Company registration number 12117789 (England and Wales)
OPTIONS GREATHIRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
OPTIONS GREATHIRE LIMITED
COMPANY INFORMATION
Directors
Mr B J Aherne
Mr O A Genty
Mr M J Rocagel
Mr L F Roy
Company number
12117789
Registered office
Unit 602
Central Way
Feltham
Middlesex
TW14 0RX
Auditor
Sumer Audit
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
OPTIONS GREATHIRE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
OPTIONS GREATHIRE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
2024 was a transitional year. In a difficult macro environment, turnover grew by more than 25% which is extremely pleasing. We acquired a new company and launched a second site in Manchester to look after our clients in the North and to grow this market. Significant investment was made which affected our bottom line. In summary 2024 was a transitional year, however with many encouraging signs which looking ahead to 2025 puts us in a good place to return a profit and increase on that achieved in 2023.
Business environment:
We’re faced with a number of challenges bought about by changes to employer national insurance contributions, increases to minimum wage and the end of business rates relief, along with an increase in our rent following a rent review towards the end of 2023. Despite this increase in costs and in part due to them we have managed to increase our price per cubic meter of rental product, 2024 also saw us win many new clients, especially in the contract catering world. Recruitment has become easier and due to the fall in inflation we are now under less pressure to increase wages.
Strategy:
Through sponsoring key industry events, our annual showcases (this year held at Tate Britain), growing our business development team, investing in our offer to ensure we set the trends we have and continue to position ourselves as the go to premium furniture & tableware event hire company in the UK.
Future developments:
The company is looking to expand its customer base geographically to reach all of the British Isles.
Principal risks and uncertainties
Key business risks and uncertainties that could affect the company relate to the impact of the current economic conditions – both within the UK and global impact. The continuation of good relations with our suppliers and our clients, staff retention.
The company operates management policies designed to minimise its exposure to financial risk:
Credit risk:
The company trades with only recognised, creditworthy third parties. It is the company's policy that all customers who wish to trade on credit terms are subject to vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company’s exposure to bad debts is not significant.
Liquidity and cash flow risk:
The company operates a range of policies, including the use of group resources, to ensure there is sufficient liquidity and cash to meet its liabilities. Regular cash flow forecasts are prepared to the company is able to pay its debts as the fall due.
Mr O A Genty
Director
14 April 2025
OPTIONS GREATHIRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of tableware and furniture hire.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr B J Aherne
Mr O A Genty
Mr M J Rocagel
Mr L F Roy
Auditor
The auditor, Sumer Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments and the associated risks.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr O A Genty
Director
14 April 2025
OPTIONS GREATHIRE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
OPTIONS GREATHIRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OPTIONS GREATHIRE LIMITED
- 4 -
Opinion
We have audited the financial statements of Options Greathire Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 company's affairs as at 31 December 2024 and of its loss 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.
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
OPTIONS GREATHIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OPTIONS GREATHIRE LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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
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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 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 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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud;
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, and compliance with the UK Companies Act.
OPTIONS GREATHIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF OPTIONS GREATHIRE LIMITED
- 6 -
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to depreciation; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters which we are required to address
The financial statements of Options Greathire Limited for the year ended 31 December 2023, were audited by another auditor who expressed a modified opinion on those statements.
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 2006. Our 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.
Tony Summers BA FCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
14 April 2025
Chartered Accountants
Statutory Auditor
Crawley
Sumer Audit is the trading name of Sumer Auditco Limited
OPTIONS GREATHIRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
9,335,413
7,268,698
Cost of sales
(5,624,294)
(3,983,764)
Gross profit
3,711,119
3,284,934
Administrative expenses
(4,542,928)
(2,983,599)
Other operating income
1,235
1,422
Operating (loss)/profit
4
(830,574)
302,757
Interest payable and similar expenses
7
(207,786)
(45,006)
Amounts written off intercompany loans
(166,678)
-
(Loss)/profit before taxation
(1,205,038)
257,751
Tax on (loss)/profit
8
(Loss)/profit for the financial year
(1,205,038)
257,751
The profit and loss account has been prepared on the basis that all operations are continuing operations.
OPTIONS GREATHIRE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
9
527,712
Tangible assets
10
4,270,939
3,103,672
Investments
11
849,999
4,798,651
3,953,671
Current assets
Stocks
12
42,324
107,004
Debtors
13
2,230,893
2,136,772
Cash at bank and in hand
450,643
236,308
2,723,860
2,480,084
Creditors: amounts falling due within one year
14
(5,851,672)
(3,765,375)
Net current liabilities
(3,127,812)
(1,285,291)
Total assets less current liabilities
1,670,839
2,668,380
Creditors: amounts falling due after more than one year
15
(546,476)
(346,479)
Provisions for liabilities
Provisions
17
15,000
7,500
(15,000)
(7,500)
Net assets
1,109,363
2,314,401
Capital and reserves
Called up share capital
19
100,000
100,000
Profit and loss reserves
1,009,363
2,214,401
Total equity
1,109,363
2,314,401
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
Mr O A Genty
Director
Company registration number 12117789 (England and Wales)
OPTIONS GREATHIRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
100,000
1,956,650
2,056,650
Year ended 31 December 2023:
Profit and total comprehensive income
-
257,751
257,751
Balance at 31 December 2023
100,000
2,214,401
2,314,401
Year ended 31 December 2024:
Loss and total comprehensive income
-
(1,205,038)
(1,205,038)
Balance at 31 December 2024
100,000
1,009,363
1,109,363
OPTIONS GREATHIRE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,270,222
1,463,758
Interest paid
(207,786)
(45,006)
Income taxes paid
(16,875)
Net cash inflow from operating activities
2,062,436
1,401,877
Investing activities
Purchase of tangible fixed assets
(1,760,913)
(1,746,632)
Proceeds from disposal of tangible fixed assets
-
9,269
Purchase of subsidiaries
-
(849,999)
Repayment of loans provided to directors
5,000
Net cash used in investing activities
(1,755,913)
(2,587,362)
Financing activities
Payment of finance leases obligations
(92,188)
(5,687)
Net cash used in financing activities
(92,188)
(5,687)
Net increase/(decrease) in cash and cash equivalents
214,335
(1,191,172)
Cash and cash equivalents at beginning of year
236,308
1,427,480
Cash and cash equivalents at end of year
450,643
236,308
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information
Options Greathire Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 602, Central Way, Feltham, Middlesex, TW14 0RX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The directors have considered the requirement to prepare consolidated financial statements under section 399 of the Companies Act 2006 but have concluded that the subsidiary undertakings are immaterial both individually and in aggregate, given the hive up of trade and assets on 1 January 2024. Accordingly, the financial statements present information for the company as a single entity and do not include consolidated accounts. This treatment is considered to provide a true and fair view in accordance with FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Prior period error
During the current year, the directors identified that certain operating leases were incorrectly classified and should have been treated as finance leases. As a result, fixed assets and both current and long-term liabilities have been adjusted accordingly in the comparative figures. Motor vehicles have increased by £425,000, current liabilities by £84,615, and long-term liabilities by £340,385, with nil net impact to the reported profit and net assets. The comparative figures in the operating lease note has also been reduced to reflect this. Hire purchase interest and depreciation have not been adjusted on the grounds of immateriality and will be reflected in the current year’s financial statements. In addition, £7,500 of dilapidation provision has been reclassifed from other creditors to provisions, and this has nil impact on the reported loss or net assets.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before turnover is recognised:
Sale of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the sale order;
the stage of completion of the order at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the order can be measured reliably.
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Intangible fixed assets - goodwill
The company acquired Whitehouse Crockery Hire Ltd. in prior year, the trade and certain net assets were transferred to Options Greathire Limited, at which point the acquired subsidiary ceased to trade. The cost of the company's investment in the subsidiary undertaking reflected the underlying fair value of its net assets and goodwill at the time of its acquisition. As a result of this transfer, the value of the company's investments in the subsidiaries fell below the amount at which it was stated in the company's accounting records.
The Companies Act requires that the investments be written down accordingly and that the amount be charged as a loss in the company's profit and loss account. However, the directors consider that, as there has been no overall loss to the group, it would fail to give a true and fair view to charge the diminution to the company's profit and loss account and it should instead be re-allocated to goodwill and the identifiable net assets transferred, so as to recognise in the company's individual balance sheet, the effective cost to the company of those net assets and goodwill.
The recognised goodwill is being written off over 10 years in equal annual instalments.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the term of the lease
Plant and machinery
2-6 years (Rentals) / 4-10 years (Other)
Fixtures and fittings
10 years
Office equipment
3 years
Motor vehicles
5-10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.13
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate, as shown in note 1.6.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sales of services
9,335,413
7,268,698
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,335,413
7,268,698
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(148,170)
79,262
Fees payable to the company's auditor for the audit of the company's financial statements
22,000
22,350
Depreciation of tangible fixed assets
1,243,127
828,325
Loss on disposal of tangible fixed assets
46,368
15,816
Amortisation of intangible assets
58,635
-
Operating lease charges
1,103,179
628,022
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Office
21
15
Operations
138
74
Total
159
89
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,511,466
2,915,914
Social security costs
443,628
293,927
Pension costs
90,680
65,870
5,045,774
3,275,711
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
211,380
192,523
Company pension contributions to defined contribution schemes
8,000
6,249
219,380
198,772
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
211,380
192,523
Company pension contributions to defined contribution schemes
8,000
6,249
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
147,560
45,006
Other finance costs:
Interest on finance leases and hire purchase contracts
60,226
-
207,786
45,006
8
Taxation
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(1,205,038)
257,751
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(301,260)
48,973
Tax effect of expenses that are not deductible in determining taxable profit
374
28,985
Depreciation on assets not qualifying for tax allowances
9,405
8,028
Amortisation on assets not qualifying for tax allowances
14,659
Changes in unrecognised deferred tax
276,822
(85,986)
Taxation charge for the year
-
-
9
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
Additions
586,347
At 31 December 2024
586,347
Amortisation and impairment
At 1 January 2024
Amortisation charged for the year
58,635
At 31 December 2024
58,635
Carrying amount
At 31 December 2024
527,712
At 31 December 2023
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
10
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
As at 1 January 2024 (as restated)
711,180
2,818,672
10,278
21,417
766,859
4,328,406
Additions
523,117
1,664,813
1,261
14,314
7,645
2,211,150
Business combinations
199,492
46,520
246,012
Disposals
(161,988)
(161,988)
At 31 December 2024
1,234,297
4,520,989
11,539
35,731
821,024
6,623,580
Depreciation and impairment
At 1 January 2024
165,788
916,430
2,255
3,735
136,526
1,224,734
Depreciation charged in the year
154,577
990,788
1,110
5,133
91,519
1,243,127
Eliminated in respect of disposals
(115,220)
(115,220)
At 31 December 2024
320,365
1,791,998
3,365
8,868
228,045
2,352,641
Carrying amount
At 31 December 2024
913,932
2,728,991
8,174
26,863
592,979
4,270,939
At 31 December 2023
545,392
1,902,242
8,023
17,682
630,333
3,103,672
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
849,999
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Fixed asset investments
(Continued)
- 20 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
849,999
Net book value of assets acquired on hive up of subsidiary's business
(263,652)
Transfer to goodwill recognised on hive up of business
(586,347)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
849,999
Whitehouse Crockery Hire Limited was a subsidiary up until 4 February 2025, when it was dissolved. Upon acquisition the trade and certain net assets were immediately transferred to Options Greathire Limited, at which point the company ceased to trade. No disposal or impairment of goodwill has been recorded in the financial statements, as the company still own the assets and underlying trade acquired and therefore still receive economic benefit and thus in order to show a true and fair view a transfer to goodwill has been made rather than an impairment in the value of investments as this better reflect the economic substance of the transaction undertaken.
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
42,324
107,004
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,122,914
833,269
Corporation tax recoverable
16,875
16,875
Amounts owed by group undertakings
232,763
99,071
Other debtors
602,381
951,924
Prepayments and accrued income
255,960
235,633
2,230,893
2,136,772
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
14
Creditors: amounts falling due within one year
2024
2023
as restated
Notes
£
£
Obligations under finance leases
16
242,667
84,615
Trade creditors
523,675
432,285
Amounts owed to group undertakings
3,780,794
2,290,089
Taxation and social security
425,029
386,734
Other creditors
358,093
284,123
Accruals and deferred income
521,414
287,529
5,851,672
3,765,375
Net obligations under finance leases are secured against the assets to which they relate.
15
Creditors: amounts falling due after more than one year
2024
2023
as restated
Notes
£
£
Obligations under finance leases
16
546,476
346,479
Net obligations under finance leases are secured against the assets to which they relate.
16
Finance lease obligations
2024
2023
as restated
Future minimum lease payments due under finance leases:
£
£
Within one year
242,667
84,615
In two to five years
546,476
346,479
789,143
431,094
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
17
Provisions for liabilities
2024
2023
£
£
Dilapidation provision
15,000
7,500
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
17
Provisions for liabilities
(Continued)
- 22 -
Movements on provisions:
Dilapidation provision
£
At 1 January 2024
7,500
Additional provisions in the year
7,500
At 31 December 2024
15,000
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,680
65,870
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
9,600,000
9,600,000
96,000
96,000
Growth shares of 1p each
400,000
400,000
4,000
4,000
10,000,000
10,000,000
100,000
100,000
Ordinary shares
Each share is entitled to one vote, are entitled to dividend payments or any other distribution, including a distribution arising from a winding up of the company.
Growth shares
Each share carries no voting rights except in relation to any variation of class rights. On return of capital, growth shareholders are entitled to their share of the growth in the value of the company.
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
20
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
As restated
£
£
Within one year
1,047,009
848,632
Between two and five years
2,632,212
3,679,221
3,679,221
4,527,853
During the current year, the directors identified that included within operating leases disclosure in the comparative year were finance lease assets. The comparative has now been corrected so that it now only reflects operating leases.
21
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Connected Companies
19,951
28,963
1,008,149
889,581
Interest Paid
2024
2023
£
£
Entities with control, joint control or significant influence over the company
147,560
44,531
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
3,780,794
2,290,089
Connected Companies
140,543
65,144
22
Directors' transactions
Included within other debtors is £45,000 (2023 - £50,000) owed from a director, and this balance is interest free.
OPTIONS GREATHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
23
Ultimate controlling party
The immediate parent company of Options Greathire Limited, of which group accounts are prepared that contain the results of Options Greathire Limited, is Santopo S.A.. Its registered office is 330 Rue de Rollergrund, - 2441 Luxembourg.
24
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(1,205,038)
257,751
Adjustments for:
Finance costs
207,786
45,006
Loss on disposal of tangible fixed assets
46,768
15,816
Amortisation and impairment of intangible assets
58,635
Depreciation and impairment of tangible fixed assets
1,243,127
828,324
Other gains and losses
166,678
-
Increase in provisions
7,500
7,500
Movements in working capital:
Decrease/(increase) in stocks
64,680
(7,592)
Increase in debtors
(248,159)
(1,304,770)
Increase in creditors
1,928,245
1,621,723
Cash generated from operations
2,270,222
1,463,758
25
Analysis of changes in net debt
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
236,308
214,335
-
450,643
Obligations under finance leases
(431,094)
92,188
(450,237)
(789,143)
(194,786)
306,523
(450,237)
(338,500)
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