DRVN Toolroom Limited SC709177 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is sale of new cars and light motor vehicles. Digita Accounts Production Advanced 6.30.9574.0 true true true SC709177 2023-08-01 2024-07-31 SC709177 2024-07-31 SC709177 core:CurrentFinancialInstruments 2024-07-31 SC709177 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 SC709177 core:FurnitureFittingsToolsEquipment 2024-07-31 SC709177 bus:SmallEntities 2023-08-01 2024-07-31 SC709177 bus:Audited 2023-08-01 2024-07-31 SC709177 bus:FilletedAccounts 2023-08-01 2024-07-31 SC709177 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC709177 bus:RegisteredOffice 2023-08-01 2024-07-31 SC709177 bus:Director1 2023-08-01 2024-07-31 SC709177 bus:Director2 2023-08-01 2024-07-31 SC709177 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC709177 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 SC709177 core:PlantMachinery 2023-08-01 2024-07-31 SC709177 core:OtherRelatedParties 2023-08-01 2024-07-31 SC709177 core:ParentEntities 2023-08-01 2024-07-31 SC709177 2 2023-08-01 2024-07-31 SC709177 1 2023-08-01 2024-07-31 SC709177 countries:Scotland 2023-08-01 2024-07-31 SC709177 2022-08-01 2023-07-31 SC709177 2023-07-31 SC709177 core:CurrentFinancialInstruments 2023-07-31 SC709177 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 iso4217:GBP xbrli:pure

Registration number: SC709177

DRVN Toolroom Limited

Filleted Financial Statements

for the Year Ended 31 July 2024

 

DRVN Toolroom Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 8

 

DRVN Toolroom Limited

Company Information

Directors

Mr Darren McDermott

Mr Iain Muir

Registered office

McDermott House
Tweed Place
Perth
Perthshire
PH1 1TJ

Auditors

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

 

DRVN Toolroom Limited

(Registration number: SC709177)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,345

-

Current assets

 

Debtors

5

156,216

-

Cash at bank and in hand

 

1,045

1

 

157,261

1

Creditors: Amounts falling due within one year

6

(563,402)

-

Net current (liabilities)/assets

 

(406,141)

1

Net (liabilities)/assets

 

(402,796)

1

Capital and reserves

 

Called up share capital

7

1,000

1

Retained earnings

(403,796)

-

Shareholders' (deficit)/funds

 

(402,796)

1

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 Toolroom 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 Scotland.

The address of its registered office is:
McDermott House
Tweed Place
Perth
Perthshire
PH1 1TJ

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 Toolroom 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 Evolution E-Types Ltd and changed its name to DRVN Toolroom Ltd on 15 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

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 Toolroom 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

Plant and Machinery

25% Reducing Balance

Cash and cash equivalents

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

Trade debtors

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

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 Toolroom 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 20 (2023 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

4,460

4,460

At 31 July 2024

4,460

4,460

Depreciation

Charge for the year

1,115

1,115

At 31 July 2024

1,115

1,115

Carrying amount

At 31 July 2024

3,345

3,345

5

Debtors

Current

2024
£

2023
£

Trade debtors

154,000

-

Prepayments

654

-

Other debtors

1,562

-

 

156,216

-

 

DRVN Toolroom Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

23,254

-

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

8

206,329

-

Taxation and social security

 

81,342

-

Accruals and deferred income

 

245,100

-

Other creditors

 

7,377

-

 

563,402

-

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1

1

       

8

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.
 

 

DRVN Toolroom Limited

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

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 by DRVN Toolroom Limited was as follows:

E-Type Fabs Ltd: £137,102 ((2023: £nil)
The Recruitment Bunker Ltd: £21,050 (2023: £nil)
Easy Heat Systems Ltd: £50 (2023: £nil)
DRVN Advanced Engineering Ltd: £48,127 (2023: £nil)

 

9

Parent and ultimate parent undertaking

The company's immediate parent is DRVN Automotive Limited, incorporated in Scotland.

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