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Registered number:
AUDITED
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
COMPANY INFORMATION
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HELIOS INGREDIENTS LIMITED
CONTENTS
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HELIOS INGREDIENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report and financial statements for the year ended 31 December 2025.
The Company sources and supplies food ingredients, principally coconut products, tree nuts and dried vine fruit, to food and beverage manufacturers in the UK, Europe and export markets. Sourcing is managed close to origin, supported by an outsourced office in Sri Lanka that oversees the coconut supply chain.
Turnover grew 46% to $48.9m (2024 - $33.6m). Growth came from higher volumes across the coconut range and from higher selling prices, as coconut raw material costs rose through the year.
Gross profit was $5.88m (2024 - $4.56m) and gross margin fell to 12.0% from 13.6%. The directors regard a margin in this range as normal for the Company's trading model.
Operating profit was $0.83m (2024: $1.06m). The year-on-year comparison was significantly affected by two non-trading items. Exchange differences resulted in a charge of $0.47m, compared with a credit of $0.85m in 2024. In addition, other operating income of $0.54m (2024: $nil) arose from the initial recognition at fair value of a non-interest-bearing loan. A further $0.28m arose on the initial recognition at fair value of a non-interest-bearing shareholder loan and was recognised directly in equity as a capital contribution. The finance charge of $0.19m recognised below operating profit reflects the unwinding of the discount on both loans during the year. The other operating income, capital contribution and associated finance charge are all non-cash items. Excluding exchange differences and the other operating income, operating profit increased from $0.22m in 2024 to $0.76m in 2025, which the directors believe provides a more meaningful indication of the year's trading performance. Profit after tax was $0.58m (2024: $0.80m).
Stocks rose to $9.5m (2024 - $5.1m) and trade debtors to $7.7m (2024 - $5.2m), reflecting higher volumes and the buffer stock the Company holds at destination to protect continuity of supply. This was funded through supplier credit, the balance with Helios Ingredients Europe Limited and two interest-free loans. The Company has no bank borrowings. Cash at the year-end was $1.84m (2024 - $1.08m) and net assets were $7.08m (2024 - $6.22m).
During the year the Company continued to invest in people and systems to support growth and service levels.
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HELIOS INGREDIENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Commodity price and supply
Coconut, tree nut and vine fruit prices moved sharply during 2025 and availability at origin varies with crop and weather. The Company manages this by matching purchases to sales wherever possible, diversifying origins and suppliers, and maintaining a presence at origin. Purchasing and quality teams visit and audit the supply base regularly.
Margin
The Company earns a trading margin on a large turnover, so a small movement in achieved margin has a material effect on profit. Pricing discipline and the speed at which cost increases are recovered in selling prices are monitored closely.
Foreign exchange
The Company reports in US dollars and sells mainly in sterling and euros. Forward exchange contracts are taken against sales transactions. At the year end the Company held 53 contracts with a total value of $18.2m, exercisable during 2026.
Credit
Credit limits are set for each customer, debtor ageing is reviewed weekly, and bad debt experience has been low.
Liquidity and funding
Working capital is funded from trading cash flow, supplier credit and two non-interest-bearing loans with a carrying value of $2.9m at the year end, maturing on 31 December 2028. The Company holds no bank facilities. The directors expect the loans to be renewed or repaid from trading cash flow as they fall due.
Supply chain continuity
Buffer stocks at destination protect customers against supply shocks and logistical delay. This raises stockholding and the cash tied up in it, which the directors accept as the cost-of-service continuity.
The Company closely monitors the following key performance indicators (KPIs) to manage its business:
The Company has roughly doubled in turnover over two years while remaining funded without bank debt. The directors' focus for 2026 is on holding margin during that growth and on the working capital the growth consumes, in particular stock cover and debtor collection.
During 2025 the Company added capability in finance, supply chain, technical and commercial. Average employee numbers were 17 (2024 - 16), so the growth has been carried by a small team supported by the origin offices.
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HELIOS INGREDIENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company will continue to deepen customer partnerships and long-term supplier relationships, and to use technology and automation to support higher volumes without a proportionate increase in cost.
There have been no significant events affecting the Company since the year end.
This report was approved by the board and signed on its behalf.
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HELIOS INGREDIENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
The profit for the year, after taxation, amounted to $579,546 (2024 - $797,604).
No dividends were declared or paid during the year (2024 - $Nil).
Directors
The directors who served during the year were:
Future developments are set out in the strategic report.
As permitted by section 414C(11) of the Companies Act 2006, the Company's financial risk management objectives and policies, including its exposure to commodity price, credit, liquidity and foreign exchange risk and its use of forward exchange contracts, are set out in the strategic report.
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HELIOS INGREDIENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors have reviewed forecasts covering at least twelve months from the date of approval of these financial statements and are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.
There have been no significant events affecting the Company since the year end.
The auditors, Xeinadin Audit Ireland Limited, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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HELIOS INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELIOS INGREDIENTS LIMITED
We have audited the financial statements of Helios Ingredients Limited (the 'Company') for the year ended 31 December 2025, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policies set out in note 2. 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 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.
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HELIOS INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELIOS INGREDIENTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual 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.
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 the directors' report have been prepared in accordance with applicable legal requirements.
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 or the directors' report.
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HELIOS INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELIOS INGREDIENTS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach was as follows:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to include the Companies Act 2006, and relevant tax legislation. In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.
∙We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
∙We examined the company’s regulatory and legal correspondence and discussed with management any known or suspected instances of fraud or non-compliance with laws and regulations.
∙We assessed the risks of material misstatement in respect of fraud as follows:
°We considered the use of remuneration incentive schemes and performance targets for management and did not identify any additional fraud risks.
°The audit team discussed whether there were any areas that were susceptible to misstatement as part of their fraud discussion.
°In addressing the risk of management override of controls, we tested the appropriateness of journal entries. We also challenged assumptions and judgements made by management in their significant accounting estimates and judgements.
°We incorporated an element of unpredictability in the selection of the nature, timing and extent of our audit procedures.
∙Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud, including:
°Designing audit procedures to address, for example:
−The possibility of fraudulent or corrupt payments made through third parties.
−The opportunity to segregate duties within the entity.
∙Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.
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HELIOS INGREDIENTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELIOS INGREDIENTS LIMITED (CONTINUED)
°Using our experience and through discussions with management, we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements as well as those arising from management’s own assessment of the risks that irregularities may occur either because of fraud or error.
°The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.
∙As the company’s reporting currency is in US dollars while having significant transactions in Sterling and Euros, it uses forward exchange contracts with its bankers to mitigate the risk of adverse currency fluctuations. These contracts are themselves inherently complex and the company relies on the information produced by its bankers to recognise the year end position. We identified these transactions as being of higher risk and have therefore performed additional tests on these transactions, including agreeing the information to source information from the company’s bankers.
∙We considered the extent to which the audit was considered capable of detecting irregularities.
∙There are inherent limitations in the audit procedures described above and the further removed noncompliance 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 from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
The Comparatives were audited by SBM Associates Limited, trading as SBM & Co.
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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
74 Northumberland Road
Ballsbridge
D04 XF75
Ireland
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HELIOS INGREDIENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
REGISTERED NUMBER: 05946527
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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HELIOS INGREDIENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Helios Ingredients Limited ("the Company") is a limited company domiciled and incorporated in England and Wales. The registered office is Serendib House, 67A Boston Manor Road, Brentford, Middlesex, TW8 9JQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ("FRS 102") and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties, and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial liabilities that are measured at cost and amortised cost and are assessed at the end of each reporting period.
Derivatives including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
In respect of forward foreign exchange contracts, the movement in fair value at the balance sheet date is recognised within the statement of comprehensive income.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
The unwinding of the discount is recognised as a finance charge in the profit and loss account using the effective interest method over the expected term of the related loans. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Where financing is provided by shareholders on terms that are not at market rates, the financial liability is initially recognised at the present value of future payments discounted at a market rate of financing for a similar debt instrument.
The difference between the proceeds received and the fair value of the liability on initial recognition is recognised as a capital contribution within equity, reflecting the benefit provided by the shareholder in their capacity as owner.
Subsequently, the financial liability is measured at amortised cost. The unwinding of the discount is recognised as a finance charge in the statement of profit or loss over the term of the loan.
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Critical judgements in applying the Company’s accounting policies: (a) Undertaking forward exchange contracts to mitigate exchange rate gains or losses The company enters into forward exchange rate contracts in order to mitigate any financial risk arising from movements in exchange rates.
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Capital contribution reserve
The reserve is recognised on the initial measurement of shareholder loans at fair value.
The reserve does not constitute realised profits at the date of recognition. The economic benefit represented by the reserve is subsequently reflected in retained earnings through the unwinding of the discount on the related loan liability.
Profit & loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to $15,533 (2024 - $15,696). Contributions totalling $2,254 (2024 - $2,388) were payable to the fund at the balance sheet date and are included in creditors.
25.Other financial commitments
The Company enters into forward exchange contracts to hedge certain portions of forecasted cash flows denominated in foreign currencies. At the year end the company had 53 contracts with a value totalling $18,202,243 (2024: 59 contracts with a total value of $11,657,219). These contracts can be exercised between 1 January 2026 and 31 December 2026. The forward currency contracts are measured at fair value. The key inputs used in valuing the derivatives are the forward exchange rates for GBP:USD. The fair value of the forward-foreign currency contracts at 31 December 2025 is $92,741, and is included within other creditors within creditors falling due within one year.
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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HELIOS INGREDIENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
At the year end, the parent company was Abcor Limited a private limited company registered in the United Kingdom. The registered office is 67A Boston Manor Road, Brentford, Middlesex, TW8 9JQ, United Kingdom.
The company is exempt from producing consolidated accounts as it is a subsidiary of Abcor Limited. Abcor Limited's accounts are available from its registered office as detailed above.
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