I solved this by creating a pom with packing of type pom and explicitly listed all the jars in the dependencies section (copy/paste from dependencyManagement section of the single parent pom). I set the scope to compile. I assemble this into a zip file.
In the parent pom I set the scope of all dependencies in the dep mgt section to provided. Each application now inherits this scope.
I will unzip the libs.zip into a particular directory and get each application to point to it (in JDK 6 you can set the classpath to include all jars in a directory).
Now each application is quite small in size.
Great. Job well done...