DWELLWORKS EUROPE LIMITED

• ⚠

  Annual accounts overdue

  Due 2025-12-31.

• ⚠

  Material uncertainty over going concern

  During the year Dwellworks Europe Group 'the Group' incurred a loss of £2,069,650 (2022: loss of £495,127) and at the year end held net liabilities of £1,296,409 (2022: net assets of £697,963) and net current liabilities of £450,416 (2022: net current assets of £211,012). The current year losses have been increased significantly as a result of the costs of closure of some of the operations of the Chinese components of the Group in the year and the Group are confident that such costs will not reoccur. Post year end, management accounts for the year to December 2024 report positive EBITDA for the Group and an improving Group balance sheet position, however as at 31 December 2024 the Group still expects to report a net liabilities position overall. Dwellworks Europe Group has received a letter of support from its US parent undertaking confirming its ongoing financial support for a minimum period of 12 months from the approval of these accounts, should this be required. The Directors believe that the ultimate parent undertaking will provide financial and other support if required, but the financial statements do not reflect the adjustments that would be necessary should that support not be forthcoming and the ability of the Group to continue in operation be jeopardised due to the lack of such support. However, given the net liability balance sheet position and the fact that no formal deed of undertaking has been issued by the parent company, the Directors have concluded that a material uncertainty exists in relation to events or conditions that may cast significant doubt on the ability of the Group to realise its assets and discharge its liabilities in the normal course of business and, therefore, continue to operate as a going concern. Given that the current 2024 management results significantly strengthened the financial position and these results included business modifications to strengthen future earnings, we believe that this risk is remote.

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

• Turnover

  -31.1%

  £48,066,212 → £33,097,404

• Cash

  -24.5%

  £3,345,371 → £2,524,809

• Net assets

  -285.7%

  £697,963 → -£1,296,409

• Employees

  -14.6%

  130 → 111

• Operating profit

  -1,103.4%

  £133,982 → -£1,344,332

• Profit before tax

  -3,702%

  £46,731 → -£1,683,246

• Wages

  +18.8%

  £4,626,016 → £5,497,640

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. 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.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Bishop Fleming LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“During the year Dwellworks Europe Group 'the Group' incurred a loss of £2,069,650 (2022: loss of £495,127) and at the year end held net liabilities of £1,296,409 (2022: net assets of £697,963) and net current liabilities of £450,416 (2022: net current assets of £211,012). The current year losses have been increased significantly as a result of the costs of closure of some of the operations of the Chinese components of the Group in the year and the Group are confident that such costs will not reoccur. Post year end, management accounts for the year to December 2024 report positive EBITDA for the Group and an improving Group balance sheet position, however as at 31 December 2024 the Group still expects to report a net liabilities position overall. Dwellworks Europe Group has received a letter of support from its US parent undertaking confirming its ongoing financial support for a minimum period of 12 months from the approval of these accounts, should this be required. The Directors believe that the ultimate parent undertaking will provide financial and other support if required, but the financial statements do not reflect the adjustments that would be necessary should that support not be forthcoming and the ability of the Group to continue in operation be jeopardised due to the lack of such support. However, given the net liability balance sheet position and the fact that no formal deed of undertaking has been issued by the parent company, the Directors have concluded that a material uncertainty exists in relation to events or conditions that may cast significant doubt on the ability of the Group to realise its assets and discharge its liabilities in the normal course of business and, therefore, continue to operate as a going concern. Given that the current 2024 management results significantly strengthened the financial position and these results included business modifications to strengthen future earnings, we believe that this risk is remote.”

Group structure

1. DWELLWORKS EUROPE LIMITED · parent
   1. Dwellworks GmbH 100% · Germany
   2. County Homesearch International Limited 100% · United Kingdom
   3. Dwellworks Hong Kong Limited 100% · Hong Kong
   4. Ark International (Hong Kong) Limited 100% · Hong Kong
   5. Ark International Consulting (Beijing) Co., Ltd 100% · China · destination services, real estate services and immigration services
   6. Dwellworks Real Estate Management (Shanghai) Co., Ltd 100% · China
   7. Dwellworks SARL 100% · Switzerland

Significant events

• “The current year losses have been increased significantly as a result of the costs of closure of some of the operations of the Chinese components of the Group in the year and the Group are confident that such costs will not reoccur.”
• “In December 2022 it was decided that Ark International Consulting (Beijing) Co., Ltd would not continue its destination services, real estate services and immigration services in China. These services were wound down during 2023.”

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

1

last 12 months

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