Registration number:
Evoluto Automobili Limited
for the Year Ended 31 July 2025
Evoluto Automobili 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 |
Evoluto Automobili Limited
Company Information
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Directors |
Mr Iain Muir Mr Darren McDermott Mr Jonathan Macey |
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Registered office |
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Auditors |
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Evoluto Automobili Limited
(Registration number: 11857655)
Statement of Financial Position as at 31 July 2025
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Note |
2025 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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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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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Revaluation reserve |
15,462,720 |
14,199,005 |
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Retained earnings |
(1,009,189) |
(784,083) |
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Shareholders' funds |
14,454,531 |
13,415,922 |
Evoluto Automobili Limited
(Registration number: 11857655)
Statement of Financial Position as at 31 July 2025
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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Evoluto Automobili Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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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.
Evoluto Automobili Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Audit report
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Reclassification of comparative amounts
Accruals have been reclassified as inter company transactions. There is no effect on reserves.
Revenue recognition
Revenue Recognition
Revenue represents the fair value of consideration receivable for the sale of vehicles and the provision of design services, net of discounts, rebates, value added tax and other sales taxes.
Vehicle Sales
Revenue from the sale of vehicles is recognised when the significant risks and rewards of ownership have transferred to the customer, the amount of revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Company, and the Company retains neither continuing managerial involvement nor effective control over the vehicle sold.
Deposits received from customers in advance of the sale of a vehicle are recognised as deferred income within creditors. Such deposits are not recognised as revenue until they become non-refundable in accordance with the terms of the sales contract. At that point, provided the relevant recognition criteria have been satisfied, the amount is recognised as revenue.
Design Service Income
Customers may request bespoke vehicle design and development services which are undertaken collaboratively between the customer and the Company prior to the manufacture of a vehicle. Charges relating to these services are contractually separate from the purchase of the vehicle and are not contingent upon the sale, manufacture, or delivery of any vehicle.
Revenue relating to design services is recognised when the design services have been performed and the customer becomes liable for payment. Amounts received in respect of such services are recognised as revenue as the Company has fulfilled its contractual obligations in relation to the design work, irrespective of whether the subsequent vehicle sale proceeds.
Evoluto Automobili Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Tax
The tax expense for the period comprises deferred 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.
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.
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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Office equipment |
15% reducing balance |
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Plant & machinery |
15% reducing balance |
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Demonstrator vehicles |
none applied, maintained at fair value |
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Licence plates |
none applied, expected to increase in value |
Intangible assets
Capitalised development costs relate to the Company’s new high end vehicle programme. The project remains in the development phase at year end, with commercialisation expected to commence after the reporting date. As the asset is not yet available for use, no amortisation has been recognised.
Amortisation
The company is currently developing a project. No amortisation has been applied as it is the opinion of the directors that the project will increase in value.
Evoluto Automobili Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Asset class |
Amortisation method and rate |
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Development costs |
None applied, see intangible assets accounting policy |
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.
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the FIFO method and includes all purchase, transport, and handling costs in bringing 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.
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.
Financial instruments
Classification
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Evoluto Automobili Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Intangible assets |
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Product development |
Total |
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Cost or valuation |
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At 1 August 2024 |
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Additions acquired separately |
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At 31 July 2025 |
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Amortisation |
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Carrying amount |
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At 31 July 2025 |
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At 31 July 2024 |
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Evoluto Automobili Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Intangible assets carried at revalued amounts
The fair value of the company's product development was revalued on
During the year additions to product development costs was £3,156,572.
Capitalised development costs relate to the Company’s new high end vehicle programme. The project remains in the development phase at year end, with commercialisation expected to commence after the reporting date. As the asset is not yet available for use, no amortisation has been recognised. Management has exercised significant judgement in determining the point at which development criteria under FRS 102 Section 18 were met and in assessing the technical feasibility and commercial viability of the programme. The carrying value has been reviewed for indicators of impairment under Section 27, and no impairment has been identified..
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Demonstrator vehicles |
Total |
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Cost or valuation |
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At 1 August 2024 |
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- |
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Revaluations |
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- |
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Additions |
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- |
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At 31 July 2025 |
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Depreciation |
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At 1 August 2024 |
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- |
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Charge for the year |
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- |
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At 31 July 2025 |
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Carrying amount |
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At 31 July 2025 |
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At 31 July 2024 |
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- |
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Evoluto Automobili Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Revaluation
The fair value of the company's demonstrator vehicles was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
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Debtors |
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Current |
Note |
2025 |
(As restated) |
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Trade debtors |
- |
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Amounts owed by related parties |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
(As restated) |
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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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- |
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Accruals and deferred income |
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Other creditors |
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Evoluto Automobili Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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Ordinary shares of £1 each |
1,000 |
1,000 |
1,000 |
1,000 |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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Revaluation reserve |
Total |
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Surplus/deficit on revaluation of other assets |
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Related party transactions |
Summary of transactions with other related parties
Due by:
DRVN Automotive Ltd: £43,472 (2024: £47,000)
DRVN Toolroom Limited: £2,500 (2024: £nil)
J E Engineering Ltd: £22,000 (2024: £nil)
Due to:
DRVN Advanced Engineering Limited: £9,276,049 (2024: £5,682,491)
The Production Bunker Ltd: £7,996 (2024: £7,695)
Easy Heat Systems Limited: £48,537 (2024: £20,446)
DMD London Limited: £32,685 (2024: £10,000)
Boreham Motorworks Limited: £14,000 (2024: £nil)
DRVN Composites Limited: £772,666 (2024: £nil)
Evoluto Automobili Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Companies House, Crown Way, CARDIFF. CF14 3UZ.