HEROES TECHNOLOGY LTD

• ⚠

  Material uncertainty over going concern

  We draw attention to note 2 to the financial statements, which indicates that the Group's senior debt facility is contractually due for repayment in June 2027. The Group does not currently have sufficient cash resources to settle the loan in full at the repayment date, and at the date of approval of these financial statements, no alternative committed refinancing arrangements have been secured.

Latest accounts filed cover 2024-12-31; financial figures currently reflect up to 2021-05-31.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 2 to the financial statements, which indicates that the Group's senior debt facility is contractually due for repayment in June 2027. The Group does not currently have sufficient cash resources to settle the loan in full at the repayment date, and at the date of approval of these financial statements, no alternative committed refinancing arrangements have been secured.”

Group structure

1. HEROES TECHNOLOGY LTD · parent
   1. Onco Group Limited 100% · England · E-commerce retail business
   2. KG Physio Ltd 100% · England · E-commerce retail business
   3. Davaon Limited 100% · England · E-commerce retail business
   4. Boba Inc. 100% · USA · E-commerce retail business
   5. Heroes Iberia SLU 100% · Spain · Support services
   6. Heroes Technology (US) LLC 100% · USA · E-commerce retail business
   7. Heroes Growth GmbH 100% · Germany · Dormant
   8. Heroes Retail Ltd 100% · England · Dormant
   9. Tutti Frutti Direct Holdings Ltd 100% · England · Holding company
   10. Tutti Frutti Direct Limited 100% · England · Wholesaler
   11. Tutti Bambini (Xiamen) Ltd 100% · China · E-commerce retail business

Significant events

• “On 3 July 2024, the Company underwent an organisational restructuring by which the entire share capital of the Company was acquired by a newly formed holding company (HTL Holdco Limited; the "Holding Company") for a nominal consideration.”
• “As part of the restructuring, the Group successfully refinanced its senior debt facility ($73.5m as at June 2024), extending its maturity to December 2026.”
• “On 13 February 2025, the Group completed the acquisition of the iL Tutto business in Australia.”
• “In March 2025, the Group entered into a revenue-based financing arrangement with Shopify in the amount of AUD 2.9m.”
• “Subsequent to the reporting date, the Group secured additional short-term funding of approximately $3m to support working capital requirements.”
• “Subsequent to the reporting date, developments relating to US tariff regulations may result in a potential reimbursement of previously incurred tariff charges.”
• “Subsequent to the reporting date, the Group completed the strike-off of Tutti Frutti Direct Holdings Ltd and started the strike off of Davaon Limited as part of ongoing legal entity simplification.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

8

last 12 months

Capital events

2

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.