Company No: 06997423 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	4	1,638,527		1,828,888
Tangible assets	5	1,599,929		1,865,649
		3,238,456		3,694,537
Current assets
Stocks	6	681,743		635,696
Debtors	7	954,122		486,769
Cash at bank and in hand		948		41,375
		1,636,813		1,163,840
Creditors: amounts falling due within one year	8	( 5,291,010)		( 5,236,566)
Net current liabilities		(3,654,197)		(4,072,726)
Total assets less current liabilities		(415,741)		(378,189)
Net liabilities		( 415,741)		( 378,189)
Capital and reserves
Called-up share capital	9	535,000		535,000
Revaluation reserve		19,735		16,928
Profit and loss account		( 970,476 )		( 930,117 )
Total shareholder's deficit		( 415,741)		( 378,189)

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 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

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 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.

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 £.

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
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:

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

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of [amount of years] years which is their estimated useful economic life. Provision is made for any impairment.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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:

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

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

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 Comprehensive Income as described below.

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. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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.

The valuation of classic cars requires the directors to make significant judgements due to the absence of quoted prices in an active market. Fair values are determined by reference to recent auction results and dealer market data for comparable vehicles, adjusted for factors including condition, provenance and originality. Given the limited availability of comparable evidence and the specialist nature of the market, these valuations are subject to estimation uncertainty and could be materially affected by changes in assumptions.

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	0		0

4. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 January 2025	2,028,597		1,214,354		3,242,951
Additions	7,860		2,999		10,859
At 31 December 2025	2,036,457		1,217,353		3,253,810
Accumulated amortisation
At 01 January 2025	673,857		740,206		1,414,063
Charge for the financial year	86,153		115,067		201,220
At 31 December 2025	760,010		855,273		1,615,283
Net book value
At 31 December 2025	1,276,447		362,080		1,638,527
At 31 December 2024	1,354,740		474,148		1,828,888

5. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 January 2025	323,320		2,384,433		26,751		2,734,504
Additions	825		658,667		0		659,492
Revaluations	0		2,807		0		2,807
Disposals	0		( 915,248)		0		( 915,248)
	0		0		0		0
	0		0		0		0
At 31 December 2025	324,145		2,130,659		26,751		2,481,555
Accumulated depreciation
At 01 January 2025	276,016		566,088		26,751		868,855
Charge for the financial year	19,726		0		0		19,726
Impairment losses	0		158,939		0		158,939
Disposals	0		( 165,894)		0		( 165,894)
At 31 December 2025	295,742		559,133		26,751		881,626
Net book value
At 31 December 2025	28,403		1,571,526		0		1,599,929
At 31 December 2024	47,304		1,818,345		0		1,865,649

Revaluation of tangible assets

Classic cars with a carrying amount of £1,571,526 (2024 - £1,818,345) 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:

	2025		2024
	£		£
Historical cost	2,111,001		2,367,504
Accumulated impairment loss	(559,133)		566,088
Carrying value	1,551,868		2,933,592

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

6. Stocks

	2025		2024
	£		£
Stocks	0		22,858
Work in progress	681,743		612,838
	681,743		635,696

7. Debtors

	2025		2024
	£		£
Trade debtors	37,100		0
Amounts owed by group undertakings	855,332		399,455
Other debtors	61,690		87,314
	954,122		486,769

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Amounts owed to group undertakings	( 430,050)		0
Amounts owed to parent undertakings	4,557,075		4,592,075
Other loans (secured £ 512,500)	632,500		250,000
Accruals	67,897		6,650
Other taxation and social security	33,020		48,524
Other creditors	430,568		339,317
	5,291,010		5,236,566

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
535,000 Ordinary shares of £ 1.00 each	535,000		535,000