Company No: 03159017 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	14,841		20,690
		14,841		20,690
Current assets
Debtors	5	826,879		947,797
Cash at bank and in hand		5,219		13,301
		832,098		961,098
Creditors: amounts falling due within one year	6	( 674,902)		( 749,342)
Net current assets		157,196		211,756
Total assets less current liabilities		172,037		232,446
Creditors: amounts falling due after more than one year	7	( 182,158)		( 252,772)
Provision for liabilities		( 872)		( 2,153)
Net liabilities		( 10,993)		( 22,479)
Capital and reserves
Called-up share capital	8	101		101
Profit and loss account		( 11,094 )		( 22,580 )
Total shareholder's deficit		( 10,993)		( 22,479)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Contract Options Limited (registered number: 03159017) were approved and authorised for issue by the Board of Directors on 11 December 2025. They were signed on its behalf by:

M P Stock Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Contract Options Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 59 London Street, Reading, RG1 4EW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	3 years straight line
Fixtures and fittings	25 % reducing balance
Computer equipment	4 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Prior year adjustment

During the year, it was identified that dividends totalling £250,000, declared during the year ended 31 December 2020, had not been recorded.

A prior year adjustment has been included to reduce the profit and loss reserve at 1 January 2023 by £250,000.

During the year, it was identified that a bank loan creditor had been understated by £250,000 since 31 December 2020.

A prior year adjustment has been included to increase the bank loan creditor at 31 December 2023 by £250,000.

		As previously reported		Adjustment		As restated
Year ended 31 December 2023		£		£		£
Creditors: amounts falling due within one year		681,280		68,062		749,342
Creditors: amounts falling due in more than one year		70,834		181,938		252,772
Profit and loss account		227,420		(250,000)		(22,580)

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		15

4. Tangible assets

	Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2024	12,850		8,395		16,942		38,187
Additions	0		0		2,650		2,650
At 31 December 2024	12,850		8,395		19,592		40,837
Accumulated depreciation
At 01 January 2024	3,887		3,519		10,091		17,497
Charge for the financial year	4,283		1,219		2,997		8,499
At 31 December 2024	8,170		4,738		13,088		25,996
Net book value
At 31 December 2024	4,680		3,657		6,504		14,841
At 31 December 2023	8,963		4,876		6,851		20,690

5. Debtors

	2024		2023
	£		£
Trade debtors	417,075		556,010
Amounts owed by related parties	379,679		364,907
Corporation tax	1,686		1,686
Other debtors	28,439		25,194
	826,879		947,797

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans and overdrafts	280,890		397,972
Trade creditors	59,435		8,338
Taxation and social security	277,373		315,839
Other creditors	57,204		27,193
	674,902		749,342

Included within creditors due within 1 year are the following secured debts:

Invoice discounting of £207,431 (2023: £334,235). The invoice discounting debt is secured by a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, plant and machinery.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	182,158		252,772

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
101 Ordinary shares of £ 1.00 each	101		101

9. Related party transactions

Included within debtors is £4,997 (2023: £4,997) is respect of amounts owed by a director of the company. The loan is repayable on demand and no interest was charged on this balance.

Included within debtors is £231,633 (2023: £216,860) owed by Contract Options (West) Limited, a related party.