Company Registration No. 12795144 (England and Wales)
Hero Logistics Group Limited
Unaudited accounts
for the year ended 31 December 2022
Hero Logistics Group Limited
Unaudited accounts
Contents
Hero Logistics Group Limited
Company Information
for the year ended 31 December 2022
Directors
Roger Sumner Rivers
Charles Astwood
Company Number
12795144 (England and Wales)
Registered Office
128 City Road
London
EC1V 2NX
United Kingdom
Accountants
Your Accounts Team Ltd
10 Sudeley Place
Your Accounts Team
Brighton
East Sussex
BN2 1HF
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Hero Logistics Group Limited
for the year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hero Logistics Group Limited for the year ended 31 December 2022 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
This report is made solely to the Board of Directors of Hero Logistics Group Limited, as a body, in accordance with the terms of our engagement letter dated 7 March 2022. Our work has been undertaken solely to prepare for your approval the accounts of Hero Logistics Group Limited and state those matters that we have agreed to state to the Board of Directors of Hero Logistics Group Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hero Logistics Group Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Hero Logistics Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hero Logistics Group Limited. You consider that Hero Logistics Group Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Hero Logistics Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Your Accounts Team Ltd
Member in Practice
10 Sudeley Place
Your Accounts Team
Brighton
East Sussex
BN2 1HF
30 August 2023
Hero Logistics Group Limited
Statement of financial position
as at 31 December 2022
Intangible assets
35,678
54,154
Tangible assets
80,367
113,420
Debtors
6,696,754
4,770,884
Cash at bank and in hand
224,592
231,055
Creditors: amounts falling due within one year
(3,679,509)
(3,808,466)
Net current assets
3,241,837
1,193,473
Total assets less current liabilities
3,366,183
1,369,348
Creditors: amounts falling due after more than one year
(60,293)
(116,646)
Net assets
3,305,890
1,252,702
Called up share capital
100
100
Capital redemption reserve
50
50
Profit and loss account
3,305,740
1,252,552
Shareholders' funds
3,305,890
1,252,702
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2023 and were signed on its behalf by
Roger Sumner Rivers
Director
Company Registration No. 12795144
Hero Logistics Group Limited
Notes to the Accounts
for the year ended 31 December 2022
Hero Logistics Group Limited is a private company, limited by shares, registered in England and Wales, registration number 12795144. The registered office is 128 City Road, London, EC1V 2NX, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention; the principal accounting policies adopted are set out below.
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of Value Added Tax. Revenue from the sale of services is recognised when services are rendered; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation, and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
20% straight-line basis
Fixtures & fittings
20% straight-line basis
Hero Logistics Group Limited
Notes to the Accounts
for the year ended 31 December 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts.
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current-carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans, and loans from fellow group companies are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
The tax expense represents the sum of the tax currently payable and deferred tax net of Parcelhero Group tax relief.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Hero Logistics Group Limited
Notes to the Accounts
for the year ended 31 December 2022
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or providing termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
As part of a group reconstruction, the consolidated Financial Statements of Hero Logistics Group Ltd utilise Merger Accounting as per FRS 102 paragraphs 19.29 – 19.33 to represent the Logistics businesses of Parcelhero Group Limited. The results and cash flows of the following combined entities are included in the consolidated Financial Statements of Hero Logistics Group Ltd, with a prior year comparative Profit & Loss Account and Balance Sheet for the consolidated group. The combining entities are Hero Logistics Group Limited, Parcelhero.com Limited, Parcelcompare Limited, Deliver Plus Limited and FDS Worldwide Express (UK) Limited. The combination has been accounted for as a merger. The combination date was 17th December 2021.
MCP Opportunities UK Ltd holds a fixed and floating charge over the assets of the Company.
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Intangible fixed assets
Other
At 31 December 2022
65,655
Charge for the year
23,208
At 31 December 2022
29,977
At 31 December 2022
35,678
At 31 December 2021
54,154
Hero Logistics Group Limited
Notes to the Accounts
for the year ended 31 December 2022
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2022
81,867
130,159
212,026
At 31 December 2022
98,261
130,159
228,420
At 1 January 2022
33,876
64,730
98,606
Charge for the year
16,938
32,509
49,447
At 31 December 2022
50,814
97,239
148,053
At 31 December 2022
47,447
32,920
80,367
At 31 December 2021
47,991
65,429
113,420
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Investments
Other investments
Valuation at 1 January 2022
8,301
Valuation at 31 December 2022
8,301
Investment in Parcelhero India PVT Ltd.
Amounts falling due within one year
Trade debtors
563,855
324,240
Amounts due from group undertakings etc.
6,055,415
4,197,873
Accrued income and prepayments
47,187
218,933
Other debtors
30,297
29,838
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Creditors: amounts falling due within one year
2022
2021
Obligations under finance leases and hire purchase contracts
46,158
56,132
Trade creditors
2,639,988
3,266,233
Taxes and social security
528,372
377,553
Other creditors
464,991
96,222
Hero Logistics Group Limited
Notes to the Accounts
for the year ended 31 December 2022
9
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
60,293
116,646
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Transactions with related parties
Hero Logistics Group Limited is a wholly owned subsidiary of Parcelhero Group Limited and the 100% parent company of Parcelhero.com Limited, Parcelcompare Limited, Deliver Plus Limited and FDS Worldwide Express (UK) Limited.
Parcelhero Group Limited is the parent company of Hero Logistics Group Limited and Parcelvision Limited.
Per FRS102, 33.1A & 33.9, Hero Logistics Group Limited’s InterCompany balances are:
* Parcelhero Group Ltd (£323,415)
* Parcelvision Limited £6,378,830
An amount of £35,841 (2021: £35,841) was paid as salary to the family members of the Director.
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Average number of employees
During the year the average number of employees was 7 (2021: 12).