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REGISTERED NUMBER: 04196731 (England and Wales)

First Tunnels Limited

Unaudited Financial Statements

for the Year Ended 31 August 2025

| First Tunnels Limited (Registered number: 04196731) |

Contents of the Financial Statements

for the year ended 31 August 2025

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 2025

| 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 2025

| 31.8.25 |  | 31.8.24

| Notes | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 57,422 |  | - |  |

Tangible assets | 5 | 2,875,568 |  | 2,913,762 |  |

2,932,990 |  | 2,913,762 |  |

CURRENT ASSETS

Stocks | 962,392 |  | 990,634 |  |

Debtors | 6 | 279,317 |  | 465,176 |  |

Cash at bank and in hand | 1,105,666 |  | 864,565 |  |

2,347,375 |  | 2,320,375 |  |

CREDITORS

Amounts falling due within one year | 7 | (508,417 | ) | (673,433 | ) |

NET CURRENT ASSETS | 1,838,958 |  | 1,646,942 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,771,948 |  | 4,560,704 |  |

CREDITORS

Amounts falling due after more than one year | 8 | - |  | (211,600 | ) |

PROVISIONS FOR LIABILITIES | (135,084 | ) | (135,986 | ) |

NET ASSETS | 4,636,864 |  | 4,213,118 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 9 | 4,636,764 |  | 4,213,018 |  |

SHAREHOLDERS' FUNDS | 4,636,864 |  | 4,213,118 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 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 2025

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 18 November 2025 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 2025

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.

| Development costs are being amortised evenly over their estimated useful life of five years.

| First Tunnels Limited (Registered number: 04196731) |

Notes to the Financial Statements - continued

for the year ended 31 August 2025

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.

| 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 2025

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 21 (2024 - 22 ) .

| First Tunnels Limited (Registered number: 04196731) |

Notes to the Financial Statements - continued

for the year ended 31 August 2025

4. | INTANGIBLE FIXED ASSETS

| Other |

| intangible |

| Goodwill |  | assets |  | Totals

£ | £ | £ |

| COST

| At 1 September 2024 | 14,000 |  | - |  | 14,000 |  |

| Additions | - |  | 60,697 |  | 60,697 |  |

| At 31 August 2025 | 14,000 |  | 60,697 |  | 74,697 |  |

| AMORTISATION

| At 1 September 2024 | 14,000 |  | - |  | 14,000 |  |

| Charge for year | - |  | 3,275 |  | 3,275 |  |

| At 31 August 2025 | 14,000 |  | 3,275 |  | 17,275 |  |

| NET BOOK VALUE

| At 31 August 2025 | - |  | 57,422 |  | 57,422 |  |

| At 31 August 2024 | - |  | - |  | - |  |

5. | TANGIBLE FIXED ASSETS

| Plant and |

| Land and |  | machinery |

| buildings |  | etc |  | Totals

£ | £ | £ |

| COST

| At 1 September 2024 | 2,528,466 |  | 1,226,991 |  | 3,755,457 |  |

| Additions | - |  | 119,012 |  | 119,012 |  |

| Disposals | - |  | (11,990 | ) | (11,990 | ) |

| At 31 August 2025 | 2,528,466 |  | 1,334,013 |  | 3,862,479 |  |

| DEPRECIATION

| At 1 September 2024 | 159,404 |  | 682,291 |  | 841,695 |  |

| Charge for year | 50,569 |  | 102,323 |  | 152,892 |  |

| Eliminated on disposal | - |  | (7,676 | ) | (7,676 | ) |

| At 31 August 2025 | 209,973 |  | 776,938 |  | 986,911 |  |

| NET BOOK VALUE

| At 31 August 2025 | 2,318,493 |  | 557,075 |  | 2,875,568 |  |

| At 31 August 2024 | 2,369,062 |  | 544,700 |  | 2,913,762 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.8.25 |  | 31.8.24

£ | £ |

| Trade debtors | 188,225 |  | 372,688 |  |

| Other debtors | 91,092 |  | 92,488 |  |

279,317 |  | 465,176 |  |

| First Tunnels Limited (Registered number: 04196731) |

Notes to the Financial Statements - continued

for the year ended 31 August 2025

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.8.25 |  | 31.8.24

£ | £ |

| Trade creditors | 66,681 |  | 121,571 |  |

| Taxation and social security | 316,751 |  | 355,555 |  |

| Other creditors | 124,985 |  | 196,307 |  |

508,417 |  | 673,433 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.8.25 |  | 31.8.24

£ | £ |

| Other creditors | - |  | 211,600 |  |

9. | RESERVES

| Retained

| earnings

£ |

| At 1 September 2024 | 4,213,018 |  |

| Profit for the year | 583,746 |  |

| Dividends | (160,000 | ) |

| At 31 August 2025 | 4,636,764 |  |

10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 August 2025 and 31 August 2024:

| 31.8.25 |  | 31.8.24

£ | £ |

| S Barker

| Balance outstanding at start of year | 28,339 |  | 27,179 |  |

| Amounts advanced | 160,000 |  | 110,597 |  |

| Amounts repaid | (186,984 | ) | (109,437 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 1,355 |  | 28,339 |  |

11. | PENSION COMMITMENTS

| The company operates a defined contribution scheme for the benefit of the directors and staff. 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 funds and amounted to £187,118 (2024 - £74,104). Contributions totalling £3,181 (2024 - £3,537) were payable to the fund at the balance sheet date and are included in creditors.

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 2025 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: .............................................