. Project commencement delays arising from statutory planning requirements, client funding approvals and regulatory processes, together with continued construction cost inflation and operational challenges across a small number of contracts, adversely impacted profitability and cash generation during the period.

Whilst the change of Government during 2024 brought renewed policy support for affordable housing and regeneration, the anticipated acceleration in project delivery and client investment took longer than expected to materialise. This resulted in delayed contract mobilisation, extended overhead recovery periods and increased working capital requirements across the business.

Alongside these market conditions, the Group undertook a deliberate programme of strategic investment designed to support its long-term growth and diversification. This included investment in land-led development opportunities, the establishment and expansion of the Group's Western regional operations and joint venture activities, together with significant investment in strengthening the senior management team and supporting operational infrastructure.

Whilst these investments increased establishment costs and working capital requirements during the reporting period, the Directors believe they have materially strengthened the Group's long-term earnings potential, operational resilience and market position.

During 2025 the Board completed a significant programme of organisational improvement through the appointment of a new executive leadership team. Experienced commercial, operational and financial professionals were recruited and enhanced governance, forecasting, commercial review and project control procedures were implemented across the business.

Turnover increased from £20.6m for the 12 months ended 31 December 2023 to £39.8m for the 18 months ended 30 June 2025. On an annualised basis, this represented growth of 29.1%. Gross profit increased to £8.0m in the period, however gross margin reduced from 26.8% to 20.1%.

Whilst profitability during the reporting period was below the Board's expectations, the Directors are encouraged by the substantial progress achieved in strengthening the organisation. The business has emerged with enhanced governance, improved operational capability and a strengthened leadership team.

Helix Parent Holdings Limited

Strategic Report for the period from 1 January 2024 to 30 June 2025

Going concern

The Directors acknowledge that the Independent Auditor's Report identifies a material uncertainty relating to going concern.

In reaching their conclusion, the auditors considered the trading performance during the reporting period, forecast cash flows, the use of additional funding facilities to support the business and its strategic investment programme and the inherent characteristics of the construction sector, where contract execution risk, margin pressure, delays in recoveries and working capital requirements can increase the uncertainty associated with forward-looking forecasts.

The Directors have undertaken a detailed assessment of the Group's ability to continue as a going concern, including consideration of cash flow forecasts, forecast profitability, available funding arrangements and the operational improvements implemented during and subsequent to the reporting period and, whilst recognising the material uncertainty described in the Independent Auditor’s Report, remain satisfied that the preparation of the financial statements on the going concern basis remains appropriate.
 

Financial governance

The Board has substantially strengthened the Group's financial governance during and subsequent to the reporting period. Enhanced project reporting, forecasting disciplines, contract review procedures and Board oversight have been implemented to improve financial visibility.

The external audit process provided valuable independent challenge to management's accounting judgements regarding a small number of long-term construction contracts. Whilst differences arose concerning the timing of profit recognition on three long-term construction contracts, in the sum of £1,021,178, and the Independent Auditor’s Report explains the implications of those differences for the financial statements, the Board remains confident in the underlying commercial performance and anticipated lifetime profitability of those contracts. The Board has nevertheless taken the opportunity to further strengthen its financial reporting framework and governance processes.

Strategic investment

The additional funding facilities have principally supported the Group's strategic investment programme. Investment has been directed towards the establishment of the Western regional business, strategic joint venture activities, land-led development opportunities and the recruitment of an enhanced executive management team. The Directors believe these investments have significantly strengthened the quality and resilience of the Group's future earnings.

Liquidity and funding

The Directors continue to monitor liquidity through detailed short and medium-term cash flow forecasting supported by regular Board review.

Market outlook

The construction sector continues to experience programme delays, inflationary pressures and funding constraints. In response, the Group has deliberately diversified its business model through land-led opportunities, strategic partnerships and an increased focus on affordable housing, regeneration and public sector markets. These initiatives are expected to improve earnings quality, reduce project risk and strengthen long-term cash generation.

Economic and market risk

The Group operates within the UK construction sector, where economic conditions, inflation, interest rates and public sector investment may influence customer demand and project viability. The Board continually monitors market developments and adjusts business strategy and project selection accordingly.

Helix Parent Holdings Limited

Strategic Report for the period from 1 January 2024 to 30 June 2025

Credit risk

The Company is exposed to customer credit risk. This exposure is mitigated by the increasing proportion of work undertaken for public sector bodies and regulated housing providers, where counterparty risk is generally lower. Customer balances are monitored continuously and creditworthiness assessments are undertaken where appropriate.

Operational risk

The Company relies upon experienced employees, subcontractors, suppliers and effective management systems to deliver its projects successfully. Recruitment, succession planning, staff development and supplier management remain key priorities.

The Company retained certification to ISO 9001, ISO 14001 and ISO 45001 throughout the period, demonstrating its continued commitment to quality, environmental management and health and safety.

Future developments

Several land-led development opportunities continue to progress through planning and pre-development stages and are expected to provide enhanced margins, greater control over project delivery and improved long-term returns. The affordable housing sector continues to benefit from strong structural demand driven by the UK's housing shortage and ongoing Government support for housing delivery. Whilst wider economic challenges remain, the Directors believe the Group’s strengthened leadership team, enhanced governance and strategic investment programme provide a strong platform for sustainable growth, improved profitability and stronger cash generation over the medium term.

Approved and authorised by the Board on 20 July 2026 and signed on its behalf by:
 

Helix Parent Holdings Limited

Directors' Report for the Period from 1 January 2024 to 30 June 2025

The directors present their report and the for the period from 1 January 2024 to 30 June 2025.

Directors of the group

The directors who held office during the period were as follows:

C G W Scherer

C Mulkern

N K T Davies

Financial instruments

Objectives and policies

The group uses various financial instruments which include loans, cash, trade debtors and trade creditors that arise directly from operations. The main purpose of these financial instruments is to raise finance for the group's operations. Their existence exposes the group to a number of financial risks.

The main risks arising from the group's financial instruments are described in the Strategy Report.

Price risk, credit risk, liquidity risk and cash flow risk

The principal risks and uncertainties facing the group are described in the Strategic Report.

Going concern

The financial statements have been prepared on the going concern basis, which contemplates the realisation of assets and settlement of liabilities in the normal course of business.

In making their assessment of going concern, the directors have considered the group's current financial position, available funding facilities, cash flow forecasts and projected trading performance for a period of at least twelve months from the date of approval of these financial statements. The directors have also considered the group's secured order book, forecast profitability and expected future cash flows.

The group incurred losses during the period and losses have continued in the subsequent financial period. The directors' forecasts are dependent upon the successful delivery of contracted projects, achievement of forecast margins and continued availability of funding. The group also operates within a sector that is susceptible to significant cash flow pressures, contract performance risks and working capital demands.

The directors have concluded that, notwithstanding these matters, it remains appropriate to prepare the financial statements on the going concern basis as they have a reasonable expectation that the group will have adequate resources to continue in operational existence for the foreseeable future.

However, the group's recent trading performance, continued losses and dependence upon the successful delivery of future contracts and ongoing funding arrangements indicate the existence of a material uncertainty which may cast significant doubt upon the group's ability to continue as a going concern. Accordingly, the group may be unable to realise its assets and discharge its liabilities in the normal course of business.

Helix Parent Holdings Limited

Directors' Report for the Period from 1 January 2024 to 30 June 2025

Disclosure of information to the auditor

Approved and authorised by the Board on 20 July 2026 and signed on its behalf by:
 

Helix Parent Holdings Limited

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Helix Parent Holdings Limited

Independent Auditor's Report to the Members of Helix Parent Holdings Limited

Adverse opinion on the consolidated financial statements and opinion on the parent company financial statements

We have audited the financial statements of Helix Parent Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 1 January 2024 to 30 June 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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).

Basis for adverse opinion on the consolidated financial statements

The group has recognised profit on certain long-term construction contracts based on management's assessment of work performed, procurement completed, contractual position and stage of completion achieved at the reporting date. Management's accounting policy and judgement in relation to revenue and profit recognition are described in note 2 to the financial statements.

We disagree with management's assessment in relation to three contracts where we consider that the stage of completion applied, and the resulting profit recognised, is not supported by the audit evidence obtained. In our opinion, a proportion of the profit recognised should instead have been deferred to future accounting periods. As a consequence, the group's loss for the period has been understated and retained earnings and net assets overstated by approximately £1,021,178.

Had the adjustment been recognised, net assets of £77,884 would have become net liabilities of approximately £943,294 at 30 June 2025. The effects of this matter are material and pervasive to the consolidated financial statements because they affect turnover, accrued income, retained earnings, shareholders' funds and net assets and fundamentally alter the financial position presented to users. Accordingly, the consolidated financial statements do not give a true and fair view.

As this is the first financial period in which the group has been subject to audit, the comparative financial information and opening balances were not previously audited. Included within debtors at 31 December 2023 was accrued income of £3,847,545 and within creditors was accrued expenditure of £1,367,924. We were unable to obtain sufficient appropriate audit evidence regarding these opening balances and were unable to determine whether any adjustments were necessary to opening retained earnings, the results for the period, cash flows or the financial position of the group.

We conducted our audit in accordance with International Standards on Auditing (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities section of our report. We are independent of the group and parent company in accordance with the ethical requirements relevant to our audit, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Except for the possible effects of the matter relating to opening balances described above, we believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our adverse opinion on the consolidated financial statements and our opinion on the parent company financial statements.

Helix Parent Holdings Limited

Independent Auditor's Report to the Members of Helix Parent Holdings Limited

Adverse opinion on the consolidated financial statements

Because of the significance of the matter described in the Basis for Adverse Opinion on the Consolidated Financial Statements section of our report, in our opinion the consolidated financial statements:

• do not give a true and fair view of the state of the group's affairs as at 30 June 2025 and of the group's loss for the period then ended;
• have not been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have not been prepared in accordance with the requirements of the Companies Act 2006.

In all other respects in our opinion the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on the parent company financial statements

In our opinion, the parent company financial statements:

• give a true and fair view of the state of the parent company's affairs as at 30 June 2025;
• 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.
 

Material uncertainty related to going concern
We draw attention to the adverse opinion within this report, which indicates that the group incurred a loss for the period. As described in the basis for adverse opinion section, we concluded that profit and retained earnings have been overstated by approximately £1.021m. Had that adjustment been recognised, the group would have reported net liabilities at 30 June 2025 of £943,294.

The group has experienced recent losses and has obtained a number of short-term funding facilities, continuing to incur significant financing costs.

As stated in note 2, the directors' assessment of going concern is dependent upon the successful delivery of forecast profitability and cash generation from contracted projects. Whilst the directors have prepared forecasts demonstrating an improvement in trading performance and liquidity, these forecasts are based on assumptions regarding future project performance and profitability.

These events and conditions, together with the matters giving rise to the adverse opinion described above, indicate that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other information

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

We have nothing to report in this regard.

Helix Parent Holdings Limited

Independent Auditor's Report to the Members of Helix Parent Holdings Limited

Opinion on other matter prescribed by the Companies Act 2006

Notwithstanding our adverse opinion on the financial statements, in our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our 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.

Auditor 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:

Helix Parent Holdings Limited

Independent Auditor's Report to the Members of Helix Parent Holdings Limited

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. As such, we have considered:

• the nature of the industry and sector, control environment and business performance including the company's remuneration policy, bonus levels, and performance targets;
• the company's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
any matters we identified having reviewed the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

• the matters discussed amongst the audit engagement team.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.

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. Also, 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

Helix Parent Holdings Limited

Independent Auditor's Report to the Members of Helix Parent Holdings Limited

......................................
Dean Blunden BFP FCA (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke , Statutory Auditor
 2 Old Bath Road
Newbury
Berkshire
RG14 1QL

20 July 2026

Helix Parent Holdings Limited

Consolidated Profit and Loss Account for the Period from 1 January 2024 to 30 June 2025

The group has no recognised gains or losses for the period other than the results above.

Helix Parent Holdings Limited

Consolidated Statement of Comprehensive Income for the Period from 1 January 2024 to 30 June 2025

Helix Parent Holdings Limited

(Registration number: 10827352)
Consolidated Balance Sheet as at 30 June 2025

Approved and authorised by the Board on 20 July 2026 and signed on its behalf by:
 

Helix Parent Holdings Limited

(Registration number: 10827352)
Balance Sheet as at 30 June 2025

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company made a profit after tax for the financial period of £262,229 (2023 - profit of £2,268).

Approved and authorised by the Board on 20 July 2026 and signed on its behalf by:
 

Helix Parent Holdings Limited

Statement of Changes in Equity for the Period from 1 January 2024 to 30 June 2025