Company No: 06997423 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	1,828,888		1,920,519
Tangible assets	4	1,865,649		2,249,226
		3,694,537		4,169,745
Current assets
Stocks		635,696		22,858
Debtors	5	486,769		470,849
Cash at bank and in hand		41,375		262
		1,163,840		493,969
Creditors: amounts falling due within one year	6	( 5,236,566)		( 4,598,290)
Net current liabilities		(4,072,726)		(4,104,321)
Total assets less current liabilities		(378,189)		65,424
Net (liabilities)/assets		( 378,189)		65,424
Capital and reserves
Called-up share capital	7	535,000		535,000
Revaluation reserve		16,928		138,207
Profit and loss account		( 930,117 )		( 607,783 )
Total shareholder's (deficit)/funds		( 378,189)		65,424

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 Comprehensive Income has not been delivered.

The financial statements of Hero Club Limited (registered number: 06997423) 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 Club 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.

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

Revenue is comprised of vehicle rental income, membership fees and license fees. Revenue is recognised when the service is performed to the extent that it is probable that economic benefits will flow into the Company, excludes value added tax and arises solely in the United Kingdom.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit or loss statement 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.

Deferred tax
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.

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 realised. Deferred tax is charged or credited in the profit or loss statement, 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.

Intangible assets

Intangible assets are stated 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:

Goodwill	10 - 25 years straight line
Other intangible assets	6 - 10 years straight line

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 to 25 years.

Other intangible assets

Photo library and website development expenditure is written off in the year in which it is incurred unless the directors are satisfied that the cost is incurred in order to generate income from the platform. In this situation, the expenditure is capitalised and amortised over the period during which the company is expected to benefit which is 10 years.

Trademarks are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives of 6 to 10 years.

Tangible fixed assets

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Plant and machinery	5 years straight line
Vehicles	not depreciated
Fixtures and fittings	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.

Classic cars whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation. The fair value of the classic cars is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

No depreciation is being provided on classic cars as the directors believe they will appreciate in value over time. The directors believe the residual value of the motor vehicles will be higher than the historic cost and hence the useful economic life of the cars is not relevant meaning no depreciation charge is considered necessary.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

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 current liabilities.

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 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.

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.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	0		0

3. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 January 2024	2,028,597		1,105,168		3,133,765
Additions	0		109,186		109,186
At 31 December 2024	2,028,597		1,214,354		3,242,951
Accumulated amortisation
At 01 January 2024	588,429		624,817		1,213,246
Charge for the financial year	85,428		115,389		200,817
At 31 December 2024	673,857		740,206		1,414,063
Net book value
At 31 December 2024	1,354,740		474,148		1,828,888
At 31 December 2023	1,440,168		480,351		1,920,519

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost/Valuation
At 01 January 2024	323,320		2,423,201		26,751		2,773,272
Additions	0		601,473		0		601,473
Revaluations	0		( 121,279)		0		( 121,279)
Disposals	0		( 518,962)		0		( 518,962)
At 31 December 2024	323,320		2,384,433		26,751		2,734,504
Accumulated depreciation
At 01 January 2024	253,001		244,294		26,751		524,046
Charge for the financial year	23,015		0		0		23,015
Impairment losses	0		321,794		0		321,794
At 31 December 2024	276,016		566,088		26,751		868,855
Net book value
At 31 December 2024	47,304		1,818,345		0		1,865,649
At 31 December 2023	70,319		2,178,907		0		2,249,226

Revaluation of tangible assets

Classic cars with a carrying amount of £1,818,345 (2023 - £2,178,907) were revalued using the values that the vehicles were insured for at the reporting date.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

	2024		2023
	£		£
Carrying value	2,367,504		2,284,992

Depreciation would not have been charged as the expected residual value exceeds the historic cost.

5. Debtors

	2024		2023
	£		£
Other debtors	486,769		470,849

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Amounts owed to parent undertakings	4,592,075		4,592,075
Other taxation and social security	48,524		0
Other creditors	595,967		6,215
	5,236,566		4,598,290

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
535,000 Ordinary shares of £ 1.00 each	535,000		535,000

8. Financial commitments

Other financial commitments

Hero Club 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.