Company Registration No. 12795144 (England and Wales)
Hero Logistics Group Limited
Unaudited accounts
for the year ended 31 December 2023
Hero Logistics Group Limited
Unaudited accounts
Contents
Hero Logistics Group Limited
Company Information
for the year ended 31 December 2023
Directors
Roger Sumner Rivers
Charles Astwood
Company Number
12795144 (England and Wales)
Registered Office
128 City Road
London
EC1V 2NX
United Kingdom
Hero Logistics Group Limited
Statement of financial position
as at 31 December 2023
Intangible assets
12,439
35,678
Tangible assets
33,333
80,367
Debtors
8,748,876
6,696,754
Cash at bank and in hand
348,070
224,592
Creditors: amounts falling due within one year
(3,985,552)
(3,549,752)
Net current assets
5,111,394
3,371,594
Total assets less current liabilities
5,165,467
3,495,940
Creditors: amounts falling due after more than one year
(24,167)
(60,293)
Net assets
5,141,300
3,435,647
Called up share capital
100
100
Capital redemption reserve
50
50
Profit and loss account
5,141,150
3,435,497
Shareholders' funds
5,141,300
3,435,647
For the year ending 31 December 2023 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 September 2024 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 2023
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 2023
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 2023
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 2023
65,655
Charge for the year
23,239
At 31 December 2023
53,216
At 31 December 2023
12,439
At 31 December 2022
35,678
Hero Logistics Group Limited
Notes to the Accounts
for the year ended 31 December 2023
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2023
98,261
130,159
228,420
At 31 December 2023
98,261
132,157
230,418
At 1 January 2023
50,814
97,239
148,053
Charge for the year
25,896
23,136
49,032
At 31 December 2023
76,710
120,375
197,085
At 31 December 2023
21,551
11,782
33,333
At 31 December 2022
47,447
32,920
80,367
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Investments
Other investments
Valuation at 1 January 2023
8,301
Valuation at 31 December 2023
8,301
Investment in Parcelhero India PVT Ltd.
Amounts falling due within one year
Trade debtors
740,247
563,855
Amounts due from group undertakings etc.
7,937,084
6,055,415
Accrued income and prepayments
54,730
47,187
Other debtors
16,815
30,297
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Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
26,127
46,158
Trade creditors
2,487,953
2,639,988
Taxes and social security
439,640
400,707
Other creditors
1,024,832
462,899
Hero Logistics Group Limited
Notes to the Accounts
for the year ended 31 December 2023
9
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
24,167
60,293
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 (£167,736)
* Parcelvision Limited £8,104,820
An amount of £86,302 (2022: £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 (2022: 7).