Registration number:
DRVN Composites Limited
for the Year Ended 31 July 2025
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 2025
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Note |
2025 |
(As restated) |
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Fixed 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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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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Capital contribution reserve |
235,380 |
- |
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Retained earnings |
(823,126) |
(698,373) |
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Shareholders' deficit |
(586,746) |
(697,373) |
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 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.
DRVN Composites Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Going concern
The financial statements have been prepared on a going concern basis.
As at 31 July 2025, the Company had net liabilities. The Company is a member of a group of companies and is dependent upon the continued financial support of its parent company, DRVN Automotive Ltd, to meet its liabilities as they fall due.
The directors have reviewed the Company's forecasts and cash flow requirements for a period extending to at least 12 months from the date of approval of these financial statements. Based on this review, the directors have concluded that the Company will continue to require financial support from its parent company during this period.
The parent company has confirmed its intention to provide such financial support as may be necessary to enable the Company to meet its obligations as they fall due for a period of not less than 12 months from the date of approval of these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
Audit report
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Reclassification of comparative amounts
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.
DRVN Composites Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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.
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.
DRVN Composites 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.
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.
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 2025
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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 2024 |
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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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Charge for the year |
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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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Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of freehold land and buildings and £21,704 (2024 - £24,115) in respect of long leasehold land and buildings.
DRVN Composites Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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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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Prepayments |
- |
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Other debtors |
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DRVN Composites Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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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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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 |
DRVN Composites Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Reserves |
During the year ended 2025, Easy Heat Systems Limited entered into an advance subscription agreement (“ASA”) with DRVN Automotive and its subsidiaries (together “DRVN”). Under the terms of the agreement, Easy Heat Systems Limited advanced funds to DRVN which are contractually committed to be converted into equity instruments of DRVN. The conversion will take place upon completion of DRVN’s next qualifying external funding round.
The subscription price on conversion will be determined by reference to the valuation established in that funding round, subject to a discount of 20% to the price paid by new third-party investors. The agreement does not provide Easy Heat Systems Limited with any right to demand repayment in cash and the funds advanced cannot be repaid other than through the issue of equity instruments.
In accordance with Section 11 Basic Financial Instruments and Section 22 Liabilities and Equity of FRS 102, management has assessed the substance of the arrangement and concluded that the advances represent an equity investment rather than a loan, as there is no contractual obligation for DRVN to deliver cash or another financial asset to East Heat Systems Limited. Accordingly, the amounts advanced have been classified as investments in Easy Heat Systems Limited balance sheet from the date the agreement was entered into.
At the balance sheet date, the external funding round had not yet completed and therefore the equity instruments had not yet been issued. The investment is carried at cost pending conversion.
The capital contribution reserve represents amounts arising from the waiver of intercompany loans by DRVN Automotive Ltd.
DRVN Composites Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Related party transactions |
Summary of transactions with parent
Summary of transactions with other related parties
Due to:
DRVN West Midlands Limited: £33,637 (2024: £13,788)
DRVN Toolroom Limited: £19,850 (2024: £Nil)
Alan Mann Racing Limited: £11,749 (2024: £Nil)
Sloane Private Clients Limited: £150 (2024: £ Nil)
J E Engineering Ltd: £20,000 (2024: £Nil)
Evoluto Automobili Limited: £772,666 (2024: £772,666)
Due by:
Easy Heat Systems Limited: £11,000 (2024: £174,118)
DRVN Advanced Engineering Limited: £1,284,796 (2024: £1,342,378)
The Recruitment Bunker Limited - £3,700 (2024: £4,500)
DRVN Remastered Limited: £8,747 (2024: £15,747)
Boreham Motorworks Limited £83,000 (2024: £Nil)
DMD London Limited £31,200 (2024: £Nil)
DRVN Automotive Limited: £55,550 (2024: £nil)
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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.