DRVN Composites Limited 13449450 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is engineering design activities. Digita Accounts Production Advanced 6.30.9574.0 true false true 13449450 2023-08-01 2024-07-31 13449450 2024-07-31 13449450 core:CurrentFinancialInstruments 2024-07-31 13449450 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 13449450 core:FurnitureFittingsToolsEquipment 2024-07-31 13449450 core:LandBuildings 2024-07-31 13449450 bus:SmallEntities 2023-08-01 2024-07-31 13449450 bus:Audited 2023-08-01 2024-07-31 13449450 bus:FilletedAccounts 2023-08-01 2024-07-31 13449450 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 13449450 bus:RegisteredOffice 2023-08-01 2024-07-31 13449450 bus:Director1 2023-08-01 2024-07-31 13449450 bus:Director2 2023-08-01 2024-07-31 13449450 bus:Director3 2023-08-01 2024-07-31 13449450 bus:Director4 2023-08-01 2024-07-31 13449450 bus:Director5 2023-08-01 2024-07-31 13449450 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 13449450 core:FurnitureFittings 2023-08-01 2024-07-31 13449450 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 13449450 core:LandBuildings 2023-08-01 2024-07-31 13449450 core:LeaseholdImprovements 2023-08-01 2024-07-31 13449450 core:PlantMachinery 2023-08-01 2024-07-31 13449450 core:OtherRelatedParties 2023-08-01 2024-07-31 13449450 core:ParentEntities 2023-08-01 2024-07-31 13449450 2 2023-08-01 2024-07-31 13449450 1 2023-08-01 2024-07-31 13449450 countries:England 2023-08-01 2024-07-31 13449450 2023-07-31 13449450 core:FurnitureFittingsToolsEquipment 2023-07-31 13449450 core:LandBuildings 2023-07-31 13449450 2022-08-01 2023-07-31 13449450 2023-07-31 13449450 core:CurrentFinancialInstruments 2023-07-31 13449450 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 13449450 core:FurnitureFittingsToolsEquipment 2023-07-31 13449450 core:LandBuildings 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 13449450

DRVN Composites Limited

Filleted Financial Statements

for the Year Ended 31 July 2024

 

DRVN Composites Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 9

 

DRVN Composites Limited

Company Information

Directors

Mr Darren McDermott

Mr Iain Muir

Mr Jason McDermott

Mr William McDermott

Mr Jevon Thurston-Thorpe

Registered office

13-13a Westwood Way
Westwood Business Park
Coventry
CV4 8HS

Auditors

Morris & Young, Statutory Auditor
Chartered Accountants
6 Atholl Crescent
Perth
PH1 5JN

 

DRVN Composites Limited

(Registration number: 13449450)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

36,779

36,559

Current assets

 

Stocks

5

-

622,910

Debtors

6

949,340

63,535

Cash at bank and in hand

 

1,031

1,205

 

950,371

687,650

Creditors: Amounts falling due within one year

7

(1,684,523)

(1,905,016)

Net current liabilities

 

(734,152)

(1,217,366)

Net liabilities

 

(697,373)

(1,180,807)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(698,373)

(1,181,807)

Shareholders' deficit

 

(697,373)

(1,180,807)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2025 and signed on its behalf by:
 

.........................................
Mr Darren McDermott
Director

.........................................
Mr Iain Muir
Director

 

DRVN Composites Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
13-13a Westwood Way
Westwood Business Park
Coventry
CV4 8HS

These financial statements were authorised for issue by the Board on 12 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

 

DRVN Composites Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 13 August 2025 was Alexander J Fyfe M.A.A.T., C.A., DChA, who signed for and on behalf of Morris & Young, Statutory Auditor.

.........................................

Changes in circumstances

Change of name
The company was previously called Penso Composites Limited and changed its name to DRVN Composites Limited on 17 February 2024.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

DRVN Composites Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long Leasehold

10% Reducing Balance

Plant and Machinery

10% Reducing Balance

Fixtures and Fittings

10% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and on deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs inbringing stocks to their present location and condition.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

DRVN Composites Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only have financial assets and liabilities of a kind that would qualify as basic financial instruments which are recognised at their transaction value and subsequently measured at their settlement value.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

DRVN Composites Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

30,662

15,893

46,555

Additions

2,030

2,276

4,306

At 31 July 2024

32,692

18,169

50,861

Depreciation

At 1 August 2023

5,898

4,098

9,996

Charge for the year

2,679

1,407

4,086

At 31 July 2024

8,577

5,505

14,082

Carrying amount

At 31 July 2024

24,115

12,664

36,779

At 31 July 2023

24,764

11,795

36,559

Included within the net book value of land and buildings above is £24,115 (2023 - £24,764) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

-

622,910

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

162,672

54,256

Amounts owed by related parties

9

13,788

4,115

Prepayments

 

214

5,164

Other debtors

 

772,666

-

   

949,340

63,535

 

DRVN Composites Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

53,922

39,973

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

1,536,743

1,824,085

Taxation and social security

 

87,823

38,666

Accruals and deferred income

 

5,684

2,000

Other creditors

 

351

292

 

1,684,523

1,905,016

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       
 

DRVN Composites Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

9

Related party transactions

Summary of transactions with parent

The company is a wholly owned subsidiary and is therefore exempt from disclosing transactions with its parent company.
 

Summary of transactions with other related parties

During the year loan accounts operated between Companies with common directors and shareholders. At the year end the balances due to/by DRVN Composites Limited was as follows:

Due to:
DRVN West Midlands Ltd: £13,788 (2023: £4,000)

Due by:
Easy Heat Systems Ltd: £174,118 (2023: £50,000)
DRVN Advanced Engineering Ltd: £1,342,378 (2023: £1,774,085)
The Recruitment Bunker Ltd - £4,500 (2023: £nil)
DRVN Remastered Ltd: £15,747 (2023: £115 due to)

 

10

Parent and ultimate parent undertaking

The company's immediate parent is DRVN West Midlands Limited, incorporated in England.

 The ultimate parent is DRVN Automotive Ltd, incorporated in Scotland.

  These financial statements are available upon request from Companies House, Crown Way, CARDIFF. CF14 3UZ.