Registration number:
DRVN West Midlands Limited
for the Year Ended 31 July 2025
DRVN West Midlands 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 West Midlands Limited
Company Information
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Directors |
Mr Darren McDermott Mr Jason McDermott Mr William McDermott Mr Iain Muir Mr Jevon Thurston-Thorpe |
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Registered office |
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Auditors |
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DRVN West Midlands Limited
(Registration number: 13452103)
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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Investments |
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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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Creditors: Amounts falling due after more than one year |
( |
- |
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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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Capital contribution reserve |
307,498 |
- |
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Revaluation reserve |
4,656,162 |
5,208,252 |
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Retained earnings |
(1,617,935) |
(1,675,477) |
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Shareholders' funds |
3,346,725 |
3,533,775 |
DRVN West Midlands Limited
(Registration number: 13452103)
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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DRVN West Midlands 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 West Midlands 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
The financial impact of this increased income by £900,000, increased expenditure by £391,064 and reduced deferred tax provisions by £85,392.
The effect on reserves at the year end was an increase of £594,328.
DRVN West Midlands Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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.
Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.
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 Leashold |
10% Reducing Balance |
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Plant and Machinery |
10% Reducing Balance |
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Fixtures and Fittings |
15% Reducing Balance |
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Computer Equipment |
33% Reducing Balance |
DRVN West Midlands Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software), patents and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences, patents and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Patents have been treated as one single intangible asset with a combined useful life determined by the shorter of the two legal lives.
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:
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Asset class |
Amortisation method and rate |
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Patents & licences |
10 years straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
DRVN West Midlands 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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 West Midlands Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Financial instruments
Classification
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Intangible assets |
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Trademarks, patents and licenses |
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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Amortisation |
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At 1 August 2024 |
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Amortisation charge |
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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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Intangible assets carried at revalued amounts
Patents and licenses were valued on an open market basis on 15 November 2023 by Barker Brettell LLP. The valuation has two families of patents. One has an estimated expiry date of 17 March 2036 and the other 22 January 2034. The patents have been treated as one single intangible asset with a combined useful life determined by the shorter of the two legal lives.
Had this class of asset been measured on a historical cost basis, their carrying amount would have been £
DRVN West Midlands 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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Additions |
- |
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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 £81,427 (2024 - £90,474) in respect of long leasehold land and buildings.
DRVN West Midlands Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Investments |
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2025 |
2024 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 August 2024 |
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Provision |
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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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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2025 |
2024 |
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Subsidiary undertakings |
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13-13A Westwood Way
England |
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13-13A Westwood Way
England |
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DRVN West Midlands Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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13-13A Westwood Way
England |
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Subsidiary undertakings |
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DRVN Advanced Engineering Limited The principal activity of DRVN Advanced Engineering Limited is |
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DRVN Composites Limited The principal activity of DRVN Composites Limited is |
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DRVN Remastered Limited The principal activity of DRVN Remastered Limited is |
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Debtors |
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Current |
Note |
2025 |
2024 |
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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 West Midlands 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 |
(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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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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- |
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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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1,000 |
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1,000 |
DRVN West Midlands Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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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 |
Retained earnings |
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Surplus/deficit on revaluation of other assets |
( |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
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Revaluation reserve |
Retained earnings |
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Surplus/deficit on revaluation of other assets |
( |
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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 Easy 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 West Midlands Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Loans and borrowings |
Non-current loans and borrowings
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2025 |
2024 |
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Other borrowings |
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- |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2025 |
2024 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Related party transactions |
Summary of transactions with subsidiaries
DRVN West Midlands Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Summary of transactions with other related parties
Due by:
DRVN Automotive Ltd: £21,655 (due to 2024: £3.983)
DRVN Advanced Engineering Ltd: £500,651 (2024: £578,530)
DRVN Composites Ltd: £33,637 (2024: £25,637)
DRVN Remastered Ltd: £19,245 (2024: £17,016)
The Recruitment Bunker Ltd: £32,580 (2024: £32,080)
Easy Heat Systems Ltd: £9,000 (2024: £265,470)
The Production Bunker Ltd: £1,500 (2024: £nil)
DRVN Toolroom Ltd: £1,100 (2024: £nil)
Boreham Motorworks Ltd: £53,100 (2024: £nil)
DMD London Ltd: £30,000 (2024: £nil)
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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