Company registration number 12012624 (England and Wales)
SMART CHOICE METERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
SMART CHOICE METERING LIMITED
COMPANY INFORMATION
Directors
R J Davidson
J R Pilley
M J Pilley
M A Ahmad
(Appointed 1 February 2025)
J L Laborero
(Appointed 1 February 2025)
Company number
12012624
Registered office
Parkside Stand
Fleetwood Town Football Club
Park Avenue
Fleetwood
Lancashire
FY7 6TX
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
SMART CHOICE METERING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 26
SMART CHOICE METERING LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the period ended 30 September 2024.

Review of the business

Smart Choice Metering delivers smart meter solutions to domestic customers, businesses and energy suppliers nationwide.

 

The Company's team of fully-qualified Smart Meter Engineers are committed to the UK Government’s Smart Metering Implementation Programme (SMIP), an energy-industry led initiative to roll-out approximately 53 million smart meters to domestic properties and non-domestic sites in Great Britain by 2025.

 

As a fully-authorised Meter Operator Provider (MOP), Meter Asset Manager (MAM) and Meter Asset Provider (MAP), the Directors believe that the Company combination of expertise, experience and in-house engineer training academy offers a truly smart, flexible solution to the challenges facing the energy efficiency and metering industry.

During the period ended 30 September 2024, the Company has achieved a significant growth in both sales and gross margin, which is testament to the strategic decisions made and the positive impact that has had, together with improved controls and procedures implemented. It is expected that with continued business activity, growth and effective management of both income and costs, the company will become profitable in 2025.

 

The Company will continue to receive both group and related company funding. As at 30 September 2024 group and related company funding totaled £8.0m (2023: £6.8m). These group and related company debts are technically due on demand, as no formal loan agreements are in place. That being said, continued financial support confirmation are in place to evidence that repayment will not be sought by both group and related companies until cash flow permits.

 

The loss for the 2024 financial period is much reduced when compared to the 2023 financial year and historic years. Net liabilities at the period end total £6.3m (2023: £6.1m) . It is anticipated that once the company becomes profitable the balance sheet will be restored over a period of time.

Principal risks and uncertainties

The company seeks to manage risk through a combination of Board oversight, operational routines, and policies and the principal risks are aggregated as follows:

 

Liquidity risk

The company seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. For short to medium term flexibility, from time to time the other related party trading companies provide cash loans.

 

Interest rate risk

The company finances its operations through a combination of retained profits and finance leases. The group exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.

 

Credit risk

The principal credit risk arises from the company’s trade debtors.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an on going basis and provision is made for doubtful debts where necessary. Credit insurance is deployed within the group where deemed appropriate by the directors.

SMART CHOICE METERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators

The company reviews and monitors its performance against a number of key performance indicators both financial and non-financial. The principal measures include revenue growth, maintaining service levels, improvement of profit margins , liquidity and net assets. These are reviewed by the management team and reported to the Board on a monthly basis.

The Directors have and will continue to monitor all of the KPI’s and daily operating controls and maintain a strong focus on increasing performance in all aspects of the business.

 

The main KPI’s and corresponding results are as follows:

 

 

 

2024

2023

 

 

(17 month)

 

(12 month)

 

 

 

 

 

Revenue growth

 

60.5%

 

115.8%

Gross profit margin

 

22.2%

 

17.5%

EBITDA

Loss before tax

 

£1.2m

(£0.2m)

 

(£59k)

(£0.5m)

Group/ related funding

 

(£8.0m)

 

(£6.8m)

Net liabilities

 

(£6.3m)

 

(£6.1m)

 

The Directors are pleased with the growth achieved in both revenue growth and gross profit margin, illustrating effective operational management and cost control. Collectively this has resulted in a much reduced loss before tax reported. It is anticipated that with continued growth of income and margins, together with effective cost controls, the company should become profitable in the short term. This will over time reduce the net liabilities position as profits will be retained within the company.

 

The Directors are extremely pleased with the significant improvement in EBITDA achieved in 2024, evidencing the success of strategic changes made and this supports the expectation that the company will return to profitability in 2025.

 

The company continues to be funding by both group and related companies and this will continue in the long term.

On behalf of the board

J R Pilley
Director
10 June 2025
SMART CHOICE METERING LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the period ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of installation of smart meters.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

M C Davidson
(Resigned 22 May 2023)
R J Davidson
J R Pilley
M J Pilley
M A Ahmad
(Appointed 1 February 2025)
J L Laborero
(Appointed 1 February 2025)
Future developments

The company will continue to install smart meters as a 3rd party contractor.

 

The company will continue to have financial support from both group and related companies, ensuring that sufficient financial funds are available to enable long term strategies to be achieved, including growth and the return to profitability.

Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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:

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.

SMART CHOICE METERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -
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
J R Pilley
Director
10 June 2025
SMART CHOICE METERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF SMART CHOICE METERING LIMITED
- 5 -
Opinion

We have audited the financial statements of Smart Choice Metering Limited (the 'company') for the period ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

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 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.

Other information

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:

SMART CHOICE METERING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SMART CHOICE METERING LIMITED
- 6 -
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:

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.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the company's license to operate. We identified the following areas as those most likely to have such an effect: regulations related to the supply and installation of energy meters, employment, health and safety and data protection.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

 

SMART CHOICE METERING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF SMART CHOICE METERING LIMITED
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

 

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.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Caroline Snape
Senior Statutory Auditor
For and on behalf of Sumer Auditco Limited
10 June 2025
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
SMART CHOICE METERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 8 -
Period
Year
ended
ended
30 September
30 April
2024
2023
as restated
Notes
£
£
Turnover
4
17,948,585
11,185,438
Cost of sales
(13,959,682)
(9,222,968)
Gross profit
3,988,903
1,962,470
Administrative expenses
(3,810,625)
(2,036,035)
Exceptional item
5
-
0
(309,163)
Operating profit/(loss)
6
178,278
(382,728)
Interest payable and similar expenses
8
(404,769)
(119,750)
Loss before taxation
(226,491)
(502,478)
Tax on loss
9
42,497
(33,701)
Loss for the financial period
(183,994)
(536,179)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SMART CHOICE METERING LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
30 September 2024
30 April 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,313,516
2,508,729
Current assets
Stocks
14
219,128
199,348
Debtors
15
1,913,442
1,157,521
Cash at bank and in hand
268,654
557,316
2,401,224
1,914,185
Creditors: amounts falling due within one year
16
(9,409,286)
(8,722,372)
Net current liabilities
(7,008,062)
(6,808,187)
Total assets less current liabilities
(3,694,546)
(4,299,458)
Creditors: amounts falling due after more than one year
17
(2,552,649)
(1,733,589)
Provisions for liabilities
Deferred tax liability
19
29,131
59,285
(29,131)
(59,285)
Net liabilities
(6,276,326)
(6,092,332)
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
(6,276,426)
(6,092,432)
Total equity
(6,276,326)
(6,092,332)

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 10 June 2025 and are signed on its behalf by:
J R Pilley
Director
Company registration number 12012624 (England and Wales)
SMART CHOICE METERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 10 -
Notes
Share capital
Profit and loss reserves
Total
as restated
as restated
£
£
£
As restated for the period ended 30 April 2023:
Balance at 1 May 2022
100
(5,553,678)
(5,553,578)
Motor vehicle finance lease PYA
3
-
(2,575)
(2,575)
As restated
100
(5,556,253)
(5,556,153)
Year ended 30 April 2023:
Loss and total comprehensive income
-
(536,179)
(536,179)
Balance at 30 April 2023
100
(6,092,432)
(6,092,332)
Period ended 30 September 2024:
Loss and total comprehensive income
-
(183,994)
(183,994)
Balance at 30 September 2024
100
(6,276,426)
(6,276,326)
SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information

Smart Choice Metering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parkside Stand, Fleetwood Town Football Club, Park Avenue, Fleetwood, Lancashire, FY7 6TX.

1.1
Reporting period

The current accounting period has been extended to a 17 month period, from 30 April 2024 to 30 September 2024, in order to align with fellow group companies. Consequently, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of East Pines Holdings Ltd. These consolidated financial statements are available from its registered office, Parkside Stand, Fleetwood Town Football Club, Park Avenue, Fleetwood, Lancashire, FY7 6TX.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Going concern

Atruet 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. This is on the basis of continued support from group companies.

 

Included within creditors amounts falling due within one year, is £7,942,244 (2023: £3,667,931) due to fellow group companies and £8,664 (2023: £3,176,996) due to related companies. Although these amounts are technically due on demand (as no formal loan agreements are in place), repayment will not be sought by the group and related companies until cash flow permits. The Company will continue to receive both group and related company funding.

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on installation of meters), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Other revenue is recognised for provision of engineer services. Recognition is based on a hourly rate, with associated income being recognised when the service has been provided.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 1 year.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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 improvements
Depreciated over lease period
Plant and equipment
33.33% p.a. straight line basis
Fixtures and fittings
15% p.a. straight line basis
Computers
25% p.a. straight line basis
Motor vehicles
Depreciated over lease period
SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks relate to consumable stock, which is stated at the lower of cost and estimated net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated net realisable value is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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.

SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.11
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.

SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

Derecognition of financial liabilities

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

1.12
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.

1.13
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.

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.

SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
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.

Bad debt provision

Trade debtors are recognised to the extent they are judged recoverable. Management reviews are performed to estimate the level of provisions required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

 

The bad debt provision as at 30 September 2024 was £18,870 (2023: £79,912).

 

Refer to note 15 for the carrying value of trade debtors impacted by this key accounting estimate.

Stock valuation

Stock held consists of consumable stock items carried on engineers vehicles. Given the nature of consumable stock, and its many various locations, estimation is made by management in assessing the quantity of stock held at the year-end. Management use a "grossed up average" stock calculation basis, utilising actual counts undertaken at 30 September 2024 to make their best estimate.

 

At 30 September 2024 consumable stock amounted to £219,128 (2023: £199,348) as disclosed in note 14.

3
Prior period adjustment
Reconciliation of changes in equity
1 May
30 April
2022
2023
Notes
£
£
Adjustments to prior period
Motor vehicle finance lease correction
1
(2,575)
(44,539)
Equity as previously reported
(5,553,578)
(6,047,793)
Equity as adjusted
(5,556,153)
(6,092,332)
Analysis of the effect upon equity
Profit and loss reserves
91,103
(44,539)
Reconciliation of changes in loss for the previous financial period
2023
Notes
£
Adjustments to prior period
Motor vehicle finance lease correction
1
(41,964)
Loss as previously reported
(494,215)
Loss as adjusted
(536,179)
SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
3
Prior period adjustment
(Continued)
- 18 -
Notes to reconciliation
Finance lease correction - motor vehicles

A prior year adjustment has been processed to correct the accounting of numerous motor vehicle finance leases which mistakenly have been historically treated as operating leases, with repayments incorrectly expensed to the profit and loss account as motor vehicle lease costs. The prior year adjustment impacts both the year ended 30 April 2022 and the year ended 30 April 2023.

 

The prior year adjustment has increased fixed assets by the capitalisation of motor vehicle finance leases at cost less applicable depreciation and has increased obligations payable under finance leases within creditors amounts falling due both within one year and after more than one year in accordance with the agreed payment plan.

 

The profit and loss account has been restated to remove the motor vehicle leasing costs mistakenly expensed, and instead expensing finance lease interest and motor vehicle depreciation.

 

In the year ended 30 April 2022, tangible fixed assets have increased by £143,206, obligations payable under finance leases within creditors amounts falling due both within one year have increased by £26,388 and obligations payable under finance leases within creditors amounts falling due after more than one year increased by £119,393. Previously stated losses for the year ended 30 April 2022 have increased by £2,575, which has caused a corresponding reduction in net assets as at 30 April 2022 by £2,575.

 

In the year ended 30 April 2023, tangible fixed assets have increased by £1,991,618, obligations payable under finance leases within creditors amounts falling due both within one year have increased by £302,569 and obligations payable under finance leases within creditors amounts falling due after more than one year increased by £1,733,589. Previously stated losses for the year ended 30 April 2023 have increased by £41,964, which has caused a corresponding reduction in net assets as at 30 April 2023 by £44,540 (including the £2,575.from 2022 as detailed above).

4
Turnover
2024
2023
£
£
Turnover analysed by class of business
Installations
9,564,768
4,814,623
Engineers for hire sales
7,883,817
4,611,659
Map maintenance
500,000
1,759,156
17,948,585
11,185,438
5
Exceptional item
2024
2023
£
£
Expenditure
Exceptional legal costs
-
309,163

Exceptional legal costs in the prior year related to costs incurred on a legal matter in respect of an employee tribunal case and a connected breach of terms case. This matter was concluded in the 2023.

SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 19 -
6
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the period is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,000
14,000
Depreciation of owned tangible fixed assets
958,594
323,966
Profit on disposal of tangible fixed assets
(7,175)
-
Release of negative goodwill
-
(67,506)
Operating lease charges
693,320
631,552
7
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Staff
191
110

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
10,586,567
6,281,376
Social security costs
1,123,224
691,520
Pension costs
192,459
93,171
11,902,250
7,066,067
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
8,049
37,944
Interest on finance leases and hire purchase contracts
396,720
81,806
404,769
119,750
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(12,343)
-
0
SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
(19,663)
25,613
Changes in tax rates
-
0
8,088
Adjustment in respect of prior periods
(10,491)
-
0
Total deferred tax
(30,154)
33,701
Total tax (credit)/charge
(42,497)
33,701

The actual (credit)/charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(226,491)
(502,478)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(56,623)
(95,471)
Tax effect of expenses that are not deductible in determining taxable profit
8,048
27,002
Tax effect of utilisation of tax losses not previously recognised
-
0
(493,974)
Adjustments in respect of prior years
(12,343)
-
0
Effect of change in corporation tax rate
-
0
8,088
Group relief
15,893
585,281
Permanent capital allowances in excess of depreciation
13,019
(5,198)
Deferred tax adjustments in respect of prior years
(10,491)
-
0
Prior year adjustment
-
0
7,973
Taxation (credit)/charge for the period
(42,497)
33,701

Deferred tax has been recognised at a rate of 25%. In October 2022, the government announced an increase in the corporation tax main rate from 19% to 25% for companies with profit over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023.

SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 21 -
10
Intangible fixed assets
Negative goodwill
£
Cost
At 1 May 2023 and 30 September 2024
(67,506)
Amortisation and impairment
At 1 May 2023 and 30 September 2024
(67,506)
Carrying amount
At 30 September 2024
-
0
At 30 April 2023
-
0
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
as restated
as restated
£
£
£
£
£
£
Cost
At 1 May 2023
340,031
248,884
44,281
71,061
2,231,390
2,935,647
Additions
-
0
-
0
-
0
76,313
1,766,203
1,842,516
Disposals
-
0
-
0
-
0
-
0
(131,526)
(131,526)
At 30 September 2024
340,031
248,884
44,281
147,374
3,866,067
4,646,637
Depreciation and impairment
At 1 May 2023
94,964
53,000
16,811
22,372
239,771
426,918
Depreciation charged in the period
52,076
112,971
9,410
44,587
739,550
958,594
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(52,391)
(52,391)
At 30 September 2024
147,040
165,971
26,221
66,959
926,930
1,333,121
Carrying amount
At 30 September 2024
192,991
82,913
18,060
80,415
2,939,137
3,313,516
At 30 April 2023
245,067
195,884
27,470
48,689
1,991,619
2,508,729
SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 22 -
12
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating ineterests
-
0
-
0
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
534,142
Disposals
(406,929)
At 30 September 2024
127,213
Impairment
At 1 May 2023
534,142
Disposals
(406,929)
At 30 September 2024
127,213
Carrying amount
At 30 September 2024
-
At 30 April 2023
-

On 19 December 2023, the wholly owned subsidiary, AI Asset Provider Limited was dissolved. Consequently the company has disposed of the cost and accumulated impairments during the period.

13
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
AI Home Services Limited
1
Non-trading
Ordinary shares
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Parkside Stand, Fleetwood Town Football Club, Park Avenue, Fleetwood, Lancashire, FY7 6TX
14
Stocks
2024
2023
£
£
Raw materials and consumables
219,128
199,348
SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 23 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,390,644
99,758
Other debtors
53,755
224,241
Prepayments and accrued income
469,043
833,522
1,913,442
1,157,521
16
Creditors: amounts falling due within one year
2024
2023
as restated
Notes
£
£
Obligations under finance leases
18
531,432
302,569
Trade creditors
261,167
450,947
Amounts owed to group undertakings
7,942,244
3,667,931
Taxation and social security
509,385
1,010,508
Other creditors
110,651
3,230,519
Accruals and deferred income
54,407
59,898
9,409,286
8,722,372
17
Creditors: amounts falling due after more than one year
2024
2023
as restated
Notes
£
£
Obligations under finance leases
18
2,552,649
1,733,589
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
531,432
302,569
In two to five years
2,552,649
1,733,589
3,084,081
2,036,158

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 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 24 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
33,186
68,011
Retirement benefit obligations
(4,055)
(8,726)
29,131
59,285
2024
Movements in the period:
£
Liability at 1 May 2023
59,285
Credit to profit or loss
(30,154)
Liability at 30 September 2024
29,131

The deferred tax liability set out above predominately relates to accelerated capital allowances that are expected to mature over the associated fixed assets useful economic life. Pension contributions will attract tax relief in the year paid

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
192,459
93,171

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.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 25 -
22
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
32,053
327,873
Between two and five years
1,109
158,369
33,162
486,242
23
Related party transactions

The company has taken advantage of the exemption available in accordance with Financial Reporting Standard 102 Section 33, not to disclose transactions entered into between two or more members of a group, where any subsidiary party to the transaction is wholly owned.

During the period, the company incurred management charges of £107,153 (2023: £256,320) from JRP Management Services Limited, a company under common control. At the balance sheet date, an amount of £Nil (2023: £171,768) was owed by JRP Management Services Limited and is included within other debtors.

During the period, the company incurred management charges of £33,089 (2023: £47,052) from Davidson Family Limited, a company under common control. At the balance sheet date, an amount of £90 (2023: £52,473) was owed by Davidson Family Limited and is included within other debtors.

During the period, the company incurred purchases of £17,926 (2023: £Nil) and made sales of £151 (2023: £Nil) to Fleetwood Town Football Club Limited, a company under common control. At the balance sheet date, an amount of £4,524 (2023: £Nil) was owed to Fleetwood Town Football Club Limited and is included within other creditors.

During the period, the company incurred purchases of £21,735 (2023: £Nil) from CX Global Holdings FZCO, a company under common control. At the balance sheet date, an amount of £4,140 (2023: £Nil) was owed to CX Global Holdings FZCO and is included within other creditors.

During the year, the company made sales of £1,340 (2023: £Nil) to The Leisure Channel Limited, a company under common control. At the year-end an amount of £1,609 (2023: £Nil) was owed by The Leisure Channel Limited, a company under common control and is included within other debtors.

During the period, the company incurred purchases of £311 (2023: £Nil) and made sales of £4,978 (2023: £Nil) to New Primrose Developments LLP, a partnership under common control. At the balance sheet date, an amount of £5,974 (2023: £Nil) was owed by New Primrose Developments LLP and is included within other debtors.

All group and related company year end balances are unsecured, non-interest bearing and repayable upon demand.

SMART CHOICE METERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 26 -
24
Ultimate controlling party

The ultimate parent company is East Pines Holdings Ltd, a company registered in England and Wales.

 

Smart Choice Metering Limited is consolidated within East Pines Holdings Ltd's group financial statements and copies can be obtained from the group's registered office upon request: Parkside Stand, Fleetwood Town Football Club, Park Avenue, Fleetwood, Lancashire, FY7 6TX.

 

The ultimate controlling party is J R Pilley by virtue of his majority shareholding in the group's holding company, East Pines Holdings Ltd.

 

 

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