Registration number:
DRVN Advanced Engineering Limited
for the Year Ended 31 July 2025
DRVN Advanced Engineering 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 Advanced Engineering Limited
Company Information
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Directors |
Mr Iain Muir Mr Jason McDermott Mr Darren McDermott Mr William McDermott Mr Jevon Thurston-Thorpe |
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Registered office |
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Auditors |
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DRVN Advanced Engineering Limited
(Registration number: 13418386)
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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Stocks |
- |
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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 assets |
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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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Share premium reserve |
2,210,527 |
2,210,527 |
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Capital contribution reserve |
3,961,889 |
- |
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Revaluation reserve |
1,875,375 |
1,875,375 |
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Retained earnings |
960,558 |
248,153 |
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Shareholders' funds |
9,009,349 |
4,335,055 |
DRVN Advanced Engineering Limited
(Registration number: 13418386)
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 Advanced Engineering 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.
Going concern
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 if required.
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.
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.
DRVN Advanced Engineering Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Audit report
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Reclassification of comparative amounts
The financial impact of this increased administration costs by £900,000 and reduced corporation tax by £225,000.
The effect on reserves at the year end was a decrease of £675,000.
Other debtors have been reclassified as inter company transactions. There is no effect on reserves.
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.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
DRVN Advanced Engineering Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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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Plant & machinery |
5 - 10% reducing balance |
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Office equipment |
6% reducing balance |
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Computer equipment |
33% reducing balance |
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:
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
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.
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.
DRVN Advanced Engineering Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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 Advanced Engineering 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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Tangible assets |
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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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Revaluation
The fair value of the company's plant & machinery was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
DRVN Advanced Engineering Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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Stocks |
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2025 |
2024 |
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Work in progress |
- |
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DRVN Advanced Engineering 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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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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Loans and borrowings |
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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 include net obligations under finance lease and hire purchase contracts which are secured of £30,332 (2024 - £nil).
DRVN Advanced Engineering Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
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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- |
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £47,444 (2024 - £nil).
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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 Advanced Engineering 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 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 Advanced Engineering 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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Hire purchase contracts |
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- |
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Other borrowings |
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- |
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- |
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Current loans and borrowings
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2025 |
2024 |
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Bank overdrafts |
- |
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Hire purchase contracts |
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- |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
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2025 |
2024 |
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Remuneration |
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DRVN Advanced Engineering Limited
Notes to the Financial Statements for the Year Ended 31 July 2025
Summary of transactions with other related parties
Due by:
Evoluto Automobili Ltd: £9,276,048 (2024: £5,682,490)
DRVN Automotive Ltd: £413,947 (2024: £136,133)
Alan Mann Racing Ltd: £49,774 (2024: £30,000)
Boreham Motorworks Ltd: £2,343,428 (2024: £150,000 due to)
DRVN Composites Ltd: £1,284,796 (2024: £1,342,378)
DRVN West Midlands Ltd: £500,651 (2024: £578,530)
J E Engineering Ltd: £47,332 (2024: £9,132)
The Production Bunker Ltd: £20,608 (2024: £15,000)
Due to:
Momentum Four Ltd: £55,000 (2024: £55,000)
The Recruitment Bunker Ltd: £46,193 (2024: £56,277)
MDG Capital Ltd: £23,000 (2024: £23,000)
MDG Chameleon Ltd: £12,500 (2024: £12,500)
DRVN Remastered Ltd: £487,268 (2024: £9,825 due by)
Easy Heat Systems Ltd: £553,695 (2024: £1,878,835)
DRVN Toolroom Ltd: £163,435 (2024: £48,127 due by)
DMD London Ltd: £1,993,639 (2024: £265,000)
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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.