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Registered number:
FOR THE YEAR ENDED 28 FEBRUARY 2025
TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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SMARTER SERVICES LTD
COMPANY INFORMATION
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SMARTER SERVICES LTD
CONTENTS
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SMARTER SERVICES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
The directors present their strategic report for the year ended 28 February 2025.
The principal activity of the Company during the financial year was that of cleaning, grounds maintenance and maintenance activities. There have been no significant changes in the Company’s principal activities in the year under review.
The company operated a mix of hard and soft FM services in the built environment delivering services extensively to the Housing Association, Build to Rent, Co-Living and Purpose Built Student Accommodation markets operating predominantly in the South of England.
∙Wage inflation. The primary cost to the Company in the delivery of its services to its customers is wages. Annual legislative changes in living wages, National Insurance and pensions have a direct impact on gross margins. To mitigate this, the majority of contracts contain clauses referring changes in legislation, CPI increases or annual contract pricing review mechanisms allowing the business to increase pricing to minimise the impact of pressure on wage inflation.
∙Loss of key customers. Due to increased competition, challenging economic conditions and other commercial factors. Risk is mitigated by long term contracts, maintaining and monitoring service level agreements, regular operational and strategic review meetings with key stakeholders as well as engagement with customers throughout the tender process periodically.
∙Quality, Health, Safety & environmental. The company’s performance would be significantly impacted by a failure to maintain high standards in health safety protocols. This could result in harm to employees and claims against the business (legal & financial) which may in turn damage the reputation of the business. To mitigate these risks the Company has:
o Invested in online health and safety training
o Engages with health & safety consultants to prepare, review and update risk and method statements
o Established a health and safety committee to review and address key risks
o Maintained independent certifications with CHAS, ISO9001, ISO14001 and ISO45001
∙Counterparty risk. The company deals with many counterparties including clients, banks, finance providers and insurers to maintain its business. This risk is mitigated by limiting the dependency on any single strategic partner.
∙New and emerging technologies. The company may be detrimentally impacted by failing to adopt and embed new and emerging technologies to assist with front line deliverables and critical infrastructure.
∙Rapid advancement in technology poses both a risk and an opportunity to the Company, increasing the importance of being proactive in the sourcing of all available technology that will benefit the company.
∙To mitigate the potential impacts of operational inefficiencies, poorer customer satisfaction or putting the Company at a competitive disadvantage we have implemented:
- AI Committee
- Innovation steering group
- Introduced market leading software
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SMARTER SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
The Facilities Management industry has a positive growth outlook, despite macro-economic instability caused by inflation, energy costs and labour market legislation changes.
Despite these challenges, the business is forecast to achieve growth in both revenue and profitability whilst minimising impact on gross margins. The Company continues to seek further acquisitions as part of the long-term growth ambitions and is actively sourcing acquisition targets.
This report was approved by the board on 28 November 2025 and signed on its behalf.
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SMARTER SERVICES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2025
The directors present their report and the financial statements for the year ended 28 February 2025.
The profit for the year, after taxation, amounted to £275,957 (2024 - £810,496).
During the year the company paid dividends of £nil (2024 - £205,882).
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 for the Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
There have been no significant events affecting the Company since the year end.
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SMARTER SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SMARTER SERVICES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SMARTER SERVICES LTD
We have audited the financial statements of Smarter Services Ltd (the 'Company') for the year ended 28 February 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 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.
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.
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SMARTER SERVICES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SMARTER SERVICES LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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 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.
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SMARTER SERVICES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SMARTER SERVICES LTD (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 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:
∙Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.
∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
∙Enquire of management and those charged with governance around actual and potential litigation and claims.
∙Reviewing minutes of meetings of those charged with governance.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
∙Review of after year end information to ensure expenditure has been accounted for in the correct period.
∙Perform analytical review procedures to identify any irregularities and investigation thereon.
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal 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 Auditor's Report.
The financial statements of the Company for the year ended 29 February 2024 were not audited. The comparatives presented as part of these financial statements of the Company have not been audited as a result.
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SMARTER SERVICES LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SMARTER SERVICES LTD (CONTINUED)
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 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 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 Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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SMARTER SERVICES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2025
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SMARTER SERVICES LTD
REGISTERED NUMBER: 05719596
BALANCE SHEET
AS AT 28 FEBRUARY 2025
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SMARTER SERVICES LTD
REGISTERED NUMBER: 05719596
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 29 form part of these financial statements.
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SMARTER SERVICES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2025
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
Smarter Services Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
The principal activity of the company is the provision of general cleaning services for buildings.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The company have taken exemption from preparing a cashflow statement. The consolidated results and cashflow statements for the company are included within the publicly available financial statements of Smarter Services Group Limited.
The following principal accounting policies have been applied:
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the consolidated results for the company and its subsidiary undertaking are included within the publicly available financial statements of Smarter Services Group Limited. The financial statements present information about the company as an individual entities and not about its group.
The company’s business activities, together with the factors likely to affect its future development and its financial position are as described in the strategic report.
The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate, notwithstanding that Smarter Services Group Ltd at the balance sheet date had net liabilities The group net liabilities position arises owing to shareholder funding in the form of loan notes. The loan notes were issued at the time Key Capital Partners, a growth focussed UK private equity manager, invested in the business in 2023. The group has support from the shareholders such that interest on shareholder loans will only be considered for payment to the extent that this does not place financial strain on the business. Following some large new contract wins with both new and existing clients in the year to February 2026 it is expected that sales and EBITDA will grow during the next twelve months and beyond.
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Rendering of services Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination
and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life which the Directors have determined to be 15 years.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Intangible assets are related to Computer Software. Computer Software is amortised to the income statement over its estimated economic life of 5 years.
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
2.Accounting policies (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Useful life of Goodwill Goodwill is derived from the value placed on the customer lists and ongoing trade of the purchased subsidiaries. It is the Directors' view that the useful life of goodwill is 15 years, being the reasonable estimate of the average life of ongoing contracts at any given point. This is monitored regulalry by management in order to determine if any impairement or amendments to this judegement and policy is required.
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
15.Taxation (continued)
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
Page 26
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
24.Deferred taxation (continued)
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £165,236 (2024 - £148,197) which is included within Wages and salaries. Contributions totalling £39,116 (2024 - £28,669) were payable to the fund at the balance sheet date and are included in other creditors.
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SMARTER SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
The company's immediate and parent undertaking is Smarter Services Group Limited, which owns 100% of the shares of Smarter Services Ltd. Smarter Services Group Limited is incorporated in England and Wales.
The ultimate controlling party is considered to be Jason Southwell by virtue of his majority holding of Smarter Services Group Limited. Copies of this company's accounts may be obtained from the secretary at Lancaster House, 11 Churchfield Road, Walton-On-Thames, Surrey, United Kingdom, KT12 2TY.
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