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Registered number: 09102830









OPTIONS ENERGY GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
OPTIONS ENERGY GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
S G Wignall 
J P Flannery 
A Wignall 
G Wignall 
B Yarwood 




Company secretary
S G Wignall



Registered number
09102830



Registered office
Leytonstone House
3 Hanbury Drive

Leytonstone

London

E11 1GA




Independent auditor
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
OPTIONS ENERGY GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditor's report
 
4 - 7
Consolidated statement of income and retained earnings
 
8
Consolidated balance sheet
 
9 - 10
Company balance sheet
 
11
Consolidated Statement of cash flows
 
12 - 13
Consolidated analysis of net debt
 
14
Notes to the financial statements
 
15 - 33


 
OPTIONS ENERGY GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Business review
 
The principal activity of the Group is that of civil engineering services to the utilities sector.
The directors remain pleased with the performance of the business for the trading period and anticipate that the Group will remain profitable for the foreseeable future.

Principal risks and uncertainties
 
As is common with the markets the Group services, there are various principal risks facing the Group. The Group manages these by putting in place appropriate policies and systems and strives to constantly improve these to keep the impact on the Group to a minimum.
Looking ahead 18 months, the business will continue its strategy of doing more of the same.
We believe that the Group continues to maintain strong relationships with its major clients and through this are confident that the Group can secure further lasting contracts with them. 
The group is continually looking to diversify into markets that are in line with the overall ethos of its group.
Credit risk
The Group's clients are major blue chip companies in utilities and communications industries, and as such the credit risk is deemed very low. The Group maintains constant communication with its clients to ensure that any unrecoverable income is kept to a minimum.
Liquidity risk
The Group has in place an invoice finance facility to help smooth the demands placed on the business due to the nature of the peaks and troughs in the business's cash cycle. This ensures that the Group can meet all its payment obligations as they fall due.

Financial key performance indicators
 
The Group's key performance indicators and headline figures are as follows:
Turnover £16,116,616 
(2021 - £11,909,744)
Gross profit £4,377,606 (2021 - £3,608,346)
Net profit before tax £1,280,038 (2021 - £3,807 loss)
Net assets £1,324,924 (2021 - £206,009)

Future developments
 
The Group is continually looking to diversify into markets that are in line with the overall ethos of its group, such as recycling, along with the continued growth of its existing income streams.


This report was approved by the board on 3 April 2024 and signed on its behalf.



S G Wignall
Director

Page 1

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,118,915 (2021 - £7,817).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

S G Wignall 
J P Flannery 

A Wignall, G Wignall and B Yarwood were appointed as directors on 15 March 2024.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Page 2

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Post balance sheet events

On 15 March 2024, the Company was acquired by an Employee Ownership Trust (EOT), under which the controlling party has changed to Options Energy EOT Limited by virtue of their controlling interest in the share capital of the Company.

Auditors

The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.


This report was approved by the board on 3 April 2024 and signed on its behalf.
 





S G Wignall
Director

Page 3

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPTIONS ENERGY GROUP LIMITED
 

Opinion


We have audited the financial statements of Options Energy Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Group Statement of income and retained earnings, the Group and Company Balance sheets, the Group Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2022 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPTIONS ENERGY GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPTIONS ENERGY GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
 
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates, including stock provisions, were indicative of management bias


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 6

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPTIONS ENERGY GROUP LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Graham Wallace (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

3 April 2024
Page 7

 
OPTIONS ENERGY GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

Turnover
 4 
16,116,616
11,909,744

Cost of sales
  
(11,739,010)
(8,301,398)

Gross profit
  
4,377,606
3,608,346

Administrative expenses
  
(2,823,212)
(3,509,638)

Other operating income
 5 
-
149,343

Operating profit
 6 
1,554,394
248,051

Interest payable and similar charges
 10 
(274,356)
(251,858)

Profit/(loss) before tax
  
1,280,038
(3,807)

Tax on profit/(loss)
 11 
(161,123)
11,624

Profit after tax
  
1,118,915
7,817

  

Retained earnings at the beginning of the year
  
206,005
198,188

Profit for the year attributable to the owners of the parent
  
1,118,915
7,817

Retained earnings at the end of the year
  
1,324,920
206,005

Non-controlling interest at the beginning of the year
  
2
2

Non-controlling interest at the end of the year
  
2
2

There were no recognised gains and losses for 2022 or 2021 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 15 to 33 form part of these financial statements.

Page 8

 
OPTIONS ENERGY GROUP LIMITED
REGISTERED NUMBER: 09102830

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2022
2021
2021
Note
£
£
£
£

Fixed assets
  

Tangible assets
 14 
30,002
74,767

Current assets
  

Stocks
 16 
16,945
18,814

Debtors: amounts falling due within one year
 17 
8,377,325
8,187,892

Cash at bank and in hand
 18 
54,331
4,433

  
8,448,601
8,211,139

Creditors: amounts falling due within one year
 19 
(6,732,874)
(7,252,858)

Net current assets
  
 
 
1,715,727
 
 
958,281

Total assets less current liabilities
  
1,745,729
1,033,048

Creditors: amounts falling due after more than one year
 20 
(194,136)
(449,076)

Provisions for liabilities
  

Other provisions
 24 
(226,669)
(377,963)

Net assets
  
1,324,924
206,009


Capital and reserves
  

Called up share capital 
 25 
2
2

Profit and loss account
 26 
1,324,920
206,005

Equity attributable to owners of the parent Company
  
1,324,922
206,007

Non-controlling interests
  
2
2

  
1,324,924
206,009


Page 9

 
OPTIONS ENERGY GROUP LIMITED
REGISTERED NUMBER: 09102830
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 April 2024.




S G Wignall
Director

The notes on pages 15 to 33 form part of these financial statements.

Page 10

 
OPTIONS ENERGY GROUP LIMITED
REGISTERED NUMBER: 09102830

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2022
2021
2021
Note
£
£
£
£

Fixed assets
  

Investments
 15 
101
101

Current assets
  

Debtors: amounts falling due within one year
 17 
74,735
52,474

Creditors: amounts falling due within one year
 19 
(306,646)
(262,800)

Net current liabilities
  
 
 
(231,911)
 
 
(210,326)

Creditors: amounts falling due after more than one year
 20 
-
(14,682)

Net liabilities
  
(231,810)
(224,907)


Capital and reserves
  

Called up share capital 
 25 
2
2

Profit and loss account brought forward
  
(224,909)
(193,877)

Loss for the year

  

(6,903)
(31,032)

Profit and loss account carried forward
  
(231,812)
(224,909)

  
(231,810)
(224,907)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 April 2024.


S G Wignall
Director

The notes on pages 15 to 33 form part of these financial statements.

Page 11

 
OPTIONS ENERGY GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
1,118,915
7,817

Adjustments for:

Depreciation of tangible assets
44,757
40,260

Loss on disposal of tangible assets
(43,742)
(36,103)

Government grants
-
(149,343)

Interest paid
274,356
251,858

Taxation charge
161,123
(11,624)

Decrease in stocks
1,869
17,507

(Increase)/decrease in debtors
(627,835)
333,108

Decrease/(increase) in amounts owed by joint ventures
160,298
(14,669)

(Decrease)/increase in creditors
(420,284)
624,831

(Decrease) in provisions
(151,294)
(777,866)

Corporation tax (paid)
(301,713)
(98,026)

Net cash generated from operating activities

216,450
187,750


Cash flows from investing activities

Purchase of tangible fixed assets
-
(3,311)

Sale of tangible fixed assets
43,750
36,150

Government grants received
-
149,343

HP interest paid
(3,466)
(4,044)

Net cash from investing activities

40,284
178,138

Cash flows from financing activities

Repayment of loans
(269,733)
(217,226)

Other new loans
29,164
-

Repayment of other loans
-
(58,145)

Repayment of/new finance leases
(36,000)
(43,200)

Movements on invoice discounting
340,623
106,031

Interest paid
(270,890)
(247,814)

Net cash used in financing activities
(206,836)
(460,354)

Net increase/(decrease) in cash and cash equivalents
49,898
(94,466)
Page 12

 
OPTIONS ENERGY GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


2022
2021

£
£


Cash and cash equivalents at beginning of year
4,433
98,899

Cash and cash equivalents at the end of year
54,331
4,433


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
54,331
4,433


Page 13

 
OPTIONS ENERGY GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022





At 1 January 2022
Cash flows
Movement in finance leases
At 31 December 2022
£

£

£

£

Cash at bank and in hand

4,433

49,898

-

54,331

Debt due after 1 year

(449,076)

254,940

-

(194,136)

Debt due within 1 year

(559,980)

(14,381)

-

(574,361)

Finance leases

(36,000)

-

36,000

-


(1,040,623)
290,457
36,000
(714,166)

The notes on pages 15 to 33 form part of these financial statements.

Page 14

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Options Energy Group Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. 
The principal activity of the Company is that of a holding company for its trading subsidiaries.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

  
2.2
Basis of consolidation

The consolidated financial statements present the results of Options Energy Group Limited and all of its subsidiary undertakings ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Group relies on an invoice financing arrangement. The directors have no reason to believe that the facilities will not be available for at least the next twelve months. The directors are confident that they could source alternative finance should this be necessary.
Provision has been made for all known claims against the Group, in accordance with the policies set out in the notes to the financial statements. The Group continues to monitor and work closely with its insurers to ensure the impact on the Group is kept to a minimum. The timing and amount of such claims are in many instances uncertain. However, the directors are of the opinion that all future liabilities can be met, based upon current estimates.
Based upon the above, the directors consider the going concern basis remains appropriate for the preparation of the financial statements.

Page 15

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

  
2.5
Revenue

Revenue is recognised to the extent that is is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
The Group recognises revenue when invoices are raised to, or when consideration is measured as receivable from, customers. Invoices may be raised in the same period in which the service took place, or subsequently when the value of services can be reliably measured. The level of work is agreed by the customer prior to an invoice being raised.
At the year end an estimated value for the work carried out during the year, recognised by reference to the stage of completion, that is yet to be invoiced is included within turnover and as amounts recoverable on long-term contracts within debtors.

Page 16

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated statement of income and retained earnings on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of income and retained earnings so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Consolidated statement of income and retained earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of income and retained earnings in the same period as the related expenditure.

 
2.9

Finance costs

Finance costs are charged to the Consolidated statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in the Consolidated statement of income and retained earnings in the year in which they are incurred.

 
2.11

Pensions

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.13

Invoice finance

Amounts due in respect of invoice finance are separately disclosed as current liabilities. The Group can use these facilities to draw down a percentage of the value of certain sales invoices. The management and collection of trade receivables remains with the Group.

 
2.14

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of income and retained earnings over its useful economic life, being 4 years.

Page 18

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual bases:

Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
25% straight line

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issued together with the fair value of any additional consideration paid.

 
2.17

Stocks

Stocks are stated at cost. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its estimated recoverable amount. The impairment loss is recognised immediately in the Consolidated statement of income and retained earnings.

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 19

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Consolidated statement of income and retained earnings in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet, with any over or under provision taken to the Consolidated statement of income and retained earnings.

 
2.22

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 20

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the Group's accounting policies
No significant judgements have had to be made by management in preparing these financial statements.
b) Key accounting estimates and assumptions
The key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
i) Provisions
As is common with the Group's industry, provision is made for claims for accidental damages experienced at the various sites in the course of servicing the client contracts for the current and prior periods. Whilst the specific amount and timing of settlement of each claim is uncertain at the reporting date, that provided is based upon the Group's experience of such claims.
Further, provision is made for other claims currently with their insurers, that in the opinion of the directors will likely result in an expense to the Group. The idiosyncratic nature of such claims means the amount and timing of payments are uncertain. Amounts provided are determined taking consideration of insurer's assessments, the nature of the claims and historical experience.
ii) Amounts recoverable on long-term contracts
The figure included in amounts recoverable on long-term contracts at the year end is based on the estimated sales value of work completed since the previous invoice. Consideration of the post period recovery is made, as well as historical experience, in arriving at the year end estimate.
iii) Useful economic life of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Group.

All turnover arose within the United Kingdom.


5.


Other operating income

2022
2021
£
£

Government grants receivable
-
149,343


Page 21

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Operating profit

The operating profit is stated after charging:

2022
2021
£
£

Depreciation of tangible fixed assets
40,260
122,463

Exchange differences
-
115

Other operating lease rentals
401,992
445,560

Defined contribution pension control
17,524
22,258


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2022
2021
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
18,200
18,200

All other services
28,800
57,821


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Wages and salaries
355,750
1,422,782
-
-

Social security costs
131,147
135,006
-
-

Cost of defined contribution scheme
16,062
17,524
-
-

502,959
1,575,312
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
2022
2021
2022
2021
No.
No.
No.
No.









Average number of employees
28
34
2
2

Page 22

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Directors' remuneration



The highest paid director received remuneration of £NIL (2021 - £NIL).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2021 - £NIL).


10.


Interest payable and similar charges

2022
2021
£
£


Bank interest payable
18,599
49,187

Other loan interest payable
252,291
198,572

Finance leases and hire purchase contracts
3,466
4,044

Other interest payable
-
55

274,356
251,858


11.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
161,123
-

Adjustments in respect of previous periods
-
(19,186)


161,123
(19,186)


Total current tax
161,123
(19,186)

Deferred tax


Origination and reversal of timing differences
-
7,562

Total deferred tax
-
7,562


Taxation on profit/(loss) on ordinary activities
161,123
(11,624)
Page 23

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit/(loss) on ordinary activities before tax
1,280,038
(3,807)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
243,207
(723)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(7,291)
6,242

Capital allowances for year in excess of depreciation
(5,305)
(316)

Utilisation of tax losses
(69,488)
(3,685)

Adjustments to tax charge in respect of prior periods
-
(19,390)

Unrelieved tax losses carried forward
-
6,248

Total tax charge for the year
161,123
(11,624)


Factors that may affect future tax charges

In the budget announcement on 3 March 2021, the Government announced that the corporation tax rate will increase to 25% for companies with profits above £250,000 with effect from 1 April 2023, as well as announcing a number of other changes to allowances and treatment of losses.


12.


Parent company loss for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements. The loss after tax of the parent Company for the year was £6,903 (2021 - loss £31,032).

Page 24

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2022
25,000



At 31 December 2022

25,000



Amortisation


At 1 January 2022
25,000



At 31 December 2022

25,000



Net book value



At 31 December 2022
-



At 31 December 2021
-



Page 25

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2022
493,497
986,182
202,853
28,858
1,711,390


Disposals
(33,131)
(271,465)
-
-
(304,596)



At 31 December 2022

460,366
714,717
202,853
28,858
1,406,794



Depreciation


At 1 January 2022
491,793
920,172
195,800
28,858
1,636,623


Charge for the year on owned assets
1,698
-
7,053
-
8,751


Charge for the year on financed assets
-
36,006
-
-
36,006


Disposals
(33,125)
(271,463)
-
-
(304,588)



At 31 December 2022

460,366
684,715
202,853
28,858
1,376,792



Net book value



At 31 December 2022
-
30,002
-
-
30,002



At 31 December 2021
1,704
66,010
7,053
-
74,767

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£


Plant and machinery
-
25

Motor vehicles
30,002
66,008

Furniture, fittings and equipment
-
4

30,002
66,037

Page 26

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2022
101



At 31 December 2022

101






Net book value



At 31 December 2022
101



At 31 December 2021
101


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Options Energy Services Limited*
Ordinary
90
Options Energy Resources LLP^
Ordinary
80
Options Electricity Services Limited*
Ordinary
90
Options Telecom Services Limited*
Ordinary
90
Options Water Services Limited*
Ordinary
90

All subsidiary undertakings have the same year end as Options Energy Group Limited. All of the above entities have been included in the group consolidation.
The remaining 10% of the share capital in the above companies is held by Options Energy Resource LLP. Options Energy Group Limited has 80% of the voting rights of Options Energy Resource LLP.
*The registered office of the above companies is 34 St. Peters Street, St. Albans, Hertfordshire, AL1 3NA.
^The registered office of the above LLP is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

Page 27

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

16.


Stocks

Group
Group
2022
2021
£
£

Raw materials and consumables
16,945
18,814


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Trade debtors
1,300,281
1,195,816
-
-

Amounts owed by group undertakings
-
-
74,735
52,474

Amounts owed by joint ventures and associated undertakings
-
160,298
-
-

Other debtors
5,336,708
5,614,812
-
-

Prepayments and accrued income
578,195
324,754
-
-

Amounts recoverable on long-term contracts
1,125,328
855,399
-
-

Deferred taxation
36,813
36,813
-
-

8,377,325
8,187,892
74,735
52,474



18.


Cash and cash equivalents

Group
Group
2022
2021
£
£

Cash at bank and in hand
54,331
4,433


Page 28

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Bank loans
267,596
297,071
-
-

Other loans
306,646
262,800
306,646
262,800

Trade creditors
4,836,183
3,757,902
-
-

Corporation tax
187,699
606,393
-
-

Other taxation and social security
179,322
1,541,090
-
-

Obligations under finance lease and hire purchase contracts
-
36,000
-
-

Proceeds of factored debts
770,405
429,782
-
-

Other creditors
121
109
-
-

Accruals and deferred income
184,902
321,711
-
-

6,732,874
7,252,858
306,646
262,800


Hire purchase contracts totalling £Nil (2021 - £36,000) are secured on the assets to which they relate.
Bank loans of £461,732 (
2021 - £731,465) are secured over the Group's assets.
Other loans of £306,646 (
2021 - £262,800) are unsecured.


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Bank loans
194,136
434,394
-
-

Other loans
-
14,682
-
14,682

194,136
449,076
-
14,682




Page 29

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Amounts falling due within one year

Bank loans
267,596
297,071
-
-

Other loans
306,646
262,800
306,646
262,800


574,242
559,871
306,646
262,800

Amounts falling due 2-5 years

Bank loans
194,136
434,394
-
-

Other loans
-
14,682
-
14,682

194,136
449,076
-
14,682



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2022
2021
£
£

Within one year
-
36,000

Page 30

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

23.


Deferred taxation


Group



2022
2021


£

£



At beginning of year
36,813
44,375


Credited to profit or loss
-
(7,562)



At end of year
36,813
36,813

The deferred tax asset is made up as follows:

Group
Group
2022
2021
£
£

Accelerated capital allowances
36,813
36,813


24.


Provisions


Group



Other provisions

£





At 1 January 2022
377,963


Charged to profit or loss
64,233


Utilised in year
(215,527)



At 31 December 2022
226,669

As is common with the Group's industry, provision is made for claims for accidental damages experienced at the various sites in the course of servicing the client contracts for the current and prior periods. Whilst the specific amount and timing of settlement of each claim is uncertain at the reporting date, that provided is based upon the Group's experience of such claims.
Further, provision is made for other claims currently with their insurers, that in the opinion of the directors will likely result in an expense to the Group. The idiosyncratic nature of such claims means the amount and timing of payments are uncertain. Amounts provided are determined taking consideration of insurers' assessments, the nature of the claims and historical experience.

Page 31

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

25.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



2 (2021 - 2) Ordinary shares of £1.00 each
2
2


There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



26.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £16,062 (2021 - £17,524). As at the year end a balance of £119 (2021 - £109) is due to the pension scheme.


28.


Commitments under operating leasea

At 31 December 2022 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2022
2021
£
£

Not later than 1 year
-
16,258







Page 32

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

29.


Directors' benefits: advances, credit and guarantee

2022
2021
£
£
J P Flannery

Balance brought forward owed to the Group

1,665,962

1,867,780

Total advances in the year

1,017,830

325,437

Total repayments in the year

(1,232,940)

(527,255)


1,450,852

1,665,962


2022
2021
£
£
S G Wignall

Balance brought forward owed to the Group

2,599,320

2,684,673

Total advances in the year

919,134

269,515

Total repayments in the year

(409,909)

(354,868)

Balance carried forward owed to the Group

3,108,545

2,599,320



30.


Related party transactions

During the year the Group paid rent on properties owned by companies under common control of £161,735 (2021 - £210,225).
During the year the Group paid rent on properties owned by the directors of £79,775 
(2021 - £78,625).


31.


Post balance sheet events

On 15 March 2024, the Company was acquired by an Employee Ownership Trust (EOT), under which the controling party has changed to Options Energy EOT Limited by virtue of their controlling interest in the share capital of the Company.


32.


Controlling party

 The ultimate controlling parties are considered to be Steven Wignall and John Flannery.

 
Page 33