IRIS Accounts Production v23.3.0.418 04196731 Board of Directors 1.9.22 31.8.23 31.8.23 false true false false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh041967312022-08-31041967312023-08-31041967312022-09-012023-08-31041967312021-08-31041967312021-09-012022-08-31041967312022-08-3104196731ns10:Originalns15:EnglandWales2022-09-012023-08-3104196731ns14:PoundSterlingns10:Original2022-09-012023-08-3104196731ns10:Originalns10:Director12022-09-012023-08-3104196731ns10:Original2022-09-012023-08-3104196731ns10:Original2023-08-3104196731ns10:Originalns10:PrivateLimitedCompanyLtd2022-09-012023-08-3104196731ns10:Originalns10:SmallEntities2022-09-012023-08-3104196731ns10:Originalns10:AuditExemptWithAccountantsReport2022-09-012023-08-3104196731ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-09-012023-08-3104196731ns10:SmallCompaniesRegimeForAccountsns10:Original2022-09-012023-08-3104196731ns10:Originalns10:FullAccounts2022-09-012023-08-3104196731ns10:Original12022-09-012023-08-3104196731ns10:Originalns10:Director22022-09-012023-08-3104196731ns10:Originalns10:Director32022-09-012023-08-3104196731ns10:Originalns10:Director42022-09-012023-08-3104196731ns10:Originalns10:RegisteredOffice2022-09-012023-08-3104196731ns10:Original2022-08-3104196731ns10:Originalns5:CurrentFinancialInstruments2023-08-3104196731ns10:Originalns5:CurrentFinancialInstruments2022-08-3104196731ns10:Originalns5:Non-currentFinancialInstruments2023-08-3104196731ns10:Originalns5:Non-currentFinancialInstruments2022-08-3104196731ns5:ShareCapitalns10:Original2023-08-3104196731ns5:ShareCapitalns10:Original2022-08-3104196731ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-08-3104196731ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-08-3104196731ns10:Originalns5:NetGoodwill2022-09-012023-08-3104196731ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-09-012023-08-3104196731ns10:Originalns5:LandBuildings2022-09-012023-08-3104196731ns10:Originalns5:PlantMachinery2022-09-012023-08-3104196731ns10:Original2021-09-012022-08-3104196731ns10:Originalns5:NetGoodwill2022-08-3104196731ns10:Originalns5:NetGoodwill2023-08-3104196731ns10:Originalns5:NetGoodwill2022-08-3104196731ns10:Originalns5:LandBuildings2022-08-3104196731ns10:Originalns5:PlantMachinery2022-08-3104196731ns10:Original2022-08-3104196731ns10:Originalns5:LandBuildings2023-08-3104196731ns10:Originalns5:PlantMachinery2023-08-3104196731ns10:Originalns5:LandBuildings2022-08-3104196731ns10:Originalns5:PlantMachinery2022-08-3104196731ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-08-3104196731ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-08-3104196731ns5:Securedns10:Original2023-08-3104196731ns5:Securedns10:Original2022-08-3104196731ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-08-3104196731ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-31
REGISTERED NUMBER: 04196731 (England and Wales)










First Tunnels Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023






First Tunnels Limited (Registered number: 04196731)






Contents of the Financial Statements
for the year ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

First Tunnels Limited

Company Information
for the year ended 31 August 2023







DIRECTORS: S Barker
J Barker
Ms H J Shutt
Miss G Barker





REGISTERED OFFICE: Suite 3, Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ





REGISTERED NUMBER: 04196731 (England and Wales)





ACCOUNTANTS: Walkers Accountants Limited
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

First Tunnels Limited (Registered number: 04196731)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,934,374 3,056,144
2,934,374 3,056,144

CURRENT ASSETS
Stocks 1,063,427 1,236,254
Debtors 6 346,745 249,894
Cash at bank and in hand 508,352 150,536
1,918,524 1,636,684
CREDITORS
Amounts falling due within one year 7 750,133 640,921
NET CURRENT ASSETS 1,168,391 995,763
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,102,765

4,051,907

CREDITORS
Amounts falling due after more than one
year

8

(413,767

)

(751,459

)

PROVISIONS FOR LIABILITIES (127,229 ) (144,710 )
NET ASSETS 3,561,769 3,155,738

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10 3,561,669 3,155,638
SHAREHOLDERS' FUNDS 3,561,769 3,155,738

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

First Tunnels Limited (Registered number: 04196731)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:





S Barker - Director


First Tunnels Limited (Registered number: 04196731)

Notes to the Financial Statements
for the year ended 31 August 2023

1. STATUTORY INFORMATION

First Tunnels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal place of business is Unit 2, Shorten Brook Way, Altham Business Park, Altham, Lancashire, BB5 5YJ.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the invoiced value of goods supplied during the year excluding value added tax and is net of sales returns, trade discount and rebates.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the company neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can easily be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the company; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Goodwill
Goodwill, being the amount in connection with the acquisition of the business in 2001, has been amortised evenly over its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

First Tunnels Limited (Registered number: 04196731)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


First Tunnels Limited (Registered number: 04196731)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leased assets
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 14,000
AMORTISATION
At 1 September 2022
and 31 August 2023 14,000
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

First Tunnels Limited (Registered number: 04196731)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2022 2,528,466 1,129,156 3,657,622
Additions - 30,429 30,429
At 31 August 2023 2,528,466 1,159,585 3,688,051
DEPRECIATION
At 1 September 2022 58,265 543,213 601,478
Charge for year 50,570 101,629 152,199
At 31 August 2023 108,835 644,842 753,677
NET BOOK VALUE
At 31 August 2023 2,419,631 514,743 2,934,374
At 31 August 2022 2,470,201 585,943 3,056,144

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 271,767 187,206
Other debtors 74,978 62,688
346,745 249,894

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts - 42,576
Trade creditors 188,391 251,517
Taxation and social security 319,172 177,557
Other creditors 242,570 169,271
750,133 640,921

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans - 367,637
Other creditors 413,767 383,822
413,767 751,459

First Tunnels Limited (Registered number: 04196731)

Notes to the Financial Statements - continued
for the year ended 31 August 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans - 410,213

The bank loan is secured by fixed and floating charge over the fixed assets of the company.

10. RESERVES
Retained
earnings
£   

At 1 September 2022 3,155,638
Profit for the year 564,504
Dividends (158,473 )
At 31 August 2023 3,561,669

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
First Tunnels Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of First Tunnels Limited for the year ended 31 August 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of First Tunnels Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of First Tunnels Limited and state those matters that we have agreed to state to the Board of Directors of First Tunnels Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than First Tunnels Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that First Tunnels Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of First Tunnels Limited. You consider that First Tunnels Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of First Tunnels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Walkers Accountants Limited
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ


Date: .............................................