Company No: 10521788 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	588,849		397,245
		588,849		397,245
Current assets
Stocks	4	335,806		426,427
Debtors	5	2,154,393		2,226,287
Cash at bank and in hand		93,136		395,363
		2,583,335		3,048,077
Creditors: amounts falling due within one year	6	( 2,121,983)		( 2,541,141)
Net current assets		461,352		506,936
Total assets less current liabilities		1,050,201		904,181
Creditors: amounts falling due after more than one year	7	( 195,165)		( 258,180)
Provision for liabilities		( 139,423)		( 93,609)
Net assets		715,613		552,392
Capital and reserves
Called-up share capital	8	2		2
Profit and loss account		715,611		552,390
Total shareholder's funds		715,613		552,392

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Modular Cubed Ltd (registered number: 10521788) were approved and authorised for issue by the Board of Directors on 02 September 2025. They were signed on its behalf by:

Philip Douglas Cavalier-White Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Modular Cubed Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 17-19 A30bc Higher Stockley Mead, Okehampton, EX20 1BG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	4 - 10 years straight line
Vehicles	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	39		26

3. Tangible assets

	Plant and machinery		Vehicles		Total
	£		£		£
Cost
At 01 January 2024	407,554		106,784		514,338
Additions	265,446		29,689		295,135
Disposals	( 25,295)		0		( 25,295)
At 31 December 2024	647,705		136,473		784,178
Accumulated depreciation
At 01 January 2024	75,054		42,039		117,093
Charge for the financial year	84,141		19,390		103,531
Disposals	( 25,295)		0		( 25,295)
At 31 December 2024	133,900		61,429		195,329
Net book value
At 31 December 2024	513,805		75,044		588,849
At 31 December 2023	332,500		64,745		397,245

4. Stocks

	2024		2023
	£		£
Stocks	209,278		246,006
Work in progress	0		46,805
Finished goods	126,528		133,616
	335,806		426,427

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

	2024		2023
	£		£
Trade debtors	1,118,648		1,695,222
Prepayments and accrued income	471,132		166,762
VAT recoverable	38,547		47,689
Other debtors	526,066		316,614
	2,154,393		2,226,287

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	50,000		50,000
Trade creditors	1,205,779		1,393,228
Amounts owed to Group undertakings	112,702		14,998
Accruals	194,503		360,671
Taxation and social security	126,777		55,622
Obligations under finance leases and hire purchase contracts (secured)	167,578		89,239
Other creditors	264,644		577,383
	2,121,983		2,541,141

The obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Bank loans are secured under fixed and floating charges over all assets held by the company.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	20,833		70,833
Obligations under finance leases and hire purchase contracts (secured)	174,332		187,347
	195,165		258,180

The obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Bank loans are secured under fixed and floating charges over all assets held by the company.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	117,000		0
between one and five years	468,000		0
after five years	190,000		0
	775,000		0

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £120,731 (2023: £80,683). Contributions totalling £7,910 (2023: £35,521) were outstanding at the year end within one year, and £nil (2023:£3,556) falling due after one year.

10. Related party transactions

Other related party transactions

	2024		2023
	£		£
Amounts owed to JP Concrete Limited	256,634		529,990

During the year, the Company owed a balance of £256,634 (2023: £529,990) to JP Concrete Ltd which is included within other creditors. In the prior year, the company disposed of its 100% shareholding in JP Concrete Products Limited.

As the Company is a wholly owned subsidiary of Cavalier Holdings Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.