Registration number: SC652849

Annual Report and Consolidated Financial Statements

for the Year Ended 31 July 2024

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

 

DRVN Automotive Ltd

Contents

DRVN Automotive Ltd

Company Information

DRVN Automotive Ltd

Strategic Report for the Year Ended 31 July 2024

Welcome to DRVN Automotive Limited, where we are dedicated to crafting the quintessential driving experience. Here at DRVN, we're impassioned by the art of driving, aiming to evoke emotions and forge enduring memories with every vehicle we create. Our commitment to excellence propels us forward, setting the standard for what we term "peak analogue" – an unparalleled blend of tradition and innovation.

The year ended 31st July 2024 has been an exceptional one for DRVN Automotive Group, marking a period of transformation and investment that has positioned the Group uniquely within the global automotive sector. Central to this achievement has been the negotiation and signing of a landmark brand licence agreement with Ford Motor Company, allowing our wholly owned subsidiary, Boreham Motorworks, to remaster and produce continuation series of Ford’s most celebrated road, race, and rally icons. The first two models announced under this agreement, the Ford RS200 and the Ford Escort MK1 RS, which have attracted global attention. This response underscores both the strength of Ford’s heritage and the market’s appetite for highly original, low-volume performance cars built with modern precision.

Alongside Boreham Motorworks, Evoluto Automobili has made significant strides in establishing itself as a leading voice in the high-end restomod sector. In July, we unveiled the 355 by Evoluto® in both the UK and the United States. This car, which reimagines a customer supplied car with extensive use of lightweight carbon technology, an upgraded V8 powertrain, and exterior design refinement led by Ian Callum, was extremely well received by the press. Media outlets such as Top Gear and Hagerty praised the car’s craftsmanship and its embodiment of Evoluto’s ethos of “Peak Analogue®.” Limited to just 55 commissions, the 355 by Evoluto® represents a statement of intent for the brand: uncompromising engineering paired with exclusivity, designed to resonate with collectors and connoisseurs worldwide.

Our retail presence also expanded during the year, with the opening of a new Koenigsegg franchise showroom in London’s Kensington High Street. This development strengthens DRVN’s position within the global luxury and hypercar market and underscores our commitment to delivering a comprehensive portfolio that spans both heritage-inspired and contemporary performance vehicles. In addition, we have also acquired a controlling interest in Alan Mann Racing, a brand with an incredible history of working with Ford Motor Company as one of its factory race teams, Alan Mann Racing will become the official high performance race team for DRVN.

The Group has invested more than £6 million in product development during the period, which has been capitalised as intangible assets to be amortised over the lifecycle of the vehicles, 2024/25 will see this investment increase in line with the business plan. Following the Ford agreement, a new product cycle plan has been created, supported by the ongoing expansion of our engineering, operations, and delivery teams. As a result, sales of vehicles are expected to begin in Q4 2024, with customer car production scheduled to start in Q4 2025 and first deliveries early in 2026. While these dates represent a refinement of earlier projections, they reflect an expended and more comprehensive cycle plan resulting from the Brand Licence Agreement with Ford Motor Company that will ensure the long-term growth of the business.

Financially, the Group recorded turnover of £6.4 million for the year, with a net loss of £4 million. This result was anticipated, as both Boreham and Evoluto remain pre-revenue businesses until their respective development programmes reach completion and customer deliveries commence. The significant investment made in product development during this period is reflected on the balance sheet as intangible assets, representing long-term value for the Group. Importantly, DRVN continues to be entirely funded by shareholders and has not sought external investment to date.

DRVN Automotive Ltd

Strategic Report for the Year Ended 31 July 2024

Looking ahead, DRVN Automotive is entering a crucial stage in its development as it moves from concept and brand-building to production and customer delivery. The Group’s ethos-anchored in analogue driving purity, authenticity of design, and engineering excellence-has resonated strongly with enthusiasts and collectors around the world. With key partnerships in place, global press recognition secured, and a clear product pipeline defined, DRVN is well positioned to achieve sustainable growth and establish itself as a leading force in the niche luxury automotive market.

The company's key financial and other performance indicators during the year are as follows:

Principal risks and uncertainties

The Company designs and manufactures luxury, niche vehicles for a global customer base. While this positioning creates resilience through brand value and customer loyalty, it also exposes the business to specific risks. The Directors consider the following to be the principal risks, together with the mitigating actions being taken:

Market Demand and Economic Conditions

Risk: Luxury vehicles are discretionary purchases and are particularly exposed to shifts in global wealth distribution, consumer confidence, and regional economic cycles. A downturn in high-net-worth markets or wider macroeconomic uncertainty may reduce demand or delay purchases. The Company continues to expand its presence across multiple geographies to reduce dependence on any one market. The business maintains strong relationships with its customer base and invests in bespoke experiences and aftersales services to reinforce brand loyalty.

Supply Chain Dependence

Risk: Specialist materials and components are sourced from a limited number of suppliers. Disruption, cost inflation, or quality issues could delay production. The Company works closely with key suppliers to develop long-term partnerships, dual-sourcing where possible, and holding strategic inventory of critical components. Ongoing investment in supply chain monitoring helps anticipate potential issues early.

Technological Change and Innovation

Risk: Rapid advances in the competitive sphere and technological advances may impact customer expectations in the luxury sector. Failure to keep pace could reduce competitiveness. The Company is actively investing in research and development, with a focus on lightweight materials, ICE/Hydrogen/BEV drivetrains, and bespoke features that enhance the luxury experience. Collaborations with technology partners ensure access to emerging innovations.

DRVN Automotive Ltd

Strategic Report for the Year Ended 31 July 2024

Regulatory and Compliance Risks

Risk: The luxury automotive sector is subject to evolving emissions, safety, and environmental regulations across global markets. Non-compliance could restrict market access or lead to fines and reputational damage. A dedicated compliance function monitors legislative developments globally. New models are engineered to meet or exceed the regulatory standards identified for the product in question for the time window of production, and the Company invests in sustainable materials and processes to future-proof production and long-term product development.

Competition

Risk: Competition is intensifying as established premium brands extend their product ranges and new entrants target the luxury segment. The Company differentiates itself through unique products, ultra-low volume exclusivity, craftsmanship, and personalisation. By offering a bespoke ownership journey and limited production runs, the Company preserves scarcity and brand value.

Operational Risks

Risk: As a small-volume manufacturer, the Company is reliant on highly skilled employees and a small number of facilities. Disruption to operations, talent retention issues, or loss of specialist knowledge could impact performance. The Company invests in workforce development, succession planning to preserve craftsmanship. It also implements rigorous business continuity plans to mitigate operational disruption.

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

DRVN Automotive Ltd

Directors' Report for the Year Ended 31 July 2024

The directors present their report and the for the year ended 31 July 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr Darren McDermott

Mr James Walker (appointed 14 September 2023)

Mr William McDermott

Mr Jason McDermott

Mr Iain Muir

Financial instruments

Objectives and policies

The company has adopted the disclosure and presentational requirements of FRS 102. When a financial asset or liability is disclosed initially it is measured at its fair value plus or minus transaction costs. The company regularly monitors its exposure to risks including pricing, credit, liquidity and cash flow.

Our objectives are:

• Meet or exceed net profit targets for each business unit

• Develop our own product series, remastered, collector, ultra and race

• Work in partnership with large volume OEMs to celebrate and remaster their Icons of the past

• Carefully develop primary and ancillary products and services which maximise revenue and raise brand profile

• Create strategic, mutually beneficial partnerships with other leading luxury automotive brands

• Build into our infrastructure and designs, hydrogen, and BEV ready products

• Insource manufacture to de-risk the supply chain, where we outsource develop deep enduring partnerships

• Have a full turnkey capability in product development, manufacture, sales, service, and support

• Provide a best-in-class concierge experience to an ultra-exclusive club of High Net Worth, like minded individuals

• Build a global sales and marketing infrastructure capable of promoting the products to our target audience

• Build a global warranty, service and support infrastructure to provide a concierge service to our clients

DRVN Automotive Ltd

Directors' Report for the Year Ended 31 July 2024

Product Policy: Focus on limited production runs and bespoke design options to protect brand value and exclusivity.

Market Policy: Diversify geographic presence to reduce reliance on any single region, with emphasis on growth in North America, Europe, the Middle East, and Asia-Pacific luxury markets.

Supplier Policy: Develop long-term partnerships with specialist suppliers, embedding quality and innovation in the supply chain while seeking dual sourcing and resilience measures.

People Policy: Attract, retain, and develop highly skilled employees through training, apprenticeships, and succession planning, ensuring the preservation of craftsmanship and innovation.

Sustainability Policy: Commit to minimising environmental impact by where applicable adopting low-emission technologies, increasing recyclability, and working towards net-zero production targets in line with industry expectations.

Financial Policy: Apply disciplined financial management, with regular cash flow forecasting, hedging to manage currency exposure, and prudent capital investment aligned with projected demand.

Price risk, credit risk, liquidity risk and cash flow risk

In addition to the operational and strategic risks identified, the Company is exposed to a number of financial risks. The Directors consider the following to be the principal financial risks, together with the mitigating actions being taken:

Foreign Exchange and Geopolitical Risk

Risk: Sales are made globally. Volatility in exchange rates, or geopolitical instability in key markets, could affect profitability and sales volumes. The Company employs selective hedging to manage currency risk and actively diversifies its sales network to reduce exposure to individual markets.

Liquidity and Funding

Risk: Developing new luxury models is capital-intensive and requires significant upfront investment. Insufficient funding could delay product launches or constrain growth. The Company maintains close relationships with its banking partners and shareholders, actively manages cash flow, and carefully phases capital investment to align with projected demand.

Risk: The business is exposed to fluctuations in the cost of raw materials (such as aluminium, carbon fibre, and leather) and specialist components, as well as potential volatility in the prices customers are willing to pay in different markets. This could adversely affect margins. The Company is working towards implementing long-term supply agreements to stabilise input costs where possible. Limited production runs and bespoke pricing models help preserve pricing power. The brand’s positioning in the luxury segment provides resilience against discounting pressures seen in volume markets.

DRVN Automotive Ltd

Directors' Report for the Year Ended 31 July 2024

Credit Risk

Risk: The Company is exposed to the risk of non-payment by dealers, distributors, and individual customers, particularly in international markets. Dealers are carefully selected and monitored for credit risk, KYC checks and prepayment terms are applied for all customers. Exposure is diversified across multiple territories and counterparties to limit concentration risk.

Liquidity Risk

Risk: As a low-volume, high-value manufacturer, the Company requires access to sufficient liquidity to fund working capital, R&D investment, and capital expenditure. A shortage of available funding could constrain operations or delay strategic initiatives. Investment has been secured from the shareholders to deliver on the operational business plans with funding forecasts in place to allow further scaling of the business. Cash flow forecasting is reviewed regularly by management, with scenario modelling to ensure flexibility under different market conditions.

Cash Flow Risk

Risk: Timing differences between customer payments, production schedules, and supplier obligations can create short-term cash flow pressures. Large, lumpy inflows from vehicle deliveries may increase volatility. The Company actively manages payment terms with suppliers and customers to smooth cash flow. Regular forecasting is in place to ensure sufficient short-term liquidity.

Environmental matters

The company is in the process of developing a Corporate and Social Responsibility policy and the directors are fully aware that it not only has a responsibility for all of its employees’ wellbeing but also that of the environment and community as a whole.

Social and community issues

The company's policy is to consult and discuss with employees at meetings matters likely to affect employees' interests.

Information or matters of concern to employees are also communicated through email bulletins and team briefings.

Disclosure of information to the auditor

DRVN Automotive Ltd

Directors' Report for the Year Ended 31 July 2024

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Morris & Young, Statutory Auditor as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

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

DRVN Automotive Ltd

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DRVN Automotive Ltd

Independent Auditor's Report to the Members of DRVN Automotive Ltd

Opinion

We have audited the financial statements of DRVN Automotive Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

DRVN Automotive Ltd

Independent Auditor's Report to the Members of DRVN Automotive Ltd

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

DRVN Automotive Ltd

Independent Auditor's Report to the Members of DRVN Automotive Ltd

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the nature of the industry, control environment and understanding of the entity including, but not restricted to, the prevalence of fraud in the sector especially in the current uncertain economic environment;

• results of our enquiries of directors about their own identification and assessment of the risks of irregularities;

• any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:

• the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

As a result of these procedures, we considered the opportunities that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition and overstatement of expenditure. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

DRVN Automotive Ltd

Independent Auditor's Report to the Members of DRVN Automotive Ltd

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and UK tax legislation.

Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• enquiring of directors concerning actual and potential litigation and claims;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• tested a sample of income for understatement and other relevant audit procedures while consideration was given to revenue recognition;

• tested a sample of expenditure for overstatement and other relevant audit procedures;

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with law and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

DRVN Automotive Ltd

Independent Auditor's Report to the Members of DRVN Automotive Ltd

Use of our report
This report is made solely to the group and parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group and parent company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Alexander J Fyfe M.A.A.T., C.A., DChA
Morris & Young, Statutory Auditor
Chartered Accountants
6 Atholl Crescent
Perth
PH1 5JN

12 September 2025

DRVN Automotive Ltd

Consolidated Income Statement for the Year Ended 31 July 2024

DRVN Automotive Ltd

Consolidated Statement of Comprehensive Income for the Year Ended 31 July 2024

DRVN Automotive Ltd

(Registration number: SC652849)
Consolidated Statement of Financial Position as at 31 July 2024

DRVN Automotive Ltd

(Registration number: SC652849)
Consolidated Statement of Financial Position as at 31 July 2024

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

DRVN Automotive Ltd

(Registration number: SC652849)
Statement of Financial Position as at 31 July 2024