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Registered number: OC396547









OPTIONS ENERGY RESOURCE LLP









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
OPTIONS ENERGY RESOURCE LLP
 

INFORMATION




Designated Members

Options Energy Group Limited
J P Flannery
S G Wignall

LLP registered number

OC396547

Registered office

Leytonstone HouseHanbury DriveLeytonstoneLondonE11 1GA

Independent auditors

Barnes Roffe LLPLeytonstone HouseLeytonstoneLondonE11 1GA


 
OPTIONS ENERGY RESOURCE LLP
 

CONTENTS



Page
Members' report
 
1 - 2
Independent auditors' report
 
3 - 5
Statement of comprehensive income
 
6
Balance sheet
 
7 - 8
Reconciliation of members' interests
 
9
Notes to the financial statements
 
10 - 22


 
OPTIONS ENERGY RESOURCE LLP
 
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The members present their annual report together with the audited financial statements of Options Energy Resource LLP (the "LLP") for the year ended 31 December 2022
 

Principal activities
 
 
The principal object of the LLP is the provision of management services to the other group companies.
 
 
Designated Members
 
 
Options Energy Group Limited, J P Flannery and S G Wignall were designated members of the LLP throughout the period.
 

 
Members' capital and interests
 
 
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
 
 
Details of changes in members' capital in the year ended 31 December 2022 are set out in the Reconciliation of members' interests.
 
 
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members during the financial period. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
 

Members' responsibilities statement
 
 
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
 
 
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members 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, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies 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 LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 1

 
OPTIONS ENERGY RESOURCE LLP
 
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
 
 
 
Disclosure of information to auditors
 
 
Each of the persons who are members at the time when this Members' report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and

that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
 

This report was approved by the members on 28 March 2024 and signed on their behalf by:
 
 


S G Wignall
Designated member


Page 2

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OPTIONS ENERGY RESOURCE LLP
 

Opinion
 

We have audited the financial statements of Options Energy Resource LLP (the 'LLP') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Reconciliation of members' interests 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 LLP's affairs as at 31 December 2022 and of its result 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP 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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.


Page 3

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OPTIONS ENERGY RESOURCE LLP (CONTINUED)


Other information
 

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The members are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and 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.


Matters on which we are required to report by exception
 

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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.


Responsibilities of members
 

As explained more fully in the Members' responsibilities statement set out on page 1, the members 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 members 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.


Page 4

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OPTIONS ENERGY RESOURCE LLP (CONTINUED)


Auditors' 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 Auditors' 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 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 have assessed the susceptibility of the LLP's financial statements to material misstatment, 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 Auditors' report.


Use of our report
 

This report is made solely to the LLP's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' 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 LLP and the LLP's members 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

28 March 2024
Page 5

 
OPTIONS ENERGY RESOURCE LLP
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

Turnover
 4 
13,225,182
11,705,121

Cost of sales
  
(10,732,926)
(8,301,398)

Gross profit
  
 
2,492,256
 
3,403,723

Administrative expenses
  
(2,971,563)
(2,991,285)

Other operating income
 5 
-
106,773

Operating (loss)/profit
 6 
 
(479,307)
 
519,211

Interest payable and similar charges
 10 
(201,175)
(131,482)

Profit before tax
  
 
(680,482)
 
387,729

Profit for the year before members' remuneration and profit shares
  
 
(680,482)
 
387,729

(Loss)/profit for the year before members' remuneration and profit shares
  
(680,482)
387,729

Members' remuneration charged as an expense
  
680,482
(387,729)

Results for the year available for discretionary division among members
  
 
-
 
-

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

There was no other comprehensive income for 2022 (2021 - £Nil).

The notes on pages 10 to 22 form part of these financial statements.

Page 6

 
OPTIONS ENERGY RESOURCE LLP
REGISTERED NUMBER: OC396547

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2022
2021
2021
Note
£
£
£
£

Fixed assets
  

Tangible assets
 11 
30,002
74,730

Investments
 12 
1
1

Current assets
  

Stocks
 13 
16,945
18,814

Debtors: amounts falling due within one year
 14 
5,166,685
5,182,888

Cash at bank and in hand
 15 
755
147

  
5,184,385
5,201,849

Creditors: Amounts Falling Due Within One Year
 16 
(4,987,617)
(4,898,515)

Net current assets
  
 
 
196,768
 
 
303,334

Total assets less current liabilities
  
226,771
378,065

Provisions for liabilities
  

Other provisions
 18 
(226,669)
(377,963)

Net assets
  
102
102


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
102
102


Total members' interests
  

Amounts due from members (included in debtors)
 14 
(4,559,396)
(4,265,282)

Members' other interests
  
102
102

  
(4,559,294)
(4,265,180)


Page 7

 
OPTIONS ENERGY RESOURCE LLP
REGISTERED NUMBER: OC396547
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 28 March 2024.




S G Wignall
Designated member


The notes on pages 10 to 22 form part of these financial statements.

Page 8

 
OPTIONS ENERGY RESOURCE LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2022




EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Other amounts
Total

£
£
£

Balance at 1 January 2021 
102
(4,552,453)
(4,552,351)

Members' interests after profit for the year
102
(4,552,453)
(4,552,351)

Other division of profits
-
387,729
387,729

Drawings on account and distribution of profit
-
(387,729)
(387,729)

Repayment of debt
 
-
287,171
287,171

Amounts due from members
(4,265,282)

Balance at 31 December 2021
102
(4,265,282)
(4,265,180)

Members' interests after profit for the year
102
(4,265,282)
(4,265,180)

Other division of losses
-
(680,482)
(680,482)

Drawings on account and distribution of profit
-
680,482
680,482

Repayment of debt
 
-
(294,114)
(294,114)

Amounts due from members
(4,559,396)

Balance at 31 December 2022 
102
(4,559,396)
(4,559,294)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 9

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Options Energy Resource LLP ("the LLP") is a limited liability partnership incorporated in England and Wales. The address of the registered office is Leytonstone House, Hanbury Drive, Leytonstone, London, E11 1GA.
The principal activity of the LLP is that of the provision of management services to fellow group companies.

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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The LLP has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Options Energy Group Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.

Page 10

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Going concern

The Group, of which this LLP is a member, relies on an invoice financing arrangement. The members have no reason to believe that the facilities will not be available for at least the next twelve months. The members 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 LLP is kept to a minimum. The timing and amount of such claims are in many instances uncertain. However, the members are of the opinion that all future liabilities can be met, based upon current estimates.
Based upon the above, the members consider the going concern basis remains appropriate for the preparation of the financial statements.

  
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable. The following criteria must also be met before revenue is recognised:
Rendering of services
The LLP recognises revenue when invoices are raised to, or when consideration is measured as receivable from fellow group companies for the provision of management services. 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.

Page 11

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The LLP'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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.6

Operating leases: the LLP as lessee

Rentals paid under operating leases are charged to profit or loss 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 LLP 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 company. 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 profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 12

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
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 profit or loss 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 Statement of comprehensive income in the same period as the related expenditure.

 
2.9

Finance costs

Finance costs are charged to profit or loss 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 Statement of comprehensive income in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The LLP operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the LLP pays fixed contributions into a separate entity. Once the contributions have been paid the LLP has no further payment obligations.

The contributions are recognised as an expense in profit or loss 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 LLP in independently administered funds.

Page 13

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

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.

  
2.13

Valuation of investments

Investments represent unlisted company shares, whose market value cannot be reliably determined. Such investments are stated at historic cost less impairment.

  
2.14

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 Statement of comprehensive income.

 
2.15

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.

  
2.16

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.17

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.

Page 14

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the LLP 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 Statement of comprehensive income in the year that the LLP 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 Statement of comprehensive income.

 
2.19

Financial instruments

The LLP 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 cashflows 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.

  
2.20

Members' remuneration

The profits are allocated to the members in accordance with the LLP agreement. Fixed profit shares and automatic allocations of profits are treated as Members' remuneration charged as an expense within the Statement of comprehensive income.

Page 15

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the LLP'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 are:
i) Provisions
As is common with the LLP'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 reportinf date, that provided is based upon the LLP's experience of such claims.
Further, provision is made for other claims currently with their insurers, that in the opinion of the members will likely result in an expense to the LLP. 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) 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 LLP.

All turnover arose within the United Kingdom.


5.


Other operating income

2022
2021
£
£

Government grants receivable
-
106,773



6.


Operating profit

The operating profit is stated after charging:

2022
2021
£
£

Exchange differences
-
115

Other operating lease rentals
401,992
445,560

Page 16

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Auditors' remuneration

During the year, the LLP obtained the following services from the LLP's auditors:


2022
2021
£
£

Fees payable to the LLP's auditors for the audit of the LLP's financial statements
18,200
18,200

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


8.


Employees

Staff costs were as follows:


2022
2021
£
£

Wages and salaries
552,708
1,035,053

Social security costs
85,331
135,006

Cost of defined contribution scheme
10,392
17,524

648,431
1,187,583


The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


2022
2021
No.
No.







Employees
16
28


9.


Information in relation to members

2022
2021
No.
No.
Average number of members during the year

3

3


Page 17

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Interest payable and similar charges

2022
2021
£
£


Other loan interest payable
197,709
127,438

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

201,175
131,482


11.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2022
171,989
150,754
22,852
345,595


Disposals
(1,041)
-
-
(1,041)



At 31 December 2022

170,948
150,754
22,852
344,554



Depreciation


At 1 January 2022
170,310
84,752
15,803
270,865


Charge for the year on owned assets
1,676
-
7,049
8,725


Charge for the year on financed assets
-
36,000
-
36,000


Disposals
(1,038)
-
-
(1,038)



At 31 December 2022

170,948
120,752
22,852
314,552



Net book value



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



At 31 December 2021
1,679
66,002
7,049
74,730

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


2022
2021
£
£



Motor vehicles
30,002
66,002

Page 18

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 January 2022
1



At 31 December 2022
1





13.


Stocks

2022
2021
£
£

Finished goods and goods for resale
16,945
18,814


Stock recognised in cost of sales during the year as an expense was £237,311 (2021 - £131,828).
The difference between purchase price and their replacement cost is not material.


14.


Debtors

2022
2021
£
£

Amounts owed by group undertakings
-
65,043

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

Other debtors
53,386
399,003

Prepayments and accrued income
553,903
293,262

Amounts due from members
4,559,396
4,265,282

5,166,685
5,182,888



15.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
755
147


Page 19

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

16.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
4,804,189
3,757,902

Amounts owed to group undertakings
130,347
-

Other taxation and social security
14,685
782,793

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

Other creditors
-
109

Accruals and deferred income
38,396
321,711

4,987,617
4,898,515


Hire purchase contracts totalling £Nil (2021 - £36,000) are secured on the assets to which they relate.


17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
-
36,000

Page 20

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

18.


Provisions





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 LLP's, and fellow group companies' 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. Though 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 the other claims currently with their insurers, that in the opinion of the members 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.
Whilst the timing of payment for the above cannot in all instances be readily ascertained, most are expected to be settled within two years of the balance sheet date.


19.


Analysis of net debt





At 1 January 2022
Arising from cash flows
New finance leases
At 31 December 2022
£

£

£

£

Cash at bank and in hand

147

608

-

755

Borrowings due within 1 year

(109)

109

-

-

Finance leases

(36,000)

-

36,000

-

Net debt


(35,962)
717
36,000
755


20.


Contingent liabilities

The LLP is part of a group VAT registration, together with Options Energy Group Limited, Options Energy Services Limited, Options Electricity Services Limited, Options Water Services Limited and Options Telecom Services Limited, and as such is jointly and severally liable for the VAT liabilities of the other members of the VAT group. At the balance sheet date, the total contingent liability is £75,521 (2021 - £1,235,320).

Page 21

 
OPTIONS ENERGY RESOURCE LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

21.


Pension commitments

The entity operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £10,392 (2021 - £17,524). 
Contributions totalling £Nil (
2021 - £109) were payable to the fund at the balance sheet date.


22.


Commitments under operating leases

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

2022
2021
£
£


Not later than 1 year
-
15,357


23.


Related party transactions

During the period the related parties made the following transactions with, and the following balances were due from/(to), Options Energy Resource LLP:


2022
2021
£
£

Sales to fellow subsidiaries
13,225,182
11,705,124
Purchases from fellow subsidiaries
242,720
909,235
Rent paid to companies under common control
161,735
210,225
Amounts due (to)/from companies under common control
(3,395,822)
(1,710,070)
10,233,815
11,114,514

During the year the LLP paid rent on properties jointly owned by the members of £79,775 (2021 - £78,625).


24.


Post balance sheet events

On 15 March 2024 the ultimate parent undertaking, Options Energy Group Limited, 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 Group.


25.


Ultimate parent undertaking

The ultimate parent undertaking is Options Energy Group Limited by virtue of it holding 80% of the voting rights of the LLP. The results of the LLP are included in the consolidated accounts of that company available at Companies House.

Page 22