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Registered number: 09102830









OPTIONS ENERGY GROUP LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
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
Harlow Enterprise Hub
Ff05 Kao Hockham Building

Edinburgh Way

Harlow

Essex

CM20 2NQ




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 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Consolidated statement of income and retained earnings
 
9
Consolidated balance sheet
 
10 - 11
Company balance sheet
 
12
Consolidated Statement of cash flows
 
13 - 14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 33

 
OPTIONS ENERGY GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

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.
During the period, 90% of the Company was acquired by an Employee Ownership Trust, under which the ultimate controlling party has changed to Options Energy EOT Limited by virtue of their controlling interest in the share capital of the Company.

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 £24,888,054 
(2022 - £16,116,616)
Gross profit £5,956,487 (2022 - £4,377,606)
Net profit before tax £97,743 (2022 - £1,280,038)
Net assets £1,418,169 (2022 - £1,324,924)
 
Page 1

 
OPTIONS ENERGY GROUP LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024


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 27 March 2025 and signed on its behalf.



S G Wignall
Director
Page 2

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

The directors present their report and the financial statements for the period ended 31 March 2024.

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 period, after taxation, amounted to £93,245 (2022 - £1,118,915).

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

Directors

The directors who served during the period were:

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

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

Page 3

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 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.

Post balance sheet events

There have been no events since the balance sheet date that the Company needs to report on.

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 27 March 2025 and signed on its behalf.
 





S G Wignall
Director
Page 4

 
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 period ended 31 March 2024, 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 March 2024 and of the Group's profit for the period 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 5

 
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 period 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 6

 
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 3, 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 7

 
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

27 March 2025
Page 8

 
OPTIONS ENERGY GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
2024
Year ended 31 December 2022
Note
£
£

Turnover
 4 
24,888,054
16,116,616

Cost of sales
  
(18,931,567)
(11,739,010)

Gross profit
  
5,956,487
4,377,606

Administrative expenses
  
(5,533,546)
(2,823,212)

Operating profit
 5 
422,941
1,554,394

Interest payable and similar charges
 9 
(325,198)
(274,356)

Profit before tax
  
97,743
1,280,038

Tax on profit
 10 
(4,498)
(161,123)

Profit after tax
  
93,245
1,118,915

  

Retained earnings at the beginning of the period
  
1,324,920
206,005

Profit for the period attributable to the owners of the parent
  
93,245
1,118,915

Retained earnings at the end of the period
  
1,418,165
1,324,920

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 2024 or 2022 other than those included in the consolidated statement of income and retained earnings.

The notes on pages 16 to 33 form part of these financial statements.
Page 9

 
OPTIONS ENERGY GROUP LIMITED
REGISTERED NUMBER: 09102830

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

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

Fixed assets
  

Tangible assets
 13 
2
30,002

Current assets
  

Stocks
 15 
2,217
16,945

Debtors: amounts falling due within one year
 16 
8,303,046
8,377,325

Cash at bank and in hand
 17 
6,763
54,331

  
8,312,026
8,448,601

Creditors: amounts falling due within one year
 18 
(6,230,419)
(6,732,874)

Net current assets
  
 
 
2,081,607
 
 
1,715,727

Total assets less current liabilities
  
2,081,609
1,745,729

Creditors: amounts falling due after more than one year
 19 
(426,053)
(194,136)

Provisions for liabilities
  

Other provisions
 22 
(237,387)
(226,669)

Net assets
  
1,418,169
1,324,924


Capital and reserves
  

Called up share capital 
 23 
2
2

Profit and loss account
 24 
1,418,165
1,324,920

Equity attributable to owners of the parent Company
  
1,418,167
1,324,922

Non-controlling interests
  
2
2

  
1,418,169
1,324,924

Page 10

 
OPTIONS ENERGY GROUP LIMITED
REGISTERED NUMBER: 09102830
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 16 to 33 form part of these financial statements.
Page 11

 
OPTIONS ENERGY GROUP LIMITED
REGISTERED NUMBER: 09102830

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

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

Fixed assets
  

Investments
 14 
101
101

Current assets
  

Debtors: amounts falling due within one year
 16 
326,990
74,735

Cash at bank and in hand
 17 
159
-

Creditors: amounts falling due within one year
 18 
(254,652)
(306,646)

Net current assets/(liabilities)
  
 
 
72,497
 
 
(231,911)

Creditors: amounts falling due after more than one year
 19 
(355,220)
-

Net liabilities
  
(282,622)
(231,810)


Capital and reserves
  

Called up share capital 
 23 
2
2

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

Loss for the period

  

(50,812)
(6,903)

Profit and loss account carried forward
  
(282,624)
(231,812)

  
(282,622)
(231,810)


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 16 to 33 form part of these financial statements.

Page 12

 
OPTIONS ENERGY GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024

31 March
31 December
2024
2022
£
£

Cash flows from operating activities

Profit for the financial period
93,245
1,118,915

Adjustments for:

Depreciation of tangible assets
30,000
44,757

Loss on disposal of tangible assets
(49,500)
(43,742)

Interest paid
325,198
274,356

Taxation charge
4,498
161,123

Decrease in stocks
14,728
1,869

Decrease/(increase) in debtors
74,279
(627,835)

Decrease in amounts owed by joint ventures
-
160,298

(Decrease) in creditors
(897,605)
(420,284)

Increase/(decrease) in provisions
10,718
(151,294)

Corporation tax received/(paid)
363,675
(301,713)

Net cash generated from operating activities

(30,764)
216,450


Cash flows from investing activities

Sale of tangible fixed assets
49,500
43,750

HP interest paid
-
(3,466)

Net cash from investing activities

49,500
40,284

Cash flows from financing activities

New secured loans
439,545
29,164

Repayment of loans
(426,272)
(269,733)

Repayment of/new finance leases
-
(36,000)

Movements on invoice discounting
245,604
340,623

Interest paid
(325,198)
(270,890)

Net cash used in financing activities
(66,321)
(206,836)

Net (decrease)/increase in cash and cash equivalents
(47,585)
49,898
Page 13

 
OPTIONS ENERGY GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024

31 March
31 December

2024
2022

£
£


Cash and cash equivalents at beginning of period
54,331
4,433

Cash and cash equivalents at the end of period
6,746
54,331


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
6,763
54,331

Bank overdrafts
(17)
-

6,746
54,331


Page 14

 
OPTIONS ENERGY GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2024




At 1 January 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

54,331

(47,568)

6,763

Bank overdrafts

-

(17)

(17)

Debt due after 1 year

(194,136)

(231,917)

(426,053)

Debt due within 1 year

(574,361)

216,286

(358,075)


(714,166)
(63,216)
(777,382)

The notes on pages 16 to 33 form part of these financial statements.
Page 15

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

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 16

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.4
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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

Borrowing costs

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

Page 17

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Current and deferred taxation

The tax expense for the period 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.

  
2.11

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.

Page 18

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 19

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

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 PERIOD ENDED 31 MARCH 2024

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.


Operating profit

The operating profit is stated after charging:

31 March 2024
31 December 2022
£
£

Depreciation of tangible fixed assets
30,000
44,757

Other operating lease rentals
534,358
401,992

Defined contribution pension control
18,612
16,062

Page 21

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Auditor's remuneration

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


31 March 2024
31 December 2022
£
£

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
81,860
28,800


7.


Employees

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


Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Wages and salaries
3,199,741
355,750
-
-

Social security costs
188,603
131,147
-
-

Cost of defined contribution scheme
18,612
16,062
-
-

3,406,956
502,959
-
-


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



Group
Group
Company
Company
2024
2022
2024
2022
No.
No.
No.
No.









Average number of employees
24
28
2
2


8.


Directors' remuneration



The highest paid director received remuneration of £119,000 (2022 - £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 (2022 - £NIL).

Page 22

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Interest payable and similar charges

31 March 2024
31 December 2022
£
£


Bank interest payable
4,758
18,599

Other loan interest payable
308,697
252,291

Finance leases and hire purchase contracts
-
3,466

Other interest payable
11,743
-

325,198
274,356


10.


Taxation


31 March 2024
31 December 2022
£
£

Corporation tax


Current tax on profits for the year
4,498
161,123

Total current tax
4,498
161,123

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
4,498
161,123
Page 23

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

31 March 2024
31 December 2022
£
£


Profit on ordinary activities before tax
97,743
1,280,038


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
24,436
243,207

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(14,567)
(7,291)

Capital allowances for period/year in excess of depreciation
(5,273)
(5,305)

Utilisation of tax losses
(673)
(69,488)

Changes in tax rate
575
-

Total tax charge for the period/year
4,498
161,123


Factors that may affect future tax charges

There were no factors that may affect future tax changes.


11.


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 period/year was £50,812 (2022 - £6,903).

Page 24

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

12.


Intangible assets

Group







Goodwill

£



Cost


At 1 January 2023
25,000



At 31 March 2024

25,000



Amortisation


At 1 January 2023
25,000



At 31 March 2024

25,000



Net book value



At 31 March 2024
-



At 31 December 2022
-



Page 25

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

13.


Tangible fixed assets

Group








Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
460,366
714,717
202,853
28,858
1,406,794


Disposals
(48,135)
(272,240)
-
-
(320,375)



At 31 March 2024

412,231
442,477
202,853
28,858
1,086,419



Depreciation


At 1 January 2023
460,366
684,715
202,853
28,858
1,376,792


Charge for the period on financed assets
-
30,000
-
-
30,000


Disposals
(48,135)
(272,240)
-
-
(320,375)



At 31 March 2024

412,231
442,475
202,853
28,858
1,086,417



Net book value



At 31 March 2024
-
2
-
-
2



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

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


31 March
31 December
2024
2022
£
£


Plant and machinery
-
25

Motor vehicles
2
30,002

Furniture, fittings and equipment
-
4

2
30,031

Page 26

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

14.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost


At 1 January 2023
101



At 31 March 2024

101






Net book value



At 31 March 2024
101



At 31 December 2022
101


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Options Energy Services Limited*
Ordinary
90
Options Energy Support 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 Support LLP. Options Energy Group Limited has 80% of the voting rights of Options Energy Support LLP.
*The registered office of the above companies is Harlow Enterprise Hub Ff05 Kao Hockham Building, Edinburgh Way, Harlow, Essex, CM20 2NQ.
^On 7 February 2025, the LLP changed its name from Options Energy Resource LLP to Options Energy Support LLP.

Page 27

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

15.


Stocks

Group
31 March
Group
31 December
2024
2022
£
£

Raw materials and consumables
2,217
16,945


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


16.


Debtors

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Trade debtors
2,004,255
1,300,281
1,335
-

Amounts owed by group undertakings
-
-
309,582
74,735

Other debtors
4,447,973
5,336,708
-
-

Prepayments and accrued income
525,415
578,195
16,073
-

Amounts recoverable on long-term contracts
1,288,590
1,125,328
-
-

Deferred taxation
36,813
36,813
-
-

8,303,046
8,377,325
326,990
74,735



17.


Cash and cash equivalents

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Cash at bank and in hand
6,763
54,331
159
-

Less: bank overdrafts
(17)
-
-
-

6,746
54,331
159
-


Page 28

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

18.


Creditors: Amounts falling due within one year

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Bank overdrafts
17
-
-
-

Bank loans
190,393
267,596
84,325
-

Other loans
165,205
306,646
165,205
306,646

Trade creditors
2,916,110
4,836,183
-
-

Corporation tax
555,872
187,699
100
-

Other taxation and social security
1,116,640
179,322
1,335
-

Proceeds of factored debts
1,016,009
770,405
-
-

Other creditors
2,524
121
-
-

Accruals and deferred income
267,649
184,902
3,687
-

6,230,419
6,732,874
254,652
306,646


Bank loans of £176,901 (2022 - £461,732) are secured over the Group's assets.
Bank loans of £439,545 (
2022 - £Nil) are secured over the shares of Options Energy Group Limited.
Other loans of £165,205 (
2022 - £306,646) are unsecured.


19.


Creditors: Amounts falling due after more than one year

Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Bank loans
426,053
194,136
355,220
-




Page 29

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

20.


Loans


Analysis of the maturity of loans is given below:


Group
31 March
Group
31 December
Company
31 March
Company
31 December
2024
2022
2024
2022
£
£
£
£

Amounts falling due within one year

Bank loans
190,393
267,596
84,325
-

Other loans
165,205
306,646
165,205
306,646

355,598
574,242
249,530
306,646

Amounts falling due 1-2 years

Bank loans
95,019
-
95,019
-

Amounts falling due 2-5 years

Bank loans
331,034
194,136
260,201
-



21.


Deferred taxation


Group



31 March 2024
31 December 2022


£

£



At beginning of year
36,813
36,813



At end of year
36,813
36,813

The deferred tax asset is made up as follows:

Group
31 March
Group
31 December
2024
2022
£
£

Accelerated capital allowances
36,813
36,813

Page 30

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

22.


Provisions


Group



Other provisions

£





At 1 January 2023
226,669


Charged to profit or loss
86,674


Utilised in period
(75,956)



At 31 March 2024
237,387

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.


23.


Share capital

31 March
31 December
2024
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



24.


Reserves

Profit and loss account

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


25.


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 £18,612 (2022 - £16,062). As at the year end a balance of £2,477 (2022 - £119) is due to the pension scheme.

Page 31

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

26.


Commitments under operating leasea

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
31 March
Group
31 December
2024
2022
£
£

Not later than 1 year
83,742
-

Later than 1 year and not later than 5 years
257,548
-








27.


Directors' benefits: advances, credit and guarantee

2024
2022
£
£
J P Flannery

Balance brought forward owed to the Group

1,450,852

1,665,962

Total advances in the year

658,556

1,017,830

Total repayments in the year

(874,099)

(1,232,940)


1,235,309

1,450,852


2024
2022
£
£
S G Wignall

Balance brought forward owed to the Group

3,108,545

2,599,320

Total advances in the year

561,066

919,134

Total repayments in the year

(869,603)

(409,909)

Balance carried forward owed to the Group

2,800,008

3,108,545



28.


Related party transactions

During the year the Group paid rent on properties owned by companies under common control of £3,103 (2022 - £161,735).
During the year the Group paid rent on properties owned by the directors of £134,087 
(2022 - £79,775).

Page 32

 
OPTIONS ENERGY GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

29.


Controlling party

During the period, 90% of the Company was acquired by an Employee Ownership Trust, under which the ultimate controlling party has changed to Options Energy EOT Limited by virtue of their controlling interest in the share capital of the Company.

 
Page 33