Company No: 06997408 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	4	230,167		0
Tangible assets	5	325,780		396,602
		555,947		396,602
Current assets
Debtors	6	4,650,714		6,215,369
Investments	7	5,329		193,150
Cash at bank and in hand		268,731		240,169
		4,924,774		6,648,688
Creditors: amounts falling due within one year	8	( 6,984,537)		( 8,100,342)
Net current liabilities		(2,059,763)		(1,451,654)
Total assets less current liabilities		(1,503,816)		(1,055,052)
Net liabilities		( 1,503,816)		( 1,055,052)
Capital and reserves
Called-up share capital	10	1,601,000		1,601,000
Profit and loss account		( 3,104,816 )		( 2,656,052 )
Total shareholder's deficit		( 1,503,816)		( 1,055,052)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Hero Events Limited (registered number: 06997408) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P R E Burke Director

17 September 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hero Events Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 138 Southern Avenue, Command Works, Bicester Heritage, Bicester, OX27 8FY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the balance sheet date, the company had net current liabilities of £2,059,763 (2023: £1,451,654). The company has access to support from the parent company and shareholders in order to meet the day to day requirements of running the company. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue relates to trading income which comprised of event entry income, sponsorship and commissions. Revenue also consists of income from insurance pay outs in relation to the cancellation of events. Revenue is recognised when the service is performed to the extent that it is probable that economic benefits will flow into the Company and excludes value added tax.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets, including expenditure related to the development of Roadbooks, are recorded at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
	10 years straight line
Fixtures and fittings	5 years straight line
Computer equipment	5 years straight line

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.

Leases

The company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Other financial assets
Other financial assets, including bonds, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	20		18

4. Intangible assets

	Development costs		Total
	£		£
Cost
At 01 January 2024	0		0
Additions	230,167		230,167
At 31 December 2024	230,167		230,167
Accumulated amortisation
At 01 January 2024	0		0
At 31 December 2024	0		0
Net book value
At 31 December 2024	230,167		230,167
At 31 December 2023	0		0

5. Tangible assets

	Leasehold improve- ments		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2024	496,769		111,202		94,974		702,945
Additions	0		10,173		0		10,173
At 31 December 2024	496,769		121,375		94,974		713,118
Accumulated depreciation
At 01 January 2024	172,742		62,589		71,012		306,343
Charge for the financial year	49,677		20,605		10,713		80,995
At 31 December 2024	222,419		83,194		81,725		387,338
Net book value
At 31 December 2024	274,350		38,181		13,249		325,780
At 31 December 2023	324,027		48,613		23,962		396,602

6. Debtors

	2024		2023
	£		£
Trade debtors	5,287		12,009
Amounts owed by group undertakings	2,933,742		4,388,761
Other debtors	1,711,685		1,814,599
	4,650,714		6,215,369

7. Current asset investments

	2024		2023
	£		£
Other investments	5,329		193,150

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	59,698		362,530
Amounts owed to group undertakings	75,232		0
Other taxation and social security	24,733		45,010
Other creditors	6,824,874		7,692,802
	6,984,537		8,100,342

9. Financial instruments

The carrying values of the company’s financial assets and liabilities measured at fair value through the profit and loss are summarised by category below:

	2024		2023
	£		£
Financial assets at fair value
Investments in listed equity instruments	5,329		193,150

10. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
1,601,000 Ordinary shares of £ 1.00 each	1,601,000		1,601,000

11. Financial commitments

Commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	1,019,184		1,066,992

Other financial commitments

	2024		2023
	£		£
Commitments in respect of parents and subsidiaries	0		400,000
Commitments in respect to participating interests	1		1
	1		400,001

The company is the sole member of Endurance Rally Association Limited, a company limited by guarantee. The company has provided a guarantee up to £1 over the debts, liabilities, costs, charges and expenses of Endurance Rally Association Limited.

Hero Events Limited is one of the several entities to have provided Heritage Motoring Group Limited, the parent company, a guarantee in respect of a bank loan that was fully paid during the year (2023: £0.4m). The guarantee and any other liabilities due to the bank were secured against the company's assets by way of a fixed and floating charge.