Company No: 06997408 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	4	419,560		230,167
Tangible assets	5, 6	1,023,236		325,780
		1,442,796		555,947
Current assets
Debtors	7	3,426,522		4,650,714
Investments	8	0		5,329
Cash at bank and in hand		730,846		268,731
		4,157,368		4,924,774
Creditors: amounts falling due within one year	9	( 7,914,238)		( 6,984,537)
Net current liabilities		(3,756,870)		(2,059,763)
Total assets less current liabilities		(2,314,074)		(1,503,816)
Creditors: amounts falling due after more than one year	10	( 637,351)		0
Net liabilities		( 2,951,425)		( 1,503,816)
Capital and reserves
Called-up share capital	11	1,601,000		1,601,000
Profit and loss account		( 4,552,425 )		( 3,104,816 )
Total shareholder's deficit		( 2,951,425)		( 1,503,816)

For the financial year ending 31 December 2025 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

24 September 2026

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

The directors have assessed all available information for the foreseeable future, being a period of at least twelve months from the date of approval. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements. Accordingly, they 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 reporting 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 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 reporting 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 is 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 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:

Other intangible assets

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	10 years straight line
Vehicles	not depreciated
Fixtures and fittings	5 years straight line
Computer equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 and right of use assets

At the inception of a contract, the company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The lease liability is initially measured at the present value of future lease payments due over the lease term, discounted at the rate implicit in the lease or, if not readily determinable, the company's incremental borrowing rate. Lease payments include fixed payments, variable lease payments that depend on an index or a tax and amounts reasonably expected to be payable over the life of the lease.

The right of use asset is initially measured at the initial amount of the lease liability and is adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle or restore the underlying asset, less any lease incentives received.

The lease liability is subsequently measured at amortised cost using the effective interest method, with an interest expense recognised in the profit or loss.

After initial recognition, the right of use asset is depreciated on a straight line basis over the shorter of the asset's useful life or the lease term. The right of use assets are subject to impairment reviews in accordance with the company's policy on the impairment of non financial assets.

It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if the company changes its assessment of whether it will exercise a purchase, extension, or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right of use asset. In any case an equivalent adjustment is made to the carrying value of the right of use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right of use asset is adjusted to zero, any further reduction is recognised in the profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting 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 investments in equity instruments which are not subsidiaries, associates or joint ventures, 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 that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of intangible assets
The directors assess the carrying value of intangible assets at each reporting date to determine whether any impairment indicators exist. This assessment requires judgement, particularly in evaluating future performance and the recoverability of the underlying assets.

Interest rate used in right‑of‑use asset calculations
In measuring lease liabilities and right‑of‑use assets, the directors estimate the incremental borrowing rate applicable to the company. This involves judgement in assessing an appropriate rate for the lease term and the company’s credit risk.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	20		20

4. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 January 2025	230,167		230,167
Additions	212,410		212,410
At 31 December 2025	442,577		442,577
Accumulated amortisation
At 01 January 2025	0		0
Charge for the financial year	23,017		23,017
At 31 December 2025	23,017		23,017
Net book value
At 31 December 2025	419,560		419,560
At 31 December 2024	230,167		230,167

Development costs have been capitalised in accordance with the requirements of FRS 102 and are therefore not treated, for dividend purposes, as a realised loss.

5. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2025	496,769		0		121,375		94,974		713,118
Additions	0		9,000		1,701		0		10,701
At 31 December 2025	496,769		9,000		123,076		94,974		723,819
Accumulated depreciation
At 01 January 2025	222,419		0		83,194		81,725		387,338
Charge for the financial year	49,677		1,650		19,428		8,801		79,556
At 31 December 2025	272,096		1,650		102,622		90,526		466,894
Net book value
At 31 December 2025	224,673		7,350		20,454		4,448		256,925
At 31 December 2024	274,350		0		38,181		13,249		325,780

6. Right of use assets

	Land and buildings		Total
	£		£
Cost
At 01 January 2025	0		0
Additions	939,815		939,815
At 31 December 2025	939,815		939,815
Accumulated depreciation
At 01 January 2025	0		0
Charge for the financial year	173,504		173,504
At 31 December 2025	173,504		173,504
Net book value
At 31 December 2025	766,311		766,311
At 31 December 2024	0		0

The right-of-use assets are included in the Tangible fixed assets on the statement of financial position.

7. Debtors

	2025		2024
	£		£
Trade debtors	23,696		5,287
Amounts owed by group undertakings	2,806,408		2,933,742
Prepayments	498,416		1,163,383
VAT recoverable	56,975		27,893
Other debtors	41,027		520,409
	3,426,522		4,650,714

8. Current asset investments

	2025		2024
	£		£
Other investments – at cost less impairment	0		5,329

9. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	135,476		59,698
Amounts owed to group undertakings	478,303		75,232
Amounts owed to directors	0		75,841
Accruals and deferred income	7,122,499		6,745,654
Other taxation and social security	16,947		24,733
Lease liabilities	158,638		0
Other creditors	2,375		3,379
	7,914,238		6,984,537

Amounts owed to group undertakings are repayable on demand and do not bear interest.

10. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Lease liabilities	637,351		0

There are no amounts included above in respect of which any security has been given by the small entity.

11. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1,601,000 Ordinary shares of £ 1.00 each	1,601,000		1,601,000

12. Financial commitments

Other financial commitments

	2025		2024
	£		£
Commitments in respect to participating interests	1		1

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.