Registration number: 13627355

DRVN Remastered Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 9

DRVN Remastered Limited

Company Information

Directors

Mr Darren McDermott Mr Iain Muir Mr Jason McDermott Mr William McDermott Mr Jevon Thurston-Thorpe

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

DRVN Remastered Limited

(Registration number: 13627355)
Statement of Financial Position as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	577,310	607,893
Current assets
Stocks	5	-	101,807
Debtors	6	609,911	59,801
Cash at bank and in hand		264	29,608
		610,175	191,216
Creditors: Amounts falling due within one year	7	(778,819)	(507,141)
Net current liabilities		(168,644)	(315,925)
Net assets		408,666	291,968
Capital and reserves
Called up share capital	8	1,000	1,000
Capital contribution reserve	9	102,995	-
Revaluation reserve		458,107	487,690
Retained earnings		(153,436)	(196,722)
Shareholders' funds		408,666	291,968

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 August 2026 and signed on its behalf by:
 

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

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

DRVN Remastered 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 August 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.

DRVN Remastered 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

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 31 August 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

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.

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.

DRVN Remastered Limited

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

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
Leasehold Improvements	10% Reducing Balance
Plant and Machinery	5% Reducing Balance
Office Equipment	5% Reducing Balance

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 first-in, first-out method and includes all purchase, transport, and handling costs inbringing 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.

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.

DRVN Remastered Limited

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

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 50 (2024 - 9).

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 August 2024	5,132	623,120	628,252
At 31 July 2025	5,132	623,120	628,252
Depreciation
At 1 August 2024	1,379	18,981	20,360
Charge for the year	375	30,207	30,582
At 31 July 2025	1,754	49,188	50,942
Carrying amount
At 31 July 2025	3,378	573,932	577,310
At 31 July 2024	3,753	604,140	607,893

Included within the net book value of land and buildings above is £ 3,378 (2024 - £3,753) in respect of long leasehold land and buildings.
 

DRVN Remastered Limited

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

Revaluation

The fair value of the company's plant & machinery was revalued on 31 July 2022. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £77,467 (2024 - £93,089).

5

Stocks

	2025 £	2024 £
Work in progress	-	101,807

6

Debtors

Current	Note	2025 £	2024 £
Trade debtors		78,654	27,038
Amounts owed by related parties	10	530,257	32,763
Other debtors		1,000	-
		609,911	59,801

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Trade creditors		98,719	159,996
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	372,216	74,729
Taxation and social security		294,461	266,174
Accruals and deferred income		11,410	5,610
Other creditors		2,013	632
		778,819	507,141

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

DRVN Remastered Limited

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

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 £	Retained earnings £
Surplus/deficit on property, plant and equipment revaluation	(29,583)	29,583

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

	Revaluation reserve £	Retained earnings £
Surplus/deficit on property, plant and equipment revaluation	(5,436)	5,436

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 Remastered Limited

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

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.
 

Summary of transactions with other related parties

During the year loan accounts operated between Companies with common directors and shareholders. At the year end the balances due to/by DRVN Remastered Limited was as follows:

Due to:
DRVN West Midlands Limited: £19,245 (2024: £17,016)
DRVN Composites Limited: £8,747 (2024: £15,747)
Alan Mann Racing Limited: £11,000 (2024: £nil)
DRVN Toolroom Limited: £3,997 (2024: £nil)
DRVN Advanced Engineering Limited: £487,268 (2024: £9,825 due by)

Due by:
The Recruitment Bunker Limited: £30,204 (2024: £30,404)
Easy Heat Systems Limited: £4,000 (2024: £34,500)
Boreham Motorworks Limited: £143,400 (2024: £nil)
DRVN Automotive Ltd: £109,112 (2024: £nil)
The Production Bunker Limited: £6,000 (2024: £nil)
DMD London Limited: £39,500 (2024: £nil)
Momentum 4 Ltd: £40,000 (2024: £nil)
 

11	Parent and ultimate parent undertaking

The company's immediate parent is DRVN West Midlands Limited , incorporated in England.

 The ultimate parent is DRVN Automotive Ltd, incorporated in Scotland.

  These financial statements are available upon request from Companies House, Crown Way, CARDIFF. CF14 3UZ.