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Registration number: 13627355

DRVN Remastered Limited

Filleted Financial Statements

for the Year Ended 31 July 2024

 

DRVN Remastered Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 10

 

DRVN Remastered 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 Remastered Limited

(Registration number: 13627355)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

607,893

613,692

Current assets

 

Stocks

5

101,807

545,826

Debtors

6

59,801

38,632

Cash at bank and in hand

 

29,608

16,614

 

191,216

601,072

Creditors: Amounts falling due within one year

7

(507,141)

(552,139)

Net current (liabilities)/assets

 

(315,925)

48,933

Net assets

 

291,968

662,625

Capital and reserves

 

Called up share capital

8

1,000

1,000

Revaluation reserve

487,690

493,126

Retained earnings

(196,722)

168,499

Shareholders' funds

 

291,968

662,625

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 Remastered 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 Remastered 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 Manufacturing Limited and changed its name to DRVN Remastered Limited on 18 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.

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.

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

Leasehold Improvements

10% Reducing Balance

Plant and Machinery

5% Reducing Balance

Office Equipment

5% Reducing Balance

Cash and cash equivalents

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

 

DRVN Remastered Limited

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

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.

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.

 

DRVN Remastered Limited

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

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 9 (2023 - 4).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

5,132

622,464

627,596

Additions

-

928

928

Disposals

-

(272)

(272)

At 31 July 2024

5,132

623,120

628,252

Depreciation

At 1 August 2023

962

12,942

13,904

Charge for the year

417

6,092

6,509

Eliminated on disposal

-

(54)

(54)

At 31 July 2024

1,379

18,980

20,359

Carrying amount

At 31 July 2024

3,753

604,140

607,893

At 31 July 2023

4,170

609,522

613,692

Included within the net book value of land and buildings above is £3,753 (2023 - £4,170) in respect of long leasehold land and buildings.
 

Revaluation

 

DRVN Remastered Limited

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

The fair value of the company's plant & machinery was revalued on 31 July 2022. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £93,089 (2023 - £98,525).

5

Stocks

2024
£

2023
£

Work in progress

101,807

545,826

 

DRVN Remastered Limited

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

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

27,038

38,257

Amounts owed by related parties

10

32,763

-

Prepayments

 

-

375

   

59,801

38,632

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

159,996

91,406

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

10

74,729

365,849

Taxation and social security

 

266,174

92,117

Accruals and deferred income

 

5,610

2,010

Other creditors

 

632

757

 

507,141

552,139

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 Remastered Limited

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

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(5,436)

5,436

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(5,436)

5,436

10

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 Remastered Limited was as follows:

Due to:
DRVN West Midlands Ltd: £17,016 (2023: £nil)
DRVN Composites Ltd: £15,747 (2023: £115 due by)

Due by:
DRVN Advanced Engineering Ltd £9,825 (2023: £365,734)
The Recruitment Bunker Ltd: £30,404 (2023: £nil)
Easy Heat Systems Ltd: £34,500 (2023: £nil)

 

 

DRVN Remastered Limited

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

11

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.