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Company No: 02729043 (England and Wales)

NORTHERN TUNNELLING & CIVIL ENGINEERING LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

NORTHERN TUNNELLING & CIVIL ENGINEERING LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

NORTHERN TUNNELLING & CIVIL ENGINEERING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
NORTHERN TUNNELLING & CIVIL ENGINEERING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 41,414 132,091
41,414 132,091
Current assets
Debtors 4 15,498 498,057
Cash at bank and in hand 37,673 37,569
53,171 535,626
Creditors: amounts falling due within one year 5 ( 212,476) ( 290,583)
Net current (liabilities)/assets (159,305) 245,043
Total assets less current liabilities (117,891) 377,134
Creditors: amounts falling due after more than one year 6 ( 15,151) ( 241,708)
Net (liabilities)/assets ( 133,042) 135,426
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account ( 133,044 ) 135,424
Total shareholders' (deficit)/funds ( 133,042) 135,426

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Northern Tunnelling & Civil Engineering Limited (registered number: 02729043) were approved and authorised for issue by the Board of Directors on 22 January 2025. They were signed on its behalf by:

John Gerald Gaughan
Director
NORTHERN TUNNELLING & CIVIL ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
NORTHERN TUNNELLING & CIVIL ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
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

Northern Tunnelling & Civil Engineering Limited (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 C/O Bishop Fleming 2nd Floor, Stratus House Emperor Way, Exeter Business Park, EX1 3QS, 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

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern, being the current economic climate and projected income stream.

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £133,042. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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.

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 reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 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.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 6 16

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 August 2023 381,695 93,853 2,216 477,764
Disposals ( 282,131) ( 28,000) 0 ( 310,131)
At 31 July 2024 99,564 65,853 2,216 167,633
Accumulated depreciation
At 01 August 2023 295,228 49,515 930 345,673
Charge for the financial year 6,930 6,553 322 13,805
Disposals ( 223,384) ( 9,875) 0 ( 233,259)
At 31 July 2024 78,774 46,193 1,252 126,219
Net book value
At 31 July 2024 20,790 19,660 964 41,414
At 31 July 2023 86,467 44,338 1,286 132,091

4. Debtors

2024 2023
£ £
Trade debtors 8,968 15,169
Accrued income 4,747 468,757
VAT recoverable 1,783 14,131
15,498 498,057

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 18,182 18,182
Trade creditors 7,058 195,390
Amounts owed to directors 154,833 100,000
Accruals 4,860 4,900
CIS withheld 0 3,577
Taxation and social security 1,210 ( 70,096)
Obligations under finance leases and hire purchase contracts (secured) 0 10,616
Other creditors 26,333 28,014
212,476 290,583

Assets held under HP and finance leases are secured over the assets to which they relate.

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

2024 2023
£ £
Amounts owed to directors 0 207,542
Other loans 15,151 33,333
Obligations under finance leases and hire purchase contracts (secured) 0 833
15,151 241,708

Assets held under HP and finance leases are secured over the assets to which they relate.

7. Called-up share capital

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

8. Financial commitments

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.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 0 330

9. Related party transactions

During the year the directors maintained a current account with the company. At the year end, the Company owed the directors £154,833 (2023: £307,542).

During the year the company paid no dividends (2023: £23,000) to the directors.