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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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SMART MANAGED SOLUTIONS GROUP LIMITED
COMPANY INFORMATION
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SMART MANAGED SOLUTIONS GROUP LIMITED
CONTENTS
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SMART MANAGED SOLUTIONS GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements of the group for the year ended 31 March 2025.
During the period the group increased turnover to £78.4 million, 25% higher than the prior year. Profit after tax was £5.2 million for the period, up from £2.6million in the prior year. The group has continued this momentum into the new financial year, securing new business and reacting swiftly to take advantage of opportunities in the market. The group has focused on optimising working capital during the period and this is reflected in the cash balance of £13.5m as at 31 March 2025.
The group continues to trade only through HR Facilities Limited.
The key business risks and uncertainties affecting the group relate to the stability of the UK economy and competition from similar operators in the industry.
The directors monitor and review the key risks of the business. Credit risk The exposure to bad debts and credit risk is proactively managed, including monitoring of debts on a daily basis.
Given the straightforward nature of the business, the group's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.
Purchase of minority interest in Smart Managed Solutions Holdings Limited In October 2024 Smart Managed Solutions Group Limited purchased the minority interest of 33.33% in Smart Managed Solutions Holdings Limited. As a result of the transaction, Smart Managed Solutions Group Limited became the sole shareholder of Smart Managed Solutions Holdings owning 100% of the issued shares. The 33.33% shareholding was purchased by Smart Managed Solutions for total consideration of £14.3 million.
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SMART MANAGED SOLUTIONS GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors of the group, as those of all UK companies, must act in accordance with a set of general duties.
These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised below: A director of a company must act in the way he/she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: 1. The likely consequences of any decision in the long term 2. The interests of the company's employees 3. The need to foster the company's business relationships with suppliers, customers and others 4. The impact of the company's operations on the community and the environment 5. The desirability of the company maintaining a reputation for high standards of business conduct, and 6. The need to act fairly as between members of the company. Each director of the group is aware of their obligations on the above and can seek professional advice from an independent advisor as necessary. As a group with a significant workforce the group’s directors delegate day to day decision making to employees of the company. In discharging these duties the directors have regard for other factors including the interests and views of stakeholders in any decision making process and aim to ensure that decisions support the group’s and stakeholders purpose, vision and values as well as promoting the success of HR Facilities Limited, as the main trading entity. The Board uses its regular meetings as a mechanism to address and meet its obligations under Section 172 of the Companies Act 2006 at which point the stakeholders of the group are discussed. In the directors' opinion the employees and the customer base represent the key stakeholders and the means of engagement have been detailed below Employees - The group as noted in the directors' report has a number of policies on its engagement with employees but also prides itself on its recruitment policies to ensure equal opportunities and safe recruitment. Customers – Our employees and managers are onsite on a daily basis and interact with our customers to fulfil our customers' requirements. All of our staff uphold our key values as noted on our website. The group also operates a zero-tolerance approach to modern slavery and human trafficking. The group is committed to acting ethically and with integrity in all of our business relations. We work closely with our business partners, suppliers and supply chains to ensure there is no place for modern slavery and human trafficking.
This report was approved by the board and signed on its behalf.
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SMART MANAGED SOLUTIONS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £3,922,421 (2024 - £1,676,542).
Dividends voted during the year amounted to £2,332,528 (2024 - £798,406)
The directors who served during the year were:
The group takes employee involvement and engagement seriously and continues to hold regular meetings whereby chosen worker representatives meet with the management team to discuss concerns that they have.
The group’s policy is to recruit disabled workers for those vacancies it is able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for development exist. Arrangements are made wherever possible for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.
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SMART MANAGED SOLUTIONS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
During the year, the group emitted 31.8 tonnes of CO2 from activities involving the purpose of transport and 3.25 tonnes of CO2 from the consumption of electricity for its own use. Total aggregate energy consumption was 150,639 kWh.
Greenhouse gas emissions were calculated using the UK Government GHG Conversion Factors for Company Reporting 2025. Energy usage data was gathered from a variety of sources including fuel cards and fuel receipts for transport and utility bills for gas and electricity.
The group consider the most relevant factor in calculating the intensity ratio to be turnover which derives an intensity ratio of 0.447 tonnes of CO2 per total £1m of turnover.
After the year end, Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor, Barnes Roffe Audit Limited was appointed by the directors under s458 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SMART MANAGED SOLUTIONS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMART MANAGED SOLUTIONS GROUP LIMITED
We have audited the financial statements of Smart Managed Solutions Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 group's or the parent 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.
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SMART MANAGED SOLUTIONS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMART MANAGED SOLUTIONS GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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SMART MANAGED SOLUTIONS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMART MANAGED SOLUTIONS GROUP LIMITED (CONTINUED)
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 Auditors' 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 Group 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:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the sector that the company operates in; • We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, ISO accreditations specifically 9001, 14001 and 45001, and the company’s membership with the Electrical Contractors' Association and NICEIC; • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes, relevant correspondence and certificates held; and • Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: • Making enquires of management and the board as to where they consider there was susceptibility to fraud along with their knowledge of actual, suspected and alleged fraud; • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and • Our review of financial statements and testing the disclosures against supporting documentation.
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SMART MANAGED SOLUTIONS GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SMART MANAGED SOLUTIONS GROUP LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls we:
• Performed analytical procedures to identify any unusual or unexpected trends or anomalies; • Inspected and tested journal entries to identify unusual or unexpected transactions; • Assessed whether judgement and assumptions made in determining significant accounting estimates, including stock provisions and the useful economic life of tangible fixed assets, were indicative of management bias; and • Investigated the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
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 Auditors' report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
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SMART MANAGED SOLUTIONS GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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SMART MANAGED SOLUTIONS GROUP LIMITED
REGISTERED NUMBER: 12526144
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 33 form part of these financial statements.
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SMART MANAGED SOLUTIONS GROUP LIMITED
REGISTERED NUMBER: 12526144
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 33 form part of these financial statements.
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