OK
I have started from scratch as far as the hardware goes - the software is the same as earlier in this post history for this topic.
The image contains most of the hardware but I will repeat it here:
1 x 4.7K OHM Resister
1 x LDR (10M in the dark, 0 in the light)
1 x 40106 Schmitt Trigger - Inverting.
Hookup Wire
This along with the original code from above is nicely capturing the pulses from LED on arduino board, and also a torch.
I will next need to do some testing with the actual live meter.
Next problem is the meter is in a steel box on the outside of the house - I need to figger out a wireless solution but am happy at the moment.
Chris