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Registered number: 07720067
OPTIONS WATER SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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OPTIONS WATER SERVICES LIMITED
REGISTERED NUMBER: 07720067
BALANCE SHEET
AS AT 31 DECEMBER 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 December 2018.
The notes on pages 2 to 5 form part of these financial statements.
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OPTIONS WATER SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
Options Water Services Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements.
The principal activity of the Company is that of civil engineering contractor services in the UK utilities market.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Group, of which this company is a member, relies on an invoice financing arrangement. The directors have no reason to believe that the facilities will not be available for at least the next twelve months. The directors are confident that they could source alternative finance should this be necessary.
Provision has been made for all known claims against the Group, in accordance with the policies set 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 Company is kept to a minimum. The timing and amout 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.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
The company recognises revenue when invoices are raised to, or when consideration is measured as receivable from, customers. Invoices may be 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.
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OPTIONS WATER SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
2.Accounting policies (continued)
Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Amounts due in respect of invoice finance are separately disclosed as current liabilities. The Company can use these facilities to draw down a percentage of the value of certain sales invoices. The management and collection of trade receivables remains with the Company.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties
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The average monthly number of employees, including directors, during the year was 2 (2016 - 2).
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OPTIONS WATER SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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Amounts owed by group undertakings
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Amounts recoverable on long term contracts
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Proceeds of factored debts
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Included within creditors are amounts of £81,250 (2016 - £65,888), which are secured with a fixed and floating charge over the assets of the company along with an unlimited personal guarantee executed by the directors S G Wignall and J P Flannery.
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The group in which this company is a member is party to several commercial contracts under which the risk of damage claims arise for actions taken under the contracts. At the year end, the Group has recognised provisions for certain claims in the accounts of Options Energy Services Limited and Options Energy Resource LLP. Should any claim arise, the impact on individual group companies cannot in all instances be readily ascertained, and so duplicate provision or partial provision has not been made in these accounts. Please refer to the individual and group consolidated accounts for further details.
The Company is part of a group VAT registration, together with Options Energy Group Limited, Options Energy Resource LLP, Options Telecom Services Limited, Options Electricity Services Limited and Options Gas Services Limited, and as such is jointly and severally liable for the VAT liabilities of the other members of the VAT group.
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OPTIONS WATER SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
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Related party transactions
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The company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions and balances with its wholly owned group companies because group accounts consolidating all group entities are prepared by the ultimate parent undertaking and are publicly available from Companies House.
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The company is a 90% owned subsidiary of Options Energy Group Limited, and the results are included in the consolidated accounts of that company available at Companies House. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.
The auditor's report on the financial statements for the year ended 31 December 2017 was unqualified.
The audit report was signed on 17 December 2018 by Graham Wallace (Senior statutory auditor) on behalf of Barnes Roffe LLP.
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