SMA TOPCO LIMITED

• ◆

  10 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. SMA TOPCO LIMITED 2021-06-02 → present
2. MAUI MIDCO LIMITED 2020-09-04 → 2021-06-02

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

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“Based on the Group going concern assessment, the Directors have a reasonable expectation that both the Group and the Company has adequate resources to continue in operational existence for the going concern period to 31 December 2026. Therefore, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements.”

Group structure

1. SMA TOPCO LIMITED · parent
   1. SMA Parentco Limited 100%
   2. SMA Debtco Limited 100%
   3. SMA Midco Limited 100%
   4. SMA Bidco Limited 100%
   5. Smart Meter Assets 1 Ltd 100%

Significant events

• “In the post balance sheet period, the Group has been sold to Cyrus Bidco Limited, ultimately owned by funds controlled by Kohlberg Kravis Roberts & Co. L.P. ("KKR"). This transaction completed on 7th February 2025 and was for 100% of the share capital and shareholder loan notes in the Group.”

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

Filings

19

last 12 months

Capital events

0

last 24 months

Officers appointed

3

last 12 months

Officers resigned

10

last 12 months

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

• Turnover

  -4.9%

  £82,551,000 → £78,469,000

• Cash

  -7.2%

  £13,015,000 → £12,077,000

• Net assets

  +100.6%

  -£109,169,000 → £698,000

• Employees

  0%

  10 → 10

• Operating profit

  -12.7%

  £36,007,000 → £31,417,000

• Profit before tax

  +34.2%

  -£110,998,000 → -£73,032,000

• Wages

  +12.6%

  £564,000 → £635,000

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