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REGISTERED NUMBER: 08568952 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 November 2023

for

AES Smart Metering Ltd

AES Smart Metering Ltd (Registered number: 08568952)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


AES Smart Metering Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: S R Smith
D V East





REGISTERED OFFICE: 1st Floor Rear Office
94 Silver Street
Enfield
Middlesex
EN1 3EP





REGISTERED NUMBER: 08568952 (England and Wales)





AUDITORS: Cartwrights
Chartered Accountants and Business Advisors
Statutory Auditor
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

AES Smart Metering Ltd (Registered number: 08568952)

Strategic Report
for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF THE BUSINESS
The performance and profitability of the company is in line with forecasts, with improvements noted in most of the key performance indicators in the year.

Key performance indicators:

The key performance indicators for the company are turnover, operating profit, gross profit margins, and EBITDA.

Turnover increased from £19,773,313 to £25,260,165 an increase of 28%.

The gross profit has increased from £5,951,690 to £8,122,799, an increase of £2,171,109. The gross profit margin has increased from 30% in 2022 to 32% in 2023.

EBITDA, which indicates underlying trading performance, increased from £1,739,259 in 2022 to £1,827,366 an increase of 5%.

This year marked a significant milestone in our company's strategic growth as we diversified into renewable installation and maintenance services. This investment aligns with our commitment to sustainability and positions us as leaders in the expanding green energy sector. Additionally, the launch of our commercial metering department strengthens our service offerings, enabling us to provide comprehensive energy solutions that support the evolving needs of our clients. These initiatives drive operational efficiency and long-term profitability, setting a solid foundation for future growth.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks, but the following have been identified by the directors as being the main risks that could potentially impact on the company's operating and financial performance.

Financial and liquidity risks
The company operates in the UK and is exposed to both general and specific conditions in the industry, which is highly a competitive market. The company mitigates against general risk through expanding geographically and increasing its customer base, and reduces specific risks through continuous reviews by the directors of competitors and of potential opportunities available.

Operational risks
Health and safety - all staff are provided with comprehensive training to ensure they are fully compliant with the relevant legislation and guidelines, and are all aware of the risks they are undertaking and how they can help mitigate them.

Given the current economic conditions, the directors are very pleased with the results for the year.

ON BEHALF OF THE BOARD:





D V East - Director


17 September 2024

AES Smart Metering Ltd (Registered number: 08568952)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of electrical installations.

DIVIDENDS
An interim dividend of £409 per share was paid on . The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 November 2023 will be £ 817,219 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

S R Smith
D V East

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AES Smart Metering Ltd (Registered number: 08568952)

Report of the Directors
for the Year Ended 30 November 2023


AUDITORS
The auditors, Cartwrights, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D V East - Director


17 September 2024

Report of the Independent Auditors to the Members of
AES Smart Metering Ltd

Opinion
We have audited the financial statements of AES Smart Metering Ltd (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
AES Smart Metering Ltd


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
AES Smart Metering Ltd


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

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:

- based on our understanding of the company and industry, and through discussions with directors and key management, we identified any 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, environmental and health and safety legislation; and
- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an 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
- 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, particularly focused around the year-end, to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
AES Smart Metering Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 a Report of the Auditors 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.




Ahsan Khan FCCA (Senior Statutory Auditor)
for and on behalf of Cartwrights
Chartered Accountants and Business Advisors
Statutory Auditor
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

17 September 2024

AES Smart Metering Ltd (Registered number: 08568952)

Income Statement
for the Year Ended 30 November 2023

30/11/23 30/11/22
Notes £    £   

TURNOVER 25,260,165 19,773,313

Cost of sales (17,137,366 ) (13,821,623 )
GROSS PROFIT 8,122,799 5,951,690

Administrative expenses (7,699,342 ) (5,261,232 )
OPERATING PROFIT 4 423,457 690,458


Interest payable and similar expenses 5 (169,386 ) (132,640 )
PROFIT BEFORE TAXATION 254,071 557,818

Tax on profit 6 - -
PROFIT FOR THE FINANCIAL YEAR 254,071 557,818

AES Smart Metering Ltd (Registered number: 08568952)

Other Comprehensive Income
for the Year Ended 30 November 2023

30/11/23 30/11/22
Notes £    £   

PROFIT FOR THE YEAR 254,071 557,818


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

254,071

557,818

AES Smart Metering Ltd (Registered number: 08568952)

Balance Sheet
30 November 2023

30/11/23 30/11/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,254,035 3,424,100

CURRENT ASSETS
Debtors 9 2,180,028 2,429,617
Cash at bank 1,811,697 1,465,589
3,991,725 3,895,206
CREDITORS
Amounts falling due within one year 10 3,598,077 3,544,656
NET CURRENT ASSETS 393,648 350,550
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,647,683

3,774,650

CREDITORS
Amounts falling due after more than one year 11 2,431,236 1,995,055
NET ASSETS 1,216,447 1,779,595

CAPITAL AND RESERVES
Called up share capital 13 2 2
Retained earnings 14 1,216,445 1,779,593
SHAREHOLDERS' FUNDS 1,216,447 1,779,595

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





D V East - Director


AES Smart Metering Ltd (Registered number: 08568952)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 2 2,047,234 2,047,236

Changes in equity
Dividends - (825,459 ) (825,459 )
Total comprehensive income - 557,818 557,818
Balance at 30 November 2022 2 1,779,593 1,779,595

Changes in equity
Dividends - (817,219 ) (817,219 )
Total comprehensive income - 254,071 254,071
Balance at 30 November 2023 2 1,216,445 1,216,447

AES Smart Metering Ltd (Registered number: 08568952)

Cash Flow Statement
for the Year Ended 30 November 2023

30/11/23 30/11/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,137,562 1,764,054
Interest paid - (6,009 )
Interest element of hire purchase payments
paid

(169,386

)

(126,631

)
Tax paid (176,664 ) 6,009
Net cash from operating activities 2,791,512 1,637,423

Cash flows from investing activities
Purchase of tangible fixed assets (1,259,376 ) (2,765,098 )
Sale of tangible fixed assets 109,721 101,251
Net cash from investing activities (1,149,655 ) (2,663,847 )

Cash flows from financing activities
Capital repayments in year (478,530 ) 1,280,581
Equity dividends paid (817,219 ) (825,459 )
Net cash from financing activities (1,295,749 ) 455,122

Increase/(decrease) in cash and cash equivalents 346,108 (571,302 )
Cash and cash equivalents at beginning of
year

2

1,465,589

2,036,891

Cash and cash equivalents at end of year 2 1,811,697 1,465,589

AES Smart Metering Ltd (Registered number: 08568952)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30/11/23 30/11/22
£    £   
Profit before taxation 254,071 557,818
Depreciation charges 1,403,503 1,048,801
Profit on disposal of fixed assets (83,784 ) (34,458 )
Finance costs 169,386 132,640
1,743,176 1,704,801
Decrease/(increase) in trade and other debtors 249,589 (840,769 )
Increase in trade and other creditors 1,144,797 900,022
Cash generated from operations 3,137,562 1,764,054

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 1,811,697 1,465,589
Year ended 30 November 2022
30/11/22 1/12/21
£    £   
Cash and cash equivalents 1,465,589 2,036,891


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/12/22 Cash flow At 30/11/23
£    £    £   
Net cash
Cash at bank 1,465,589 346,108 1,811,697
1,465,589 346,108 1,811,697
Debt
Finance leases (2,843,111 ) 478,530 (2,364,581 )
(2,843,111 ) 478,530 (2,364,581 )
Total (1,377,522 ) 824,638 (552,884 )

AES Smart Metering Ltd (Registered number: 08568952)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

AES Smart Metering Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Leasehold properties - 10% Straight line
Fixtures & fittings - 25% Straight line
Plant & machinery - 25% Straight line

Taxation
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

AES Smart Metering Ltd (Registered number: 08568952)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. EMPLOYEES AND DIRECTORS
30/11/23 30/11/22
£    £   
Wages and salaries 2,762,879 2,290,145
Social security costs 279,197 245,370
Other pension costs 138,645 135,022
3,180,721 2,670,537

The average number of employees during the year was as follows:
30/11/23 30/11/22

Directors 2 2
Other employees 84 70
86 72

30/11/23 30/11/22
£    £   
Directors' remuneration 17,568 17,568

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30/11/23 30/11/22
£    £   
Other operating leases 244,880 86,735
Depreciation - owned assets 1,403,504 1,048,801
Profit on disposal of fixed assets (83,784 ) (34,458 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30/11/23 30/11/22
£    £   
Corp tax interest - 6,009
Hire purchase 169,386 126,631
169,386 132,640

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 November 2023 nor for the year ended 30 November 2022.

AES Smart Metering Ltd (Registered number: 08568952)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. DIVIDENDS
30/11/23 30/11/22
£    £   
Ordinary shares of 0.001 each
Interim 817,219 825,459

8. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2022 113,321 225,740 5,138,889 5,477,950
Additions 128,422 77,153 1,053,801 1,259,376
Disposals - - (263,902 ) (263,902 )
At 30 November 2023 241,743 302,893 5,928,788 6,473,424
DEPRECIATION
At 1 December 2022 - 95,112 1,958,738 2,053,850
Charge for year 22,819 63,701 1,316,984 1,403,504
Eliminated on disposal - - (237,965 ) (237,965 )
At 30 November 2023 22,819 158,813 3,037,757 3,219,389
NET BOOK VALUE
At 30 November 2023 218,924 144,080 2,891,031 3,254,035
At 30 November 2022 113,321 130,628 3,180,151 3,424,100

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Trade debtors 401,808 1,259,667
Amounts owed by group undertakings 118,240 118,240
Other debtors 15,819 452,590
Prepayments and accrued income 437,630 433,507
Accruals 1,206,531 165,613
2,180,028 2,429,617

AES Smart Metering Ltd (Registered number: 08568952)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Hire purchase contracts (see note 12) 770,714 848,056
Trade creditors 1,933,583 1,607,581
Tax 100 176,764
Social security and other taxes 248,696 224,952
Pension control a/c 11,234 19,848
VAT 431,027 585,458
Other creditors 202,723 81,997
3,598,077 3,544,656

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/11/23 30/11/22
£    £   
Hire purchase contracts (see note 12) 1,593,867 1,995,055
Other creditors 837,369 -
2,431,236 1,995,055

12. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30/11/23 30/11/22
£    £   
Net obligations repayable:
Within one year 770,714 848,056
Between one and five years 1,593,867 1,995,055
2,364,581 2,843,111

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/11/23 30/11/22
value: £    £   
2,000 Ordinary 0.001 2 2

AES Smart Metering Ltd (Registered number: 08568952)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

14. RESERVES
Retained
earnings
£   

At 1 December 2022 1,779,593
Profit for the year 254,071
Dividends (817,219 )
At 30 November 2023 1,216,445