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Registered number: 07720067









OPTIONS WATER SERVICES LIMITED









FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
OPTIONS WATER SERVICES LIMITED
REGISTERED NUMBER: 07720067

BALANCE SHEET
AS AT 31 MARCH 2024

31 March
31 March
31 December
31 December
2024
2024
2022
2022
Note
£
£
£
£

Current assets
  

Debtors: amounts falling due within one year
 4 
420,875
528,245

Cash at bank and in hand
  
270
20

  
421,145
528,265

Creditors: amounts falling due within one year
 5 
(42,072)
(145,516)

Net current assets
  
 
 
379,073
 
 
382,749

Creditors: amounts falling due after more than one year
 6 
-
(1,945)

Net assets
  
379,073
380,804


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
379,072
380,803

  
379,073
380,804


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2025.




S G Wignall
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
OPTIONS WATER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Options Water Services 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 civil engineering contractor services in the UK utilities market.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Group, of which this company is a member, 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 put in the notes to the financial statements (note 8). 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 approprate for the preparation of the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 company recognises revenue when invoices are raised to, or when consideration is measured as receivable from, customers. Invoices may be reaised 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 2

 
OPTIONS WATER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.5

Taxation

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 operates and generates income.


  
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

  
2.7

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.

  
2.8

Creditors

Short-term creditors are measured at the transaction price.

  
2.9

Financial Instruments

The company only enters into basic financial instruments 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 non-puttable ordinary shares.

  
2.10

Invoice finance

Amounts in respect of invoice finance are seperately disclosed. The Company 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 Company.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (2022 - 2).

Page 3

 
OPTIONS WATER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Debtors

31 March
31 December
2024
2022
£
£

Trade debtors
20,143
87,014

Amounts owed by group undertakings
350,623
217,562

Other debtors
109
95,535

Prepayments and accrued income
-
3,900

Amounts recoverable on long-term contracts
50,000
124,234

420,875
528,245



5.


Creditors: Amounts falling due within one year

31 March
31 December
2024
2022
£
£

Bank loans
19,349
59,388

Corporation tax
22,203
20,850

Other taxation and social security
167
7,730

Proceeds of factored debts
353
57,548

42,072
145,516


Included within other creditors are amounts of £353 (2022 - £57,548), which are secured with a fixed and floating charge over the assets of the comapny along with an unlimited personal guarantee executed by the directors S D Wignall and J P Flannery.


6.


Creditors: Amounts falling due after more than one year

31 March
31 December
2024
2022
£
£

Bank loans
-
1,945


The bank loan of £19,349 (2022 - £61,333) is secured over the assets of the company along with a personal guarantee executed by the directors.

Page 4

 
OPTIONS WATER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Loans


Analysis of the maturity of loans is given below:


31 March
31 December
2024
2022
£
£

Amounts falling due within one year

Bank loans
19,349
59,388

Amounts falling due 2-5 years

Bank loans
-
1,945

19,349
61,333



8.


Provisions














At 31 March 2024


9.


Provisions

The group in which this company is a member is party to several commercial contracts under which the risk of damage claims arise for actions taken under the contracts. At the year end, the Group has recognised provisions for certain claims in the accounts of Options Energy Resource LLP. Should any claim arise, the impact on individual group companies cannot in all instances be readily ascertained, and so duplicate provision or partial provision has not been made in these accounts. Please refer to the individual and group consolidated accounts for further details.


10.


Contingent liabilities

The Company is part of a group VAT registration, together with Options Energy Group Limited, Options Energy Resource LLP, Options Telecom Services Limited, Options Electricity Services Limited and Options Energy 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 £762,730 (2022 - £75,521).


11.


Related party transactions

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions and balances with its wholly owned group companies because group accounts consolidating all group entities are prepared by the ultimate parent undertaking and are publicly available from Companies House.

Page 5

 
OPTIONS WATER SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

12.


Controlling party

The company is a 90% owned subsidiary of Options Energy Group Limited, and the results are included in the consolidated accounts of that company available at Companies House. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.
During the period, the parent company, Options Energy Group Limited, was acquired by an Employee Ownership Trust, under wich the ultimate controlling party has changed to Options Energy EOT Limited by virtue of their controlling interest in the share capital of the Group.


13.


Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2024 was unqualified.

The audit report was signed on 27 March 2025 by Graham Wallace (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 6