Registration number:
DRVN Composites Limited
for the Year Ended 31 July 2024
DRVN Composites Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
DRVN Composites Limited
Company Information
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Directors |
Mr Darren McDermott Mr Iain Muir Mr Jason McDermott Mr William McDermott Mr Jevon Thurston-Thorpe |
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Registered office |
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Auditors |
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DRVN Composites Limited
(Registration number: 13449450)
Statement of Financial Position as at 31 July 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
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( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
(698,373) |
(1,181,807) |
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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
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DRVN Composites Limited
Notes to the Financial Statements for the Year Ended 31 July 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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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
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Changes in circumstances
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Change of name
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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:
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Asset class |
Depreciation method and rate |
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Long Leasehold |
10% Reducing Balance |
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Plant and Machinery |
10% Reducing Balance |
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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
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
DRVN Composites Limited
Notes to the Financial Statements for the Year Ended 31 July 2024
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 August 2023 |
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Additions |
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At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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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.
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Stocks |
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2024 |
2023 |
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Other inventories |
- |
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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- |
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DRVN Composites Limited
Notes to the Financial Statements for the Year Ended 31 July 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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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
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Related party transactions |
Summary of transactions with parent
Summary of transactions with other related parties
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)
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from Companies House, Crown Way, CARDIFF. CF14 3UZ.