EVTEC AUTOMOTIVE LIMITED

• ⚠

  Material uncertainty over going concern

  Whilst funding facilities have been successfully extended, the ongoing reliance on a single customer for the majority of the revenue, the requirement for revenue to be maintained, the non enforcement of the repayment of the loan by 31 March 2026 and the level of debt indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. EVTEC AUTOMOTIVE LIMITED 2020-12-16 → present
2. REMPOWER LIMITED 2020-06-29 → 2020-12-16
3. REMPLOY AUTOMOTIVE LTD 2020-06-08 → 2020-06-29

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

PKF Littlejohn LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“Whilst funding facilities have been successfully extended, the ongoing reliance on a single customer for the majority of the revenue, the requirement for revenue to be maintained, the non enforcement of the repayment of the loan by 31 March 2026 and the level of debt indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.”

Significant events

• “On 27 June 2025 the Company signed an Amendment and Restatement deed with its lender, Breal Zeta. The new agreement extends the receivables financing agreement, and the asset backed borrowing facility until 1 July 2027. The asset backed finance is repayable in monthly instalments of £21,000 before the balloon payment is due at maturity. The interest rate on both the invoice discounting and asset backed facilities remain at 15% per annum. The equity warrant has been renegotiated after the balance sheet date. The cancellation fee was agreed at £3,000,000. This is an increase from £2,406,750 at the balance sheet date. £625,000 has been paid, meaning the outstanding liability is £2,375,000 at the date of signing these financial statements and £1,831,750 at the balance sheet date. A release from the equity warrant has been agreed when payments have been made that reduce the liability to £1,500,000, at that point, the liability becomes a loan bearing interest at 3%. and payments of £100,000 per month will be made.”
• “On 31 August 2025 the Company's principal customer was impacted by a cyber incident, that forced the shutdown of its IT systems. This in turn forced a suspension in production that lasted until 13 October 2025 when the customer initiated a limited restart, with a structured plan to achieve full production through the month of November 2025. The customer's outage temporarily paused purchases of the Company's products and consequently, the Company's production ceased on 5 September 2025. This reduction in revenue would have put the Company in an unsustainable position without the following mitigating actions. The Company took proactive measures to reduce exposure to this incident, including, standing down employees, delaying or cancelling raw material orders and pausing discretionary spend across the business. In recognition the Company's critical importance to its supply chain, JLR provided financial support to ensure the Company could maintain full employment levels, meet ongoing obligations, and prepare for immediate ramp-up once production resumed.”
• “The key customer advanced a loan of £4.5m on 13 October 2025, with a further £1m to be advanced at the discretion of the customer. The loan is interest free and although repayment is agreed as 31 March 2026, the directors consider it unlikely that the customer will enforce repayment.”
• “On the 11 November 2025 the shareholders of Company's parent, Evtec Group Limited participated in share exchange agreement with Evtec Group Holdings Limited. As a result, the Company is now a wholly owned indirect subsidiary of Evtec Group Holdings Limited.”
• “On 12 May 2025 the Company's immediate parent, Evtec Group Limited along with Evtec Aluminium Limited and JVM Castings Limited ("the Target Companies") signed a non-binding letter of intent to complete a reverse merger transaction, with a Canadian Corporation. ("The Issuer"), following the reorganisation described in the previous paragraph, Evtec Group Holdings Limited will become the "Target Company".”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.