Registration number:
Helix Construct Limited
for the Period from 1 January 2024 to 30 June 2025
Helix Construct Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Helix Construct Limited
Company Information
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Chief executive |
N K T Davies |
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Director |
C Mulkern |
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Registered office |
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Auditors |
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Helix Construct Limited
Strategic Report for the Period from 1 January 2024 to 30 June 2025
The director presents his strategic report for the period from 1 January 2024 to 30 June 2025.
Principal activity
The principal activity of the company is the provision of construction services.
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 Company 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 Company'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 £39.5m for the 18 months ended 30 June 2025. On an annualised basis, this represented growth of 27.8%. Gross profit increased to £8.4m in the period, however gross margin reduced from 24.3% to 21.3%.
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.
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 Company'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.
Helix Construct Limited
Strategic Report for the Period from 1 January 2024 to 30 June 2025
Financial governance
The Board has substantially strengthened the Company'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 Company'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 Company'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 Company 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 Company 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.
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 Company’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.
Helix Construct Limited
Strategic Report for the Period from 1 January 2024 to 30 June 2025
Approved and authorised by the
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Helix Construct Limited
Director's Report for the Period from 1 January 2024 to 30 June 2025
The director presents his report and the financial statements for the period from 1 January 2024 to 30 June 2025.
Directors of the company
The directors who held office during the period were as follows:
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 company'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 company's secured order book, forecast profitability and expected future cash flows.
The company 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 company 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 company will have adequate resources to continue in operational existence for the foreseeable future.
However, the company'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 company's ability to continue as a going concern. Accordingly, the company may be unable to realise its assets and discharge its liabilities in the normal course of business.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved and authorised by the
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Helix Construct Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Helix Construct Limited
Independent Auditor's Report to the Members of Helix Construct Limited
Adverse opinion
We have audited the financial statements of Helix Construct Limited (the 'company') for the period from 1 January 2024 to 30 June 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 financial statements
The company has recognised profit on certain long-term construction contracts based on management’s assessment of work performed, procurement completed, contractual position and the stage of completion achieved at the reporting date.
As described in note 2 to the financial statements, management has exercised judgement in determining the extent to which profit had been earned as at 30 June 2025. 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 supportable by the audit evidence obtained. In our opinion, a proportion of the profit recognised in the year should instead have been deferred to subsequent accounting periods. As a result, the company's profit in the current period and retained earnings at the balance sheet date have been overstated by approximately £1,021,178.
Had the profit on these contracts been recognised on the basis we consider appropriate, reported profit for the year would have been reduced by this amount, with a corresponding reduction in retained earnings and net assets at 30 June 2025.
The effect of this matter is material and pervasive to the financial statements. Although the disagreement originates from the recognition of profit on three contracts, the effects are not confined to those contracts and extend to revenue, accrued income, retained earnings, shareholders' funds and net assets.
The adjustment would not only reduce reported profit significantly, but would also move the company from a net asset position to a net liability position at the reporting date. In our view, the effects of this matter represent a substantial proportion of the financial statements and fundamentally alter the financial position presented to users.
As this is the first year in which the company has been subject to audit, the comparative financial information and opening balances were not previously audited.
Included within creditors as at 31 December 2023 is £1,335,659 relating to accruals and within debtors as at 31 December 2023 is £3,847,545 relating to accrued income. We were unable to obtain sufficient appropriate audit evidence regarding these balances at the start of the period.
Due to the lack of prior audit evidence supporting these balances, and because we were unable to obtain sufficient appropriate audit evidence by performing alternative audit procedures, we were unable to determine whether any adjustments were necessary to the opening balances. Consequently, we were unable to determine whether this matter had any effect on the current period's profit or loss, cash flows, retained earnings or financial position.
Helix Construct Limited
Independent Auditor's Report to the Members of Helix Construct Limited
Adverse opinion on financial statements
Because of the significance of the matter described in the basis for adverse opinion section of our report, in our opinion the financial statements:
• | do not give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its loss for the period then ended; and |
• | have not been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. |
In all other respects in our opinion the financial statements 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 the audit report, which indicates that the company 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 company would have reported net liabilities at 30 June 2025.
The company 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, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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:
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the information given in the Strategic Report and Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
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 Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, 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. |
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.
Helix Construct Limited
Independent Auditor's Report to the Members of Helix Construct Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 6], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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 Construct Limited
Independent Auditor's Report to the Members of Helix Construct 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.
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For and on behalf of
Newbury
Berkshire
RG14 1QL
Helix Construct Limited
Independent Auditor's Report to the Members of Helix Construct Limited
Helix Construct Limited
Profit and Loss Account for the Period from 1 January 2024 to 30 June 2025
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Note |
1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
88,747 |
751,656 |
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Other interest receivable and similar income |
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|
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Interest payable and similar expenses |
( |
( |
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(271,129) |
(210,030) |
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(Loss)/profit before tax |
( |
|
|
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Tax on (loss)/profit |
|
( |
|
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(Loss)/profit for the financial period |
( |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Helix Construct Limited
(Registration number: 10828670)
Balance Sheet as at 30 June 2025
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Note |
30 June 2025 |
31 December 2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
|||
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Debtors |
|
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Cash at bank and in hand |
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
1 |
1 |
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|
Retained earnings |
764,871 |
1,186,483 |
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Shareholders' funds |
764,872 |
1,186,484 |
Approved and authorised by the
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Helix Construct Limited
Statement of Changes in Equity for the Period from 1 January 2024 to 30 June 2025
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Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
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|
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Profit for the period |
- |
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At 31 December 2023 |
1 |
1,186,483 |
1,186,484 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
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|
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Loss for the period |
- |
( |
( |
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Dividends |
- |
( |
( |
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At 30 June 2025 |
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Helix Construct Limited
Statement of Cash Flows for the Period from 1 January 2024 to 30 June 2025
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Note |
1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Cash flows from operating activities |
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(Loss)/profit for the period |
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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|
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Loss on disposal of tangible assets |
- |
|
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Finance income |
( |
( |
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Finance costs |
|
|
|
|
Income tax expense |
( |
|
|
|
|
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||
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Working capital adjustments |
|||
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Increase in trade debtors |
( |
( |
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Increase in trade creditors |
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|
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Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
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|
Net cash flow from operating activities |
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|
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Cash flows from investing activities |
|||
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Interest received |
|
|
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|
Acquisitions of tangible assets |
( |
( |
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Net cash flows from investing activities |
( |
( |
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|
Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
- |
|
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Repayment of bank borrowing |
( |
( |
|
|
Proceeds from other borrowing draw downs |
|
- |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Dividends paid |
( |
- |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
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Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 30 June |
1,241,969 |
1,154,475 |
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Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
23-25 Liberty House
Greenham Business Park
Thatcham
Berkshire
RG19 6HS
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The comparative figures for the year ended 31 December 2023 have not been audited.
Summary of disclosure exemptions
The company has taken advantage of exemptions conferred by Financial Reporting Standard 102 - Related Party Disclosures not to disclose transactions between wholly owned members of the same group.
Disclosure of long or short period
Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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 company'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 company's secured order book, forecast profitability and expected future cash flows.
The company 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 company 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 company will have adequate resources to continue in operational existence for the foreseeable future.
However, the company'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 company's ability to continue as a going concern. Accordingly, the company may be unable to realise its assets and discharge its liabilities in the normal course of business.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of construction services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
In respect of long-term contracts for on-going construction projects, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Turnover in respect of long-term contracts is recognised by reference to the stage of completion.
Turnover 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 turnover can be measured reliably;
- it is probable that the company 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.
Long-term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover represents the value of work done in the period, including estimates of amounts not invoiced, and is recognised by reference to the stage of completion. Operating profit includes attributable profit on long-term completed contracts and amounts recoverable on uncompleted contracts, the latter being included within debtors due within one year.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income 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.
Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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 assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
25% straight line |
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Motor vehicles |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for construction services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Turnover |
The analysis of the company's turnover for the period from continuing operations is as follows:
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Rendering of services |
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Other gains and losses |
The analysis of the company's other gains and losses for the period is as follows:
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Loss on disposal of tangible assets |
- |
( |
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Operating profit |
Arrived at after charging/(crediting)
Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Depreciation expense |
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Loss on disposal of property, plant and equipment |
- |
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Other interest receivable and similar income |
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Other finance income |
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Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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Interest payable and similar expenses |
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Interest on bank overdrafts and borrowings |
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Interest on obligations under finance leases and hire purchase contracts |
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Interest expense on other finance liabilities |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Wages and salaries |
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Social security costs |
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Other short-term employee benefits |
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Pension costs, defined contribution scheme |
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Other employee expense |
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The average number of persons employed by the company (including the director) during the period, analysed by category was as follows:
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Production |
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Administration and support |
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Directors |
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Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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Director's remuneration |
The director's remuneration for the period was as follows:
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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162,097 |
164,636 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Accruing benefits under money purchase pension scheme |
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Auditors' remuneration |
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Audit of the financial statements |
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- |
Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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Taxation |
Tax charged/(credited) in the profit and loss account
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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Current taxation |
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UK corporation tax |
- |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
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Tax (receipt)/expense in the income statement |
( |
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The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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1 January 2024 to 30 June 2025 |
1 January 2023 to 31 December 2023 |
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(Loss)/profit before tax |
( |
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Corporation tax at standard rate |
( |
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Tax increase/(decrease) from effect of capital allowances and depreciation |
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( |
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Tax (decrease)/increase from other short-term timing differences |
( |
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Effect of expense not deductible in determining taxable profit (tax loss) |
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Tax increase from effect of unrelieved tax losses carried forward |
|
- |
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Tax increase/(decrease) arising from group relief |
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( |
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Tax decrease from effect of unrelieved loss on foreign subsidiaries |
- |
( |
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Total tax (credit)/charge |
( |
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Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
Deferred tax
Deferred tax assets and liabilities
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30 June 2025 |
Asset |
Liability |
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Accelerated capital allowances |
- |
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- |
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31 December 2023 |
Asset |
Liability |
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Accelerated capital allowances |
- |
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- |
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Tangible assets |
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Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 30 June 2025 |
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Depreciation |
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At 1 January 2024 |
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Charge for the period |
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At 30 June 2025 |
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Carrying amount |
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At 30 June 2025 |
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At 31 December 2023 |
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Included within the net book value of tangible fixed assets is £241,758 (2023: £166,931) in respect of assets held under finance leases and similar hire purchase contracts.
Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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Debtors |
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Current |
Note |
30 June 2025 |
31 December 2023 |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Accrued income |
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Debtors include £494,993 (31 December 2023: £nil) receivable after more than one year.
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Cash and cash equivalents |
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30 June 2025 |
31 December 2023 |
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Cash at bank |
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Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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Creditors |
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Note |
30 June 2025 |
31 December 2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other payables |
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Accruals |
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Income tax liability |
17,164 |
140,767 |
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Due after one year |
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Loans and borrowings |
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Other payables |
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- |
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Provisions for liabilities |
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Deferred tax |
Total |
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At 1 January 2024 |
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Increase (decrease) in existing provisions |
( |
( |
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At 30 June 2025 |
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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Share capital |
Allotted, called up and fully paid shares
|
30 June 2025 |
31 December 2023 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
1 |
1 |
1 |
1 |
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Loans and borrowings |
Current loans and borrowings
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30 June 2025 |
31 December 2023 |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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- |
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Non-current loans and borrowings
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30 June 2025 |
31 December 2023 |
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Bank borrowings |
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Hire purchase contracts |
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Hire purchase contract liabilities are secured on the assets to which they relate.
A bank loan was secured by a fixed and floating charge over the company's assets. No amount was outstanding at 30 June 2025 (31 December 2023: £76,254).
Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
30 June 2025 |
31 December 2023 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the period was £
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Contingent liabilities |
An investigation is ongoing in relation to a workplace incident that occurred during the period. As the investigation has not been concluded, there remains uncertainty as to whether any obligation will arise and, if so, the extent of any such obligation. The directors have therefore not recognised a provision in respect of this matter. The financial effect, if any, cannot presently be estimated with sufficient reliability.
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Analysis of changes in net debt |
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At 1 January 2024 |
Financing cash flows |
New finance leases |
At 30 June 2025 |
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Cash and cash equivalents |
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Cash |
1,154,475 |
87,494 |
- |
1,241,969 |
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Borrowings |
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Long term borrowings |
420,822 |
(233,713) |
141,518 |
328,627 |
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Short term borrowings |
442,093 |
353,325 |
- |
795,418 |
|
862,915 |
119,612 |
141,518 |
1,124,045 |
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Related party transactions |
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Transactions with the director |
Helix Construct Limited
Notes to the Financial Statements for the Period from 1 January 2024 to 30 June 2025
|
2025 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 30 June 2025 |
|
N K T Davies |
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Director loan |
|
|
( |
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2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
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N K T Davies |
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Director loan |
|
|
( |
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Summary of transactions with other related parties
During the year the company purchased services totalling £1,628 (2023: £nil) from a related company controlled by key management personnel.
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Parent and ultimate parent undertaking |
The company's immediate parent is
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Non adjusting events after the financial period |
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