Company Information
Contents
Strategic Report
For the year ended 31 January 2025
Open Energy Market Ltd is a specialist energy and sustainability consultant providing procurement, contract management, and advisory services to commercial clients, mostly across the UK. We help businesses navigate the complex energy market, secure competitive tariffs, and implement strategies for cost reduction and sustainability, all supported by our proprietary technology platform.
Our revenue is primarily generated through commissions from energy suppliers and consultancy fees from clients. We operate on a transparent, client-first model, offering:
∙Fixed and flexible energy contract sourcing.
∙Bill validation, reforecasting, capacity reviews, and cost recovery.
∙Energy and water services including metering services, energy bill discount schemes, and retrospective audits.
∙Net-zero transition planning and strategy implementation.
Our value proposition lies in market expertise, supplier relationships, and tailored solutions that align with each client’s operational and environmental goals.
The stratgeic priorities for the year included:
∙Enhancing data analytics capabilities using our developing online platform to improve client insights and forecasting.
∙Expanding our green energy portfolio to support sustainability targets.
∙Strengthening supplier partnerships for better contract terms.
∙Increasing brand visibility through rebranding and improved digital marketing and industry events.
Key objectives for the coming year:
∙Further development of initiatives to both delight and provide value to our customers, including continued development of our online platform, designed to support customers in managing their energy procurement and delivering sustainability strategies.
∙Development of initiatives to increase employee engagement to enhance both our culture and our employee success.
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Strategic Report (continued)
For the year ended 31 January 2025
Key risks facing the business, and specifically energy sector risks, include:
∙Staff recruitment and retention – Our success depends on attracting and keeping skilled people. Difficulty doing so could affect growth and service quality.
∙Client churn – Competitive pressure and economic uncertainty may affect retention.
∙Operational delivery – As we continue to expand our services, there is a risk that systems or processes fail to scale effectively.
∙Reputation and compliance – Failure to maintain high standards of conduct or compliance could damage stakeholder trust.
We mitigate these risks through clear governance, competitive reward structures, staff development, and continued investment in systems, technology, and client engagement. An increasing risk is:
∙Cybersecurity threats: Increasing reliance on digital platforms requires robust security measures.
Mitigation strategies include regular risk assessments, insurance coverage, and investment in IT security.
For the year ended 31 January 2025:
∙Revenue increased by 48.9% to £10.9 million, driven by new client acquisitions and specific projects to assist clients with reducing their energy costs.
∙Gross profit margin reduced by 4.9% to 83.7%.
∙Operating profit was £465k, reflecting investment in technology and staff development.
∙Cash flow remained strong, with £1.5million cash at bank ensuring liquidity and resilience.
The company continues to operate profitably and continues to operate as a going concern.
The directors have considered their duties under section 172(1) of the Companies Act 2006, including:
∙Prioritising long-term client relationships over short-term gains.
∙Investing in employee wellbeing and career development.
∙Supporting community initiatives focused on energy education and sustainability.
∙Maintaining ethical standards in supplier selection and contract negotiation.
∙Supporting charitable initiatives.
The energy market remains dynamic, with increasing demand for low-carbon solutions and digital innovation. Open Energy Market Ltd is well-positioned to grow by helping clients reduce costs, improve efficiency, and meet environmental targets. We remain committed to delivering value through expertise, integrity, and innovation.
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Strategic Report (continued)
For the year ended 31 January 2025
This report was approved by the board and signed on its behalf by:
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Directors' report
For the year ended 31 January 2025
The directors present their annual report and the financial statements for the year ended 31 January 2025.
The directors who served during the year were:
F Wood was appointed as director on 21 July 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The profit for the year, after taxation, amounted to £685,399 (2024 - loss £447,074). No dividends were paid in 2025 or 2024.
The company has chosen, in accordance with s.414C(11) Companies Act 2006, to set out in the Strategic report
information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 to be contained in the Directors' report. It has been done so in respect of future developments.
information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 to be contained in the Directors' report. It has been done so in respect of future developments.
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Directors' report (continued)
For the year ended 31 January 2025
This report was approved by the board and signed on its behalf by:
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Independent Auditor's Report to the Members of Open Energy Market Limited
For the year ended 31 January 2025
We have audited the financial statements of Open Energy Market Limited (the 'company') for the year ended 31 January 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of 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).
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 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.
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.
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Independent Auditor's Report to the Members of Open Energy Market Limited (continued)
For the year ended 31 January 2025
In our opinion, based on the work undertaken in the course of the 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.
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.
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Independent Auditor's Report to the Members of Open Energy Market Limited (continued)
For the year ended 31 January 2025
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:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the energy supply sector;
management, and from our commercial knowledge and experience of the energy supply sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the company, including the Companies Act 2006, taxation legislation and data
protection, anti-bribery, employment and health and safety legislation;
statements or the operations of the company, including the Companies Act 2006, taxation legislation and data
protection, anti-bribery, employment and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.
instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an
understanding of how fraud might occur, by:
understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and
actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙investigated the rationale behind significant or unusual transactions; and
∙carried out substantive testing, including a random samples to check the existence and accuracy of expenditure and
the completeness and accuracy of income.
the completeness and accuracy of income.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included, but were not limited to:
included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance; and
∙enquiring of management as to actual and potential litigation and claims.
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Independent Auditor's Report to the Members of Open Energy Market Limited (continued)
For the year ended 31 January 2025
Auditor's responsibilities for the audit of the financial statements (continued)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
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Statement of income and retained earnings
For the year ended 31 January 2025
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Statement of financial position
As at 31 January 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Statement of Cash Flows
For the year ended 31 January 2025
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Statement of Cash Flows (continued)
For the year ended 31 January 2025
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Notes to the financial statements
For the year ended 31 January 2025
Open Energy Market Limited is a private company limited by shares and it was incorporated in England and Wales. Its registered office and principal place of business is Hays House, Millmead, Guildford, GU2 4HJ. The company registration number is 08264515.
2.Accounting policies
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 Republic of Ireland' ('FRS 102') and the Companies Act 2006.
within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') 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 management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
At the reporting date, the company had net liabilities of £1,304,841. £6,235,004 of the company’s liabilities relate to deferred income that will be earned over the course of customer contracts. Excluding these amounts, the company is in a net asset position of £4,930,163.
In addition, the company's forecasts show both profits and positive cash flows for the foreseeable future. The directors are confident therefore that the company will continue to meet its liabilities as and when they fall due for at least twelve months from the date of approval of these financial statements. They therefore consider it appropriate to prepare the financial statements on the going concern basis.
In addition, the company's forecasts show both profits and positive cash flows for the foreseeable future. The directors are confident therefore that the company will continue to meet its liabilities as and when they fall due for at least twelve months from the date of approval of these financial statements. They therefore consider it appropriate to prepare the financial statements on the going concern basis.
Turnover arising from the procurement of energy contracts for business customers is assessed on a contract by contract basis and is reflected in the statement of comprehensive income. Turnover is recognised over the course of the contract, dependent on when the risks and rewards are transferred to the company.
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Notes to the financial statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
For the year ended 31 January 2025
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Interest income is recognised in profit or loss using the effective interest method.
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Notes to the financial statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The directors do not consider these to be any significant judgements or key sources of estimation uncertainty involved in the preparation of those financial statements, other than the recognition of accrued income based on likelihood of contracts being cancelled before their expiry date.
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Notes to the financial statements
For the year ended 31 January 2025
The whole of the turnover is attributable to the principal activity of the company.
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Notes to the financial statements
For the year ended 31 January 2025
Key management personnel compensation totalled £415,774 (2043: £429,809) during the year.
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Notes to the financial statements
For the year ended 31 January 2025
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Notes to the financial statements
For the year ended 31 January 2025
13.Taxation (continued)
There are no factors that may affect future tax charges.
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Notes to the financial statements
For the year ended 31 January 2025
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Notes to the financial statements
For the year ended 31 January 2025
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Notes to the financial statements
For the year ended 31 January 2025
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Notes to the financial statements
For the year ended 31 January 2025
An analysis of changes in net debt has not been presented as all of the company's cash flows relate to movements in cash, and the company has no items to include in such an analysis.
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Notes to the financial statements
For the year ended 31 January 2025
Share premium account
Profit and loss account
The company had no contingent liabilities as at 31 January 2025 or 31 January 2024.
The company had no capital commitments as at 31 January 2025 or 31 January 2024.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £70,008 (2024: £58,394 ). Contributions totalling £17,955 (2024: £16,406 ) were payable to the fund at the reporting date and are included in creditors.
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Notes to the financial statements
For the year ended 31 January 2025
In the opinion of the directors, there is no ultimate controlling party.
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