Registration number:
for the Year Ended 31 July 2025
Registration number:
for the Year Ended 31 July 2025
DRVN Automotive Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Income Statement |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
DRVN Automotive Ltd
Company Information
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Directors |
Mr Darren McDermott Mr William McDermott Mr Jason McDermott Mr Iain Muir |
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Registered office |
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Auditors |
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DRVN Automotive Ltd
Strategic Report for the Year Ended 31 July 2025
Welcome to DRVN Automotive Limited, where we are dedicated to crafting the quintessential driving experience. Here at DRVN, we're impassioned by the art of driving, aiming to evoke emotions and forge enduring memories with every vehicle we create. Our commitment to excellence propels us forward, setting the standard for what we term "peak analogue" – an unparalleled blend of tradition and innovation.
The year ended 31st July 2025 has been an exceptional one for DRVN Automotive Group, marking a period of growth and delivery that has positioned the Group uniquely within the global automotive sector. Central to this achievement has been the negotiation and signing of a landmark brand licence agreement with Ford Motor Company in 2024, allowing our wholly owned subsidiary, Boreham Motorworks, to remaster and produce continuation series of Ford’s most celebrated road, race, and rally icons.
The first two models announced in 2024 under this agreement, the Ford RS200 and the Ford Escort MK1 RS have attracted global attention, 2025 has been focused on the design and development of the MK1 RS road car ready for its global reveal in the summer of 2026 and the launch of the MK1 track car which received significant praise from the automotive press.
Alongside Boreham Motorworks, Evoluto Automobili has made significant strides in establishing itself as a leading voice in the high-end restomod sector and following its show car launch in 2024 has been undergoing full design, development and testing in 2025 ready for the production intent vehicle being launched in Q1 2026 and production commencing soon thereafter.
2025 has been about moving our initial prototype products towards being production intent and starting to develop our international distribution network, appointments for which will begin in 2026. The Group has invested more than £7.1 million in product development during the period, which has been capitalised as intangible assets to be amortised over the lifecycle of the vehicles, 2025/26 will see this investment increase in line with the business plan.
Customer car production is planned to commence in Q4 2025 with the first customer MK1 track car deliveries expected in Q4 2026, deliveries of the MK1 RS road car and Evoluto are planned for Q2 2027. Initial builds will be completed at our R&D facilities in Coventry in advance of volume production commencing at custom designed facilities in 2026/27.
Production facilities have been secured for the MK1RS and Evoluto programmes, construction has commenced at our new MK1 assembly facility at Thruxton race circuit which is expected to have the superstructure completed Q1 2026 with internal fit out completed for Q1 2027, the Evoluto facility is complete and final fit out is planned to commence in Q4 2025 with completion expected Q3 2026.
Financially, the Group recorded turnover of £7.3 million for the year, with a net loss of £10.6 million. This result was anticipated, as both Boreham and Evoluto remain pre-revenue businesses until their respective development programmes reach completion and customer deliveries commence. The significant investment made in product development during this period is reflected on the balance sheet as intangible assets, representing long-term value for the Group. Importantly, DRVN continues to be entirely funded by shareholders and has not sought external investment to date.
DRVN Automotive Ltd
Strategic Report for the Year Ended 31 July 2025
Looking ahead, DRVN Automotive is entering a crucial stage in its development as it moves from concept and brand-building to production and customer delivery. The Group’s ethos-anchored in analogue driving purity, authenticity of design, and engineering excellence-has resonated strongly with enthusiasts and collectors around the world. With key partnerships in place, global press recognition secured, and a clear product pipeline defined, DRVN is well positioned to achieve sustainable growth and establish itself as a leading force in the niche luxury automotive market.
The company's key financial and other performance indicators during the year are as follows:
|
Unit |
2025 |
2024 |
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Revenue |
£ |
7,337,925 |
6,436,810 |
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Gross profit/(loss) |
£ |
4,755,829 |
2,586,376 |
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Profit/(loss) before taxation |
£ |
(3,571,976) |
(3,909,162) |
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Total equity |
£ |
26,705,897 |
23,274,323 |
Principal risks and uncertainties
The Company designs and manufactures luxury, niche vehicles for a global customer base. While this positioning creates resilience through brand value and customer loyalty, it also exposes the business to specific risks. The Directors consider the following to be the principal risks, together with the mitigating actions being taken:
Market Demand and Economic Conditions
Risk: Luxury vehicles are discretionary purchases and are particularly exposed to shifts in global wealth distribution, consumer confidence, and regional economic cycles. A downturn in high-net-worth markets or wider macroeconomic uncertainty may reduce demand or delay purchases. The Company continues to expand its presence across multiple geographies to reduce dependence on any one market. The business maintains strong relationships with its customer base and invests in bespoke experiences and aftersales services to reinforce brand loyalty.
Supply Chain Dependence
Risk: Specialist materials and components are sourced from a limited number of suppliers. Disruption, cost inflation, or quality issues could delay production. The Company works closely with key suppliers to develop long-term partnerships, dual-sourcing where possible, and holding strategic inventory of critical components. Ongoing investment in supply chain monitoring helps anticipate potential issues early.
Technological Change and Innovation
Risk: Rapid advances in the competitive sphere and technological advances may impact customer expectations in the luxury sector. Failure to keep pace could reduce competitiveness. The Company is actively investing in research and development, with a focus on lightweight materials, ICE drivetrains, and bespoke features that enhance the luxury experience. Collaborations with technology partners ensure access to emerging innovations.
DRVN Automotive Ltd
Strategic Report for the Year Ended 31 July 2025
Regulatory and Compliance Risks
Risk: The luxury automotive sector is subject to evolving emissions, safety, and environmental regulations across global markets. Non-compliance could restrict market access or lead to fines and reputational damage. A dedicated compliance function monitors legislative developments globally. New models are engineered to meet or exceed the regulatory standards identified for the product in question for the time window of production, and the Company invests in sustainable materials and processes to future-proof production and long-term product development.
Competition
Risk: Competition is intensifying as established premium brands extend their product ranges and new entrants target the luxury segment. The Company differentiates itself through unique products, ultra-low volume exclusivity, craftsmanship, and personalisation. By offering a bespoke ownership journey and limited production runs, the Company preserves scarcity and brand value.
Operational Risks
Risk: As a small-volume manufacturer, the Company is reliant on highly skilled employees and a small number of facilities. Disruption to operations, talent retention issues, or loss of specialist knowledge could impact performance. The Company invests in workforce development, succession planning to preserve craftsmanship. It also implements rigorous business continuity plans to mitigate operational disruption.
Approved and authorised by the
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DRVN Automotive Ltd
Directors' Report for the Year Ended 31 July 2025
The directors present their report and the for the year ended 31 July 2025.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company has adopted the disclosure and presentational requirements of FRS 102. When a financial asset or liability is disclosed initially it is measured at its fair value plus or minus transaction costs. The company regularly monitors its exposure to risks including pricing, credit, liquidity and cash flow.
Our objectives are:
• Meet or exceed net profit targets for each business unit
• Develop our own product series, remastered, collector, ultra and race
• Work in partnership with large volume OEMs to celebrate and remaster their Icons of the past
• Carefully develop primary and ancillary products and services which maximise revenue and raise brand profile
• Create strategic, mutually beneficial partnerships with other leading luxury automotive brands
• Build into our infrastructure and designs, hydrogen, and BEV ready products
• Insource manufacture to de-risk the supply chain, where we outsource develop deep enduring partnerships
• Have a full turnkey capability in product development, manufacture, sales, service, and support
• Provide a best-in-class concierge experience to an ultra-exclusive club of High Net Worth, like minded individuals
• Build a global sales and marketing infrastructure capable of promoting the products to our target audience
• Build a global warranty, service and support infrastructure to provide a concierge service to our clients
DRVN Automotive Ltd
Directors' Report for the Year Ended 31 July 2025
Product Policy: Focus on limited production runs and bespoke design options to protect brand value and exclusivity.
Market Policy: Diversify geographic presence to reduce reliance on any single region, with emphasis on growth in North America, Europe, the Middle East, and Asia-Pacific luxury markets.
Supplier Policy: Develop long-term partnerships with specialist suppliers, embedding quality and innovation in the supply chain while seeking dual sourcing and resilience measures.
People Policy: Attract, retain, and develop highly skilled employees through training, apprenticeships, and succession planning, ensuring the preservation of craftsmanship and innovation.
Sustainability Policy: Commit to minimising environmental impact by where applicable adopting low-emission technologies, increasing recyclability, and working towards net-zero production targets in line with industry expectations.
Financial Policy: Apply disciplined financial management, with regular cash flow forecasting, hedging to manage currency exposure, and prudent capital investment aligned with projected demand.
Price risk, credit risk, liquidity risk and cash flow risk
In addition to the operational and strategic risks identified, the Company is exposed to a number of financial risks. The Directors consider the following to be the principal financial risks, together with the mitigating actions being taken:
Foreign Exchange and Geopolitical Risk
Risk: Sales are made globally. Volatility in exchange rates, or geopolitical instability in key markets, could affect profitability and sales volumes. The Company employs selective hedging to manage currency risk and actively diversifies its sales network to reduce exposure to individual markets.
Liquidity and Funding
Risk: Developing new luxury models is capital-intensive and requires significant upfront investment. Insufficient funding could delay product launches or constrain growth. The Company maintains close relationships with its banking partners and shareholders, actively manages cash flow, and carefully phases capital investment to align with projected demand.
Risk: The business is exposed to fluctuations in the cost of raw materials (such as aluminium, carbon fibre, and leather) and specialist components, as well as potential volatility in the prices customers are willing to pay in different markets. This could adversely affect margins. The Company is working towards implementing long-term supply agreements to stabilise input costs where possible. Limited production runs and bespoke pricing models help preserve pricing power. The brand’s positioning in the luxury segment provides resilience against discounting pressures seen in volume markets.
DRVN Automotive Ltd
Directors' Report for the Year Ended 31 July 2025
Credit Risk
Risk: The Company is exposed to the risk of non-payment by dealers, distributors, and individual customers, particularly in international markets. Dealers are carefully selected and monitored for credit risk, KYC checks and prepayment terms are applied for all customers. Exposure is diversified across multiple territories and counterparties to limit concentration risk.
Liquidity Risk
Risk: As a low-volume, high-value manufacturer, the Company requires access to sufficient liquidity to fund working capital, R&D investment, and capital expenditure. A shortage of available funding could constrain operations or delay strategic initiatives. Investment has been secured from the shareholders to deliver on the operational business plans with funding forecasts in place to allow further scaling of the business. Cash flow forecasting is reviewed regularly by management, with scenario modelling to ensure flexibility under different market conditions.
Cash Flow Risk
Risk: Timing differences between customer payments, production schedules, and supplier obligations can create short-term cash flow pressures. Large, lumpy inflows from vehicle deliveries may increase volatility. The Company actively manages payment terms with suppliers and customers to smooth cash flow. Regular forecasting is in place to ensure sufficient short-term liquidity.
Environmental matters
The company is in the process of developing a Corporate and Social Responsibility policy and the directors are fully aware that it not only has a responsibility for all of its employees’ wellbeing but also that of the environment and community as a whole.
Social and community issues
The company's policy is to consult and discuss with employees at meetings matters likely to affect employees' interests.
Information or matters of concern to employees are also communicated through email bulletins and team briefings.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
DRVN Automotive Ltd
Directors' Report for the Year Ended 31 July 2025
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Morris & Young, Statutory Auditor as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
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DRVN Automotive Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DRVN Automotive Ltd
Independent Auditor's Report to the Members of DRVN Automotive Ltd
Opinion
We have audited the financial statements of DRVN Automotive Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025, which comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 July 2025 and of the group's loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
DRVN Automotive Ltd
Independent Auditor's Report to the Members of DRVN Automotive Ltd
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 9], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
DRVN Automotive Ltd
Independent Auditor's Report to the Members of DRVN Automotive Ltd
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• the nature of the industry, control environment and understanding of the entity including, but not restricted to, the prevalence of fraud in the sector especially in the current uncertain economic environment;
• results of our enquiries of directors about their own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
• the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
As a result of these procedures, we considered the opportunities that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition and overstatement of expenditure. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
DRVN Automotive Ltd
Independent Auditor's Report to the Members of DRVN Automotive Ltd
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and UK tax legislation.
Our procedures to respond to risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of directors concerning actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• tested a sample of income for understatement and other relevant audit procedures while consideration was given to revenue recognition;
• tested a sample of expenditure for overstatement and other relevant audit procedures;
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with law and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
DRVN Automotive Ltd
Independent Auditor's Report to the Members of DRVN Automotive Ltd
Use of our report
This report is made solely to the group and parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group and parent company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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Chartered Accountants
6 Atholl Crescent
Perth
PH1 5JN
DRVN Automotive Ltd
Consolidated Income Statement for the Year Ended 31 July 2025
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Note |
2025 |
(As restated) |
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|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Distribution costs |
( |
( |
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating loss |
( |
( |
|
|
Amounts written off investments |
- |
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(477,296) |
(325,024) |
||
|
Loss before tax |
( |
( |
|
|
Tax on loss |
( |
( |
|
|
Loss for the financial year |
( |
( |
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
( |
( |
|
|
Minority interests |
( |
( |
|
|
( |
( |
DRVN Automotive Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 31 July 2025
|
2025 |
(As restated) |
|
|
Loss for the year |
( |
( |
|
Surplus on property, plant and equipment revaluation |
|
- |
|
(Deficit)/surplus on revaluation of other assets |
( |
|
|
398,934 |
689,570 |
|
|
Total comprehensive income for the year |
( |
( |
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
( |
( |
|
Minority interests |
( |
( |
|
( |
( |
DRVN Automotive Ltd
(Registration number: SC652849)
Consolidated Statement of Financial Position as at 31 July 2025
|
Note |
2025 |
(As restated) |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
Investments |
( |
- |
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1 |
1 |
|
|
Capital contribution reserve |
6,441,945 |
- |
|
|
Revaluation reserve |
14,152,373 |
16,758,538 |
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|
Retained earnings |
(4,791,779) |
(2,700,065) |
|
|
Equity attributable to owners of the company |
15,802,540 |
14,058,474 |
|
|
Minority interests |
10,903,357 |
9,215,849 |
|
|
Shareholders' funds |
26,705,897 |
23,274,323 |
DRVN Automotive Ltd
(Registration number: SC652849)
Consolidated Statement of Financial Position as at 31 July 2025
Approved and authorised by the
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DRVN Automotive Ltd
(Registration number: SC652849)
Statement of Financial Position as at 31 July 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1 |
1 |
|
|
Capital contribution reserve |
6,441,946 |
- |
|
|
Revaluation reserve |
16,016,423 |
17,305,888 |
|
|
Retained earnings |
(2,375,129) |
(1,756,177) |
|
|
Shareholders' funds |
20,083,241 |
15,549,712 |
The company made a loss after tax for the financial year of £618,952 (2024 - loss of £1,756,177).
DRVN Automotive Ltd
(Registration number: SC652849)
Statement of Financial Position as at 31 July 2025
Approved and authorised by the
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DRVN Automotive Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 July 2025
Equity attributable to the parent company
|
Share capital |
Capital contribution reserve |
Revaluation reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 August 2024 |
|
- |
|
( |
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
( |
( |
|
Other comprehensive income |
- |
- |
( |
|
|
- |
|
|
Total comprehensive income |
- |
- |
( |
( |
( |
( |
( |
|
Capital contribution reserve movement |
- |
6,441,945 |
- |
- |
6,441,945 |
- |
6,441,945 |
|
Increase in non-controlling interest in subsidiaries that do not result in loss of control |
- |
- |
- |
- |
- |
|
|
|
Acquisition of subsidiaries, decrease in equity |
- |
- |
( |
- |
( |
- |
( |
|
At 31 July 2025 |
|
|
|
( |
|
|
|
DRVN Automotive Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 July 2025
Equity attributable to the parent company
|
Share capital |
Share premium |
Capital contribution reserve |
Revaluation reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 August 2023 |
|
|
- |
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
- |
( |
( |
( |
( |
|
Other comprehensive income |
- |
- |
- |
|
|
|
- |
|
|
Total comprehensive income |
- |
- |
- |
|
( |
( |
( |
( |
|
Other share premium reserve movements |
- |
( |
- |
- |
- |
( |
- |
( |
|
Increase in ownership interests in subsidiaries |
- |
- |
- |
- |
- |
- |
( |
( |
|
At 31 July 2024 |
1 |
- |
- |
16,758,538 |
(2,700,065) |
14,058,474 |
9,215,849 |
23,274,323 |
DRVN Automotive Ltd
Statement of Changes in Equity for the Year Ended 31 July 2025
|
Share capital |
Capital contribution reserve |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 August 2024 |
|
- |
|
( |
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
Other comprehensive income |
- |
- |
( |
- |
( |
|
Total comprehensive income |
- |
- |
( |
( |
( |
|
Other capital redemption reserve movements |
- |
6,441,946 |
- |
- |
6,441,946 |
|
At 31 July 2025 |
|
|
|
( |
|
|
Share capital |
Share premium |
Revaluation reserve |
Retained earnings |
Total |
|
|
At 1 August 2023 |
|
|
|
- |
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
Other comprehensive income |
- |
- |
|
- |
|
|
Total comprehensive income |
- |
- |
|
( |
( |
|
Other share premium reserve movements |
- |
( |
- |
- |
( |
|
At 31 July 2024 |
1 |
- |
17,305,888 |
(1,756,177) |
15,549,712 |
DRVN Automotive Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 July 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of tangible assets |
|
|
|
|
Acquisition of intangible assets by subsidiaries |
|
- |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
( |
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
Increase in trade debtors |
( |
( |
|
|
Increase in trade creditors |
|
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Acquisition of intangible assets |
( |
( |
|
|
Proceeds from sale of intangible assets |
- |
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
|
Proceeds from bank borrowing draw downs |
- |
|
|
|
Repayment of bank borrowing |
( |
- |
|
|
Proceeds from other borrowing draw downs |
- |
( |
|
|
Proceeds/(repayment) from other loans |
( |
- |
|
|
Increase in finance lease creditors |
- |
|
|
|
Net cash flows from financing activities |
( |
|
|
DRVN Automotive Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 July 2025
|
Note |
2025 |
2024 |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 August |
( |
|
|
|
Cash and cash equivalents at 31 July |
194,942 |
354,828 |
DRVN Automotive Ltd
Statement of Cash Flows for the Year Ended 31 July 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Finance costs |
|
|
|
|
( |
( |
||
|
Working capital adjustments |
|||
|
Increase in trade debtors |
( |
( |
|
|
Increase in trade creditors |
|
|
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Acquisition of subsidiaries |
- |
( |
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Net cash flows from investing activities |
( |
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
|
Net cash flows from financing activities |
( |
|
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 August |
|
|
|
|
Cash and cash equivalents at 31 July |
470 |
986 |
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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 were prepared in accordance with Financial Reporting Standard 102 -'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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 are rounded to the nearest £1.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 July 2025. Where necessary, adjustments have been made for significant transactions and events occurring where subsidiaries have a different year end.
No profit and loss account is presented for the company as permitted by Section 408 of the Companies Act 2006.
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
2 |
Accounting policies (continued) |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The accompanying financial statements have been prepared on a going concern basis. The Directors have made an assessment taking into account current financial resources, operational performance, and anticipated cash flows. The DRVN group have to date invested millions of pounds in several high profile and highly anticipated vehicle programmes and will continue to invest until the planned start of production in 2026, as is standard for the automotive industry this high up-front investment will be amortised over the life cycle of the vehicles. The group has historically relied upon its primary investors to provide funding support for the development of its products and operations and strategic growth initiatives, all of which is in line with the business plan approved by the shareholders and board, the Company has obtained confirmation from its principal investors of their continued financial commitment to support the Company to achieve these objectives.
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
2 |
Accounting policies (continued) |
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.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and 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 group operates and generates taxable income.
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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.
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 |
|
Long leasehold |
10% on cost |
|
Plant and machinery |
5% and 10% on cost and 25% on reducing balance |
|
Fixtures and fittings |
33% on cost and 15% on reducing balance |
|
Computer equipment |
33% on cost and 33% on reducing balance |
|
Motor vehicles |
ranges from 11% to 33% on reducing balance |
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.
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
2 |
Accounting policies (continued) |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
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.
Development costs and intellectual property are initially recognised at cost.
The company holds development costs and intellectual property that were revalued in prior accounting periods. The revalued amount is treated as the asset's deemed carrying value and is carried less subsequent accumulated amortisation and impairment losses. The associated revaluation reserve is maintained within equity and realised through retained earnings as the asset is consumed or upon disposal.
Subsequent expenditure is capitalised only when it enhances the future economic benefits expected to be derived from the related asset beyond its originally assessed standard of performance.
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 |
|
Goodwill |
10% straight line |
|
Development costs & intellectual property |
10% straight line |
|
Patents & licences |
10% straight line |
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
2 |
Accounting policies (continued) |
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.
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 and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
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 group 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 Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
2 |
Accounting policies (continued) |
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 group 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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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 Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
2 |
Accounting policies (continued) |
Financial instruments
Classification
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
(As restated) |
|
|
Sale of goods |
|
|
|
Rendering of services |
- |
|
|
Rental income from investment property |
- |
|
|
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
(As restated) |
|
|
Government grants |
|
|
|
Miscellaneous other operating income |
|
|
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Loss on disposal of Tangible assets |
( |
( |
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Operating loss |
Arrived at after charging/(crediting)
|
2025 |
(As restated) |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
Foreign exchange (losses)/gains |
( |
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Administration and support |
|
|
|
|
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
- |
|
530,739 |
450,179 |
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
50,800 |
50,300 |
|
Taxation |
Tax charged/(credited) in the consolidated income statement
|
2025 |
(As restated) |
|
|
Current taxation |
||
|
UK corporation tax |
( |
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
22,496 |
22,055 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Arising from changes in tax rates and laws |
|
- |
|
Total deferred taxation |
|
|
|
Tax expense in the income statement |
|
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
11 |
Taxation (continued) |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
(As restated) |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Decrease from effect of different UK tax rates on some earnings |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
|
|
|
Deferred tax expense from unrecognised tax loss or credit |
|
|
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Capital allowances |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Capital allowances |
- |
|
|
- |
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Intangible assets |
Group
|
Goodwill |
Trademarks, patents and licenses |
Other intangible assets |
Total |
|
|
Cost or valuation |
||||
|
At 1 August 2024 |
|
|
|
|
|
Additions |
- |
- |
|
|
|
At 31 July 2025 |
|
|
|
|
|
Amortisation |
||||
|
At 1 August 2024 |
|
|
|
|
|
Amortisation charge |
|
|
|
|
|
At 31 July 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 July 2025 |
|
|
|
|
|
At 31 July 2024 |
|
|
|
|
Intangible assets carried at revalued amounts
The fair value of the group’s patents and licences was revalued on 15 November 2023 and 29 October 2023.
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 assets been measured on a historical cost basis, their carrying amount would have been £19,200 (2024: £25,600).
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
12 |
Intangible assets (continued) |
The fair value of the group’s other intangible assets was revalued on 31 July 2023 and 29 October 2023.
Other intangible assets include capitalised development costs and intellectual property.
Development costs relate to the Group’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.
Development costs were revalued by Barker Brettel on the 31 July 2023 using Realistic Royalty Rate valuing the project at £15,781,315.
Development costs and intellectual property was valued on an open market basis on 29 October 2023 by Barker Brettell LLP. This has been treated as one single intangible asset and are amortised on a straight-line basis over their estimated useful economic life.
Had this class of assets been measured on a historical cost basis, their carrying amount would have been £8,183,919 (2024: £7,264,800).
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 August 2024 |
|
|
|
|
|
Revaluations |
- |
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 31 July 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 August 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 July 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 July 2025 |
|
|
|
|
|
At 31 July 2024 |
|
|
|
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
13 |
Tangible assets (continued) |
Company
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 August 2024 |
|
|
- |
|
|
Additions |
- |
|
|
|
|
At 31 July 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 August 2024 |
- |
|
- |
|
|
Charge for the year |
|
|
|
|
|
At 31 July 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 July 2025 |
|
|
|
|
|
At 31 July 2024 |
|
|
- |
|
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 August 2024 |
|
|
Revaluation |
|
|
At 31 July 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 July 2025 |
|
|
At 31 July 2024 |
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
14 |
Investments (continued) |
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:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
The Bunker, Quinn Close, Coventry, CV3 4LH England |
|
|
|
|
|
Charles Spencer King House, Sisken Drive, Middlemarch Business Park, Coventry, CV3 4FJ England |
|
|
|
|
|
13-13a Westwood Way, Westwood Business Park, Coventry, CV4 8HS England |
|
|
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
14 |
Investments (continued) |
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
13-13a Westwood Way, Westwood Business Park, Coventry, CV4 8HS England |
|
|
|
|
|
13-13a Westwood Way, Westwood Business Park, Coventry, CV4 8HS England |
|
|
|
|
|
13-13a Westwood Way, Westwood Business Park, Coventry, CV4 8HS England |
|
|
|
|
|
13-13a Westwood Way, Westwood Business Park, Coventry, CV4 8HS England |
|
|
|
|
|
The Bunker, Quinn Close, Coventry, CV3 4LH England |
|
|
|
|
|
Plot 6, Sisken Drive, Coventry, CV3 4FJ England |
|
|
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
14 |
Investments (continued) |
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
Sovereign House, Millenium Way, Aydiffe Business Park, Newton Aycliffe, DL5 6AR England |
|
|
|
|
|
McDermott House, Tweed Crescent, Perth, PH1 1TJ |
|
|
|
|
|
Unit 5a, Threshold Way
England |
|
|
|
|
|
The Bunker, Quinn Close, Coventry, CV3 4LH England |
|
|
|
|
|
Unit 1, Park 2000 Millenium Way, Aycliffe Business Park, Newton Aycliffe, Co. Durham, DL5 6AR England |
|
|
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
14 |
Investments (continued) |
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
|
Mcdermott House, Tweed Place, Perth, PH1 1TJ Scotland |
|
|
|
|
|
The Bunker, Quinn Close, Coventry, CV3 4LH England |
|
|
|
|
|
The Bunker, Quinn Close, Coventry, CV3 4LH England |
|
|
|
|
|
The Bunker, Quinn Close, Coventry, CV3 4LH England |
|
|
|
|
Subsidiary undertakings |
|
DMD London Limited The principal activity of DMD London Limited is |
|
J E Engineering Ltd The principal activity of J E Engineering Ltd is |
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
14 |
Investments (continued) |
|
DRVN West Midlands Limited The principal activity of DRVN West Midlands Limited is |
|
DRVN Advanced Engineering Limited The principal activity of DRVN Advanced Engineering Limited is |
|
DRVN Remastered Limited The principal activity of DRVN Remastered Limited is |
|
DRVN Composites Limited The principal activity of DRVN Composites Limited is |
|
Evoluto Automobili Limited The principal activity of Evoluto Automobili Limited is |
|
The Production Bunker Ltd The principal activity of The Production Bunker Ltd is |
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
14 |
Investments (continued) |
|
Induction Technology Group Limited The principal activity of Induction Technology Group Limited is |
|
Boreham Motorworks Limited The principal activity of Boreham Motorworks Limited is |
|
DRVN Toolroom Ltd The principal activity of DRVN Toolroom Ltd is |
|
Alan Mann Racing Limited The principal activity of Alan Mann Racing Limited is |
|
Sloane Private Clients Limited The principal activity of Sloane Private Clients Limited is |
|
I T G Holdings Limited The principal activity of I T G Holdings Limited is |
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
14 |
Investments (continued) |
|
Vulcan Automotive Limited The principal activity of Vulcan Automotive Limited is |
|
DRVN Capital Ltd The principal activity of DRVN Capital Ltd is |
|
DRVN Group Holdings Ltd The principal activity of DRVN Group Holdings Ltd is |
|
Mr JWW Ltd The principal activity of Mr JWW Ltd is |
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Work in progress |
|
|
- |
- |
|
Other inventories |
|
|
- |
- |
|
|
|
- |
- |
|
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2025 |
(As restated) |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by related parties |
|
- |
|
- |
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
- |
|
|
Income tax asset |
|
- |
- |
- |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
- |
|
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
( |
( |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
194,942 |
354,828 |
470 |
986 |
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
(As restated) |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
|
|
- |
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Income tax liability |
259,803 |
267,051 |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
- |
|
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 August 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 July 2025 |
|
|
|
|
||
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Reserves |
Group
Share capital
Represents the nominal value of shares issued.
Revaluation reserve
Represents the changes in value of assets.
Capital contribution reserve
Represents amounts that have been contributed to a company without the issue of shares and without creating a liability.
Retained earnings
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
22 |
Reserves (continued) |
Includes retained profit & losses.
Minority interests
Represents the portion of a subsidiary's share not owned by the parent company.
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 |
Total |
|
|
Surplus/deficit on tangible and intangible asset revaluations |
|
|
|
|
Surplus/deficit on revaluation of other assets |
( |
- |
( |
|
( |
|
|
|
|
|
|||
Capital contribution reserve
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.
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
22 |
Reserves (continued) |
|
Revaluation reserve |
Retained earnings |
Total |
|
|
Surplus/deficit on tangible and intangible asset revaluations |
( |
|
- |
|
Surplus/deficit on revaluation of other assets |
|
- |
|
|
|
|
|
|
|
|
|||
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
22 |
Reserves (continued) |
Company
Share capital
Represents the nominal value of shares issued.
Revaluation reserve
Represents the changes in value of assets.
Retained earnings
Includes retained profit & losses.
Capital contribution reserve
Represents amounts that have been contributed to a company without the issue of shares and without creating a liability.
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 |
( |
( |
|
|
||
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
|
Revaluation reserve |
Total |
|
|
Surplus/deficit on revaluation of other assets |
|
|
|
|
||
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
Other borrowings |
|
- |
|
- |
|
|
|
|
- |
|
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
- |
- |
|
Bank overdrafts |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
- |
|
Hire purchase liabilities are secured against the fixed assets that they relate to.
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
- |
|
|
|
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Related party transactions |
Group
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
Summary of transactions with subsidiaries
The group is exempt from disclosing related party transactions with wholly owned subsidiaries.
During the period J E Engineering Limited borrowed money from Induction Technology Group Limited with a balance due at 31 July 2025 of £357,990 (2024: £357,990).
During the period DRVN Advanced Engineering Ltd borrowed money from DRVN Remastered Ltd with a balance due at 31 July 2025 of £487,268 (2024: £9,825 owed to).
During the period DRVN Composites Ltd borrowed money from DRVN Advanced Engineering Ltd with a balance due at 31 July 2025 of £1,284,796 (2024: £1,342,378).
During the period Alan Mann Racing Ltd borrowed money from DRVN Advanced Engineering Ltd with a balance due at 31 July 2025 of £49,774 (2024: £30,000)
During the period DRVN West Midlands Ltd borrowed money from DRVN Advanced Engineering Ltd with a balance due at 31 July 2025 of £500,651 (2024: £1,478,530)
During the period Evoluto Automobili Ltd borrowed money from DRVN Advanced Engineering Ltd with a balance due at 31 July 2025 of £9,276,048 (2024: £565,996).
During the period J E Engineering Limited borrowed money from DRVN Advanced Engineering Ltd with a balance due at 31 July 2025 of £47,332 (2024: £9,132).
During the period The Production Bunker Ltd borrowed money from DMD London Ltd with a balance due at 31 July 2025 of £305,135 (2024: £266,578).
During the period Evoluto Automobili Ltd borrowed money from DMD London Ltd with a balance due at 31 July 2025 of £32,685 (2024: £10,000).
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
25 |
Related party transactions (continued) |
During the period DRVN Advanced Engineering Ltd borrowed money from DMD London Ltd with a balance due at 31 July 2025 of £1,993,639 (2024: £265,000).
During the period J E Engineering Ltd borrowed money from DMD London Ltd with a balance due at 31 July 2025 of £54,500 (2024: £nil).
During the period DRVN Composites Ltd borrowed money from DMD London Ltd with a balance due at 31 July 2025 of £31,200 (2024: £nil).
During the period Evoluto Automobili Ltd borrowed money from DRVN Composites Ltd with a balance due at 31 July 2025 of £772,666 (2024: £nil).
During the period Evoluto Automobili Ltd borrowed money from The Production Bunker Ltd with a balance due at 31 July 2025 of £7,996 (2024: £nil).
During the period The Production Bunker Ltd borrowed money from DRVN Advanced Engineering Ltd with a balance due at 31 July 2025 of £20,608 (2024: £nil).
During the period J E Engineering Ltd borrowed money from DRVN Composites Ltd with a balance due at 31 July 2025 of £20,000 (2024: £nil).
During the period J E Engineering Ltd borrowed money from Evoluto Automobili Ltd with a balance due at 31 July 2025 of £22,000 (2024: £nil).
During the period J E Engineering Ltd borrowed money from The Production Bunker Ltd with a balance due at 31 July 2025 of £4,534 (2024: £nil).
During the period DRVN West Midlands Ltd borrowed money from DMD London Ltd with a balance due at 31 July 2025 of £30,000 (2024: £nil).
During the period DRVN West Midlands Ltd borrowed money from DRVN Composites with a balance due at 31 July 2025 of £33,637 (2024: £nil).
During the period DRVN West Midlands Ltd borrowed money from The Production Bunker Ltd with a balance due at 31 July 2025 of £1,500 (2024: £nil).
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
25 |
Related party transactions (continued) |
During the period DRVN Automotive Ltd borrowed money from DRVN Advanced Engineering Ltd with a balance due at 31 July 2025 of £413,947 (2024: £nil).
During the period DRVN Automotive Ltd borrowed money from Evoluto Automobili Ltd with a balance due at 31 July 2025 of £43,472 (2024: £nil).
During the period DMD borrowed money from DRVN Automotive Ltd with a balance due at 31 July 2025 of £634,229 (2024: £nil).
During the period DRVN Remastered Ltd borrowed money from DMD London Ltd with a balance due at 31 July 2025 of £39,500 (2024: £nil).
During the period DMD London Ltd borrowed money from DRVN Advanced Engineering Ltd with a balance due at 31 July 2025 of £6,361 (2024: £nil).
During the period Alan Mann Racing Ltd borrowed money from DRVN Remastered Ltd with a balance due at 31 July 2025 of £11,000 (2024: £nil).
During the period DRVN Composites Ltd borrowed money from DRVN Remastered Ltd with a balance due at 31 July 2025 of £8,747 (2024: £15,747).
During the period DRVN West Midlands Ltd borrowed money from DRVN Remastered Ltd with a balance due at 31 July 2025 of £19,245 (2024: £17,016).
During the period Alan Mann Racing Ltd borrowed money from DRVN Composites Ltd with a balance due at 31 July 2025 of £11,749 (2024: £nil).
During the period DRVN Remastered Ltd borrowed money from The Production Bunker Ltd with a balance due at 31 July 2025 of £6,000 (2024: £nil).
During the period Sloane Private Clients Ltd borrowed money from The Production Bunker Ltd with a balance due at 31 July 2025 of £16,121 (2024: £nil).
DRVN Automotive Ltd
Notes to the Financial Statements for the Year Ended 31 July 2025
|
25 |
Related party transactions (continued) |
Company
Summary of transactions with subsidiaries
The company is exempt from disclosing related party transactions with wholly owned subsidairies.
At the year end the balances due from DRVN Automotive Ltd were as follows.
Easy Heat Systems Ltd - £641,254 (2024: £239,484).
DRVN Advanced Engineering Ltd - £413,947 (2024: £136,131).
DRVN West Midlands Ltd - £nil (2024: £3,983).
Evoluto Automobili Ltd - £43,472 (2024: £47,000).
E-Type Fabs Ltd - £35,235 (2024: £35,575).
The Recruitment Bunker Ltd - £120,350 (2024: £127,850).
The Production Bunker Ltd - £788,011 (2024: £nil)
Momentum 4 Ltd - £102,000 (2024: £nil)
Chameleon Digitization Limited - £35,000 (2024: £nil)
At the year end the balances due to DRVN Automotive Ltd were as follows:
Alan Mann Racing Ltd - £220,223 (2024: £62,174)
DMD London Ltd - £1,884,229 (2024: £23,620 due from).
The Production Bunker Ltd - £nil (2024: £656,282)
DRVN Composites Ltd - £55,550 (2024: £nil)
DRVN Remastered Ltd - £109,112 (2024: £nil)
DRVN West Midlands Ltd - £21,654 (2024: £nil)
J E Engineering Ltd - £31,103 (2024: £nil)
Induction Technology Group Limited - £63,345 (2024: £nil)
Sloane Private Clients Ltd - £500 (2024: £nil)
|
Parent and ultimate parent undertaking |
The company is controlled by the directors who own 100% of the share capital.