The company operates an equity-settled share option scheme for its employees. The scheme provides for the granting of options to acquire ordinary shares in the company. All companies reporting under FRS102 are required to account for such share options by measuring the fair value of the services received by reference to the fair value of the share options at their grant date.
The following options have been granted and remain outstanding at the 31 December 2023:
Year of grant 2019: 42,000 options
Year of grant 2020: 30,213 options
Year of grant 2022: 87,500 options
Year of grant 2023: 48,500 options
The fair value of the options granted was established using the Black-Scholes model.
Year ending 31 December 2023
Total expense recognised in Income Statement in the 12 months to 31 December 2023: £215,634
A corresponding amount has been posted to the Other Reserves in the Balance Sheet at 31 December 2023