SMART PENSION LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The financial statements are prepared on a going concern basis. After making due enquiries and following receipt of a further combined £34 million of capital from investors in January and March 2024, combined with the new debt facility that was entered into post year-end, the Directors are satisfied that the Group and Parent Company have the resources to continue in business for the next twelve months. 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 and 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.”

Group structure

1. SMART PENSION LIMITED · parent
   1. Smart Governance Limited 100% · United Kingdom · Provides administration services to Smart Pension Master Trust, via the Trustee
   2. Smart Governance (Spain), S.L.U. 100% · Spain · 100% subsidiary of Smart Governance Limited for local employment purposes in Spain
   3. EC2 Master Limited 100% · United Kingdom · Corporate trustee of Smart Pension Master Trust
   4. Smart Technology Holdings Limited 100% · United Kingdom · IPCO of the Smart Group. Controls intangible assets, including the Smart Platform
   5. Smart Fintech Poland SP. z.o.o 100% · Poland · Polish nearshore development team
   6. Smart Platform Limited 100% · United Kingdom · UK platform as a service subsidiary. Main licensee of the Smart Platform from STHL and contracting party with UK based PaaS clients
   7. Smart Fintech Middle East Ltd 100% · Dubai, UAE · DIFC (Dubai) incorporated PaaS entity
   8. SFS Platform Ireland Limited 100% · Ireland · Rol based PaaS subsidiary
   9. Smart Retire Pty Ltd 100% · Australia · Australian based PaaS trading entity
   10. Smart Platform Hong Kong Limited 100% · Hong Kong · Hong Kong based PaaS trading entity
   11. Bluesky Trustee Company Limited 100% · United Kingdom · Holding company of Evolve and The Crystal Trust (Master Trust)
   12. Smart Managed Solutions, Inc. 100% · USA · USA Holding company with preserved purchase price stock basis - 100% subsidiary of Smart USA Co. Taxed as a C corp.
   13. Stadion Money Management, LLC 100% · USA · US investment management firm in retirement solutions - 100% Smart Managed Solutions
   14. ProManage, LLC 100% · USA · US investment management firm in retirement solutions - 100% Smart Managed Solutions
   15. Smart Retirement Solutions, Inc. 100% · USA · A retirement plan fiduciary 100% subsidiary of Smart USA Co.
   16. Smart USA Co. 100% · USA · US PaaS subsidiary. Oversees US partnership development and re-selling of Group platform tech
   17. Evolve Pensions Limited 100% · United Kingdom · Scheme sponsor of The Crystal Trust (Master Trust)
   18. Crystal Trustee Company Limited 100% · United Kingdom · Corporate trustee of The Crystal Trust (Master Trust)

Significant events

• “Completed the consolidation of the Crystal Trust into SPMT, successfully migrating 120,000 members and £840m AUM.”
• “Raised £33.9m of capital from existing investors to support the continued growth of the business.”
• “Agreed the acquisition of the Options Workplace Pension Trust ('OWPT') the STM Group. OWPT will be the tenth master trust we have consolidated into SPMT, adding 300,000 new members and more than £600m of AUM.”
• “Delivered a major investment transformation project, migrating all SPMT members and assets to the Mobius Life platform.”
• “Aligned the composition of passive global equities in the Smart Pension default growth funds to a 2040 net zero index, underlining our commitment to ESG and net zero ambitions.”
• “Decision was taken to pursue a sale of remaining trading operations in the USA (Smart Managed Solutions, Inc. and its wholly owned subsidiaries, Stadion Money Management, LLC and ProManage, LLC) to focus on core businesses across SPMT and Keystone in the UK, Europe and the Middle East.”
• “The Group entered into a new external debt facility with CIBC on 16 July 2025, with an additional £10.0m syndicated by HSBC, this replaces the existing facility.”
• “In February 2025, a sublease agreement was signed between Smart Pension Limited and a third-party tenant for occupancy of part of the Group's head office, 136 George Street. The sublease lease term runs from February 2025 to June 2031.”
• “In the first quarter of 2025, Smart Pension Limited successfully executed renegotiated Platform as a Service ("PaaS") revenue agreements with key legacy customers. One agreement has a term of 3 years and runs to January 2028, while the other has a term of 5 years and runs to February 2030.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

20

last 12 months

Capital events

12

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +26.7%

  £49,731,211 → £62,986,476

• Cash

  +24.3%

  £12,108,603 → £15,046,017

• Net assets

  -47.6%

  £48,825,649 → £25,584,515

• Employees

  -32.6%

  585 → 394

• Operating profit

  +83.2%

  -£75,444,759 → -£12,675,847

• Profit before tax

  +77.5%

  -£85,039,768 → -£19,115,734

• Wages

  -54.1%

  £62,388,712 → £28,621,927

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers