Registration number: 12575041

Boreham Motorworks Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 10

Boreham Motorworks Limited

Company Information

Directors

Mr Darren McDermott Mr William McDermott Mr Iain Muir Mr Jason McDermott

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

Boreham Motorworks Limited

(Registration number: 12575041)
Statement of Financial Position as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	4,908,618	897,642
Tangible assets	5	771,111	1,307
		5,679,729	898,949
Current assets
Debtors	6	1,742,985	345,000
Cash at bank and in hand		196	1,000
		1,743,181	346,000
Creditors: Amounts falling due within one year	7	(5,953,451)	(1,239,845)
Net current liabilities		(4,210,270)	(893,845)
Total assets less current liabilities		1,469,459	5,104
Provisions for liabilities		(113,129)	-
Net assets		1,356,330	5,104
Capital and reserves
Called up share capital	8	1,000	1,000
Revaluation reserve		424,684	-
Retained earnings		930,646	4,104
Shareholders' funds		1,356,330	5,104

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 31 July 2026 and signed on its behalf by:
 

......................................... Mr Darren McDermott Director

......................................... Mr Iain Muir Director

Boreham Motorworks Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

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 31 July 2026.

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.

Boreham Motorworks Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 31 July 2026 was Alexander J Fyfe M.A.A.T., C.A., DChA, who signed for and on behalf of Morris & Young, Statutory Auditor.

.........................................

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.

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.

Boreham Motorworks Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet 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.

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
Computer equipment	15% reducing balance
Demonstrator vehicles	None applied, maintained at fair 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

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Development costs	None applied, see intangible asset 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Boreham Motorworks Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

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.

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
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 2 (2024 - 0).

Boreham Motorworks Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

4	Intangible assets

	Product development  £	Total £
Cost or valuation
At 1 August 2024	897,642	897,642
Additions acquired separately	4,010,976	4,010,976
At 31 July 2025	4,908,618	4,908,618
Amortisation
Carrying amount
At 31 July 2025	4,908,618	4,908,618
At 31 July 2024	897,642	897,642

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.

Boreham Motorworks Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

5	Tangible assets

	Demonstrator vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 August 2024	-	1,538	1,538
Revaluations	424,684	-	424,684
Additions	345,316	-	345,316
At 31 July 2025	770,000	1,538	771,538
Depreciation
At 1 August 2024	-	231	231
Charge for the year	-	196	196
At 31 July 2025	-	427	427
Carrying amount
At 31 July 2025	770,000	1,111	771,111
At 31 July 2024	-	1,307	1,307

Revaluation

The fair value of the company's demonstrator vehicles was revalued on 31 July 2025. An independent valuer was not involved.
These vehicles are used for press drives, dealer client drives and as showcars. Therefore they are deemed to have the same market value as those currently being sold.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £345,316 (2024 - £Nil).

6

Debtors

Current	Note	2025 £	2024 £
Trade debtors		653,076	125,000
Amounts owed by related parties	10	1,068,909	150,000
Other debtors		21,000	70,000
		1,742,985	345,000

Boreham Motorworks Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Trade creditors		161,387	184,887
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	2,393,427	-
Taxation and social security		61,775	8,778
Accruals and deferred income		3,336,225	1,046,180
Other creditors		637	-
		5,953,451	1,239,845

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

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 £	Total £
Surplus/deficit on revaluation of other assets	424,684	424,684

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 and other members of the group.
 

Boreham Motorworks Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

11	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.