Daiwa House Modular Europe Ltd

(Registration number: 12606091)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	20,671	58,852
Current assets
Debtors	5	2,028,190	5,464,369
Cash at bank and in hand		182,240	63,343
		2,210,430	5,527,712
Creditors: Amounts falling due within one year	6	(4,278,986)	(7,042,555)
Net current liabilities		(2,068,556)	(1,514,843)
Total assets less current liabilities		(2,047,885)	(1,455,991)
Provisions for liabilities	9	(8,951)	(8,951)
Net liabilities		(2,056,836)	(1,464,942)
Capital and reserves
Called up share capital	7	1	1
Profit and loss account		(2,056,837)	(1,464,943)
Total equity		(2,056,836)	(1,464,942)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 30 September 2025 and signed on its behalf by:
 

.........................................

R Brinkman
Director

Daiwa House Modular Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ethos Kings Road
Sa1 Swansea Waterfront
Swansea
SA1 8AS

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements. The company is reliant on the ongoing support of the wider group to be able to meet liabilities as they fall due. The directors of the company have received confirmation from the parent company that the parent will continue its support for a period no shorter than twelve months from the date of approval of these financial statements. While that confirmation is not binding on the parent company, the directors of this company have no reason to believe the parent company will not continue its support. Accordingly, these financial statements have been prepared on the going concern basis.

Daiwa House Modular Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

For service contracts spanning the end of a reporting period, and where the outcome of the contract can be estimated reliably, revenue is recognised according to the percentage of completion method. The percentage completion is calculated according to the percentage of contract costs incurred by the end of the reporting period. When the outcome of a contract involving the rendering of services cannot be estimated reliably, the company recognises revenue only to the extent of the expenses recognised that are recoverable. Where a long term contract is expected to make a loss, the full amount of the loss is provided for from the date the loss is foreseen.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Daiwa House Modular Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Office equipment	3 years straight line
Furniture and fittings	3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised at the transaction price where due in less than one year, otherwise they are recognised at amortised cost.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

When it is probable that total contract costs will exceed total contract revenue on a construction contract and these costs can be reliably estimated, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.

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.

Daiwa House Modular Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits, including cost of any unused holiday entitlement, are recognised as an expense in the period in which the employees' services are received.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 11).

4	Tangible fixed assets

	Office equipment  £	Furniture and fittings £	Total £
Cost
At 1 January 2024	75,380	56,003	131,383
At 31 December 2024	75,380	56,003	131,383
Depreciation
At 1 January 2024	40,357	32,174	72,531
Charge for the year	24,712	13,469	38,181
At 31 December 2024	65,069	45,643	110,712
Carrying amount
At 31 December 2024	10,311	10,360	20,671
At 31 December 2023	35,023	23,829	58,852

Daiwa House Modular Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

5	Debtors: amounts falling due within one year

	2024 £	2023 £
Amounts owed by group undertakings	1,950,446	2,924,362
Other debtors	44,329	46,632
Prepayments and accrued income	33,415	2,493,375
	2,028,190	5,464,369

Included within prepayments and accrued income is a balance of £4,052 (2023: £2,449,413) relating to revenue earned on a service contract.

6

Creditors

	2024 £	2023 £
Amounts falling due within one year
Trade creditors	55,991	917,960
Amounts owed to group undertakings	4,113,247	5,943,914
Other creditors	100,615	163,931
Accruals	9,133	16,750
	4,278,986	7,042,555

Included within other creditors is a balance of £16,780 (2023: £133,723) in relation to a service contract which completed since the year-end and which was loss-making. The balance results in the recognition of the full loss as at 31 December 2024.

7	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £0.01 each	100	1	100	1

Daiwa House Modular Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

8	Obligations under operating leases

The total of future minimum lease payments are due as follows:

	2024 £	2023 £
Not later than one year	53,673	97,340
Later than one year and not later than five years	31,000	166,333
	84,673	263,673

9	Provisions

	Deferred tax
	£
At 1 January 2024	8,951
Charged to profit and loss	-
At 31 December 2024	8,951

10	Parent and ultimate parent undertaking

The company's immediate parent is Daiwa House Modular Europe Jan Snel Holding B.V., incorporated in the Netherlands.

 The ultimate parent is Daiwa House Industry Co. Ltd, incorporated in Japan.

 

11	Audit report

As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

• The audit report was unqualified.
• The senior statutory auditor who signed the audit report on 30 September 2025 was David Wright BSc FCA.
• The auditor was Corrigan Accountants Limited.