Registration number: 06353379

Global Tunnelling Experts UK Limited

Contents

Statement of Directors' Responsibilities	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Global Tunnelling Experts UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Global Tunnelling Experts UK Limited

(Registration number: 06353379)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	4,501	18,588
Current assets
Debtors	5	1,834,535	917,499
Cash at bank and in hand		634,996	1,912,146
		2,469,531	2,829,645
Creditors: Amounts falling due within one year	6	(381,723)	(451,815)
Net current assets		2,087,808	2,377,830
Net assets		2,092,309	2,396,418
Capital and reserves
Called up share capital		10,000	10,000
Retained earnings		2,082,309	2,386,418
Shareholders' funds		2,092,309	2,396,418

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 April 2026 and signed on its behalf by:
 

K Browning Director

Global Tunnelling Experts UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

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

The address of its registered office is:
Unit 2 Gordano Court
Serbert Close
Portishead
Bristol
BS20 7FS

These financial statements were authorised for issue by the Board on 2 April 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis, as the directors are of the opinion the company has adequate resources to continue trading and satisfy its debts and obligations as they fall due for the foreseeable future.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 8 April 2026 was Robert Cadwallader, who signed for and on behalf of ML Audit LLP.

Global Tunnelling Experts UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

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 consists of two sources of income. Firstly, management fees received from the company's immediate parent for performing administrative duties on its behalf. Secondly, income received from the company's immediate parent, ultimate parent and external third parties for the supply of personnel to the tunnelling industry. Turnover is measured at the fair value of the consideration received or receivable, 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.

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 rate on the date when the fair value is re-measured.

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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold land and buildings	20% straight line method
Office equipment	20% straight line method
Motor vehicles	20% straight line method

Global Tunnelling Experts UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership to the lessee. All other leases are classified as operating leases. The rights of use and obligations under finance lease are initially recognised as assets and liabilities at amounts equal to the lower of the fair value of the leased assets or the present value of the minimum lease payments due. Finance lease liabilities are subsequently measured at amortised cost using the effective interest rate method. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Global Tunnelling Experts UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 42 (2024 - 60).

4	Tangible assets

	Leasehold land and buildings £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	82,632	82,502	19,995	185,129
Disposals	-	-	(4,000)	(4,000)
At 31 December 2025	82,632	82,502	15,995	181,129
Depreciation
At 1 January 2025	70,861	78,418	17,262	166,541
Charge for the year	8,386	2,968	600	11,954
Eliminated on disposal	-	-	(1,867)	(1,867)
At 31 December 2025	79,247	81,386	15,995	176,628
Carrying amount
At 31 December 2025	3,385	1,116	-	4,501
At 31 December 2024	11,771	4,084	2,733	18,588

Included within the net book value of land and buildings above is £3,385 (2024 - £11,771) in respect of leasehold land and buildings and £Nil (2024 - £Nil) in respect of short leasehold land and buildings.
 

Global Tunnelling Experts UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

5

Debtors

	2025 £	2024 £
Trade debtors	59,268	49,858
Amounts owed by related parties	704,531	679,465
Amounts owed by parent undertakings	900,000	-
Other debtors	4,683	3,811
Prepayments	65,843	27,829
Corporation tax asset	100,210	156,536
	1,834,535	917,499

6

Creditors

Due within one year	2025 £	2024 £
Trade creditors	8,728	11,211
Amounts due to related parties	13,396	7,364
Social security and other taxes	228,689	295,330
Other creditors	32,951	29,443
Accruals	97,959	108,467
	381,723	451,815