Itec Connect Ltd

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itec connect ltd Company Information

Live

MatureLargeDeclining

Company Number

02219814

Website

www.itec.co.uk

Registered Address

itec house hawkfield way, whitchurch, bristol, BS14 0BL

Industry

Other information technology and computer service activities

Photocopying, document preparation and other specialised office support activities

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Telephone

01179511500

Next Accounts Due

September 2024

Group Structure

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Directors

David Dyas4 Years

Paolo Rossetti1 Years

Shareholders

arena group holdings limited 100%

itec connect ltd Estimated Valuation

£21.2m

Pomanda estimates the enterprise value of ITEC CONNECT LTD at £21.2m based on a Turnover of £33m and 0.64x industry multiple (adjusted for size and gross margin).

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Itec Connect Ltd is a live company located in bristol, BS14 0BL with a Companies House number of 02219814. It operates in the other information technology service activities sector, SIC Code 62090. Founded in February 1988, it's largest shareholder is arena group holdings limited with a 100% stake. Itec Connect Ltd is a mature, large sized company, Pomanda has estimated its turnover at £33m with declining growth in recent years.

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Pomanda's financial health check has awarded Itec Connect Ltd a 3 rating. We use a traffic light system to show it exceeds the industry average on 3 measures and has 6 areas for improvement. Company Health Check FAQs

Health Rating3out of 5

3 Strong

3 Regular

6 Weak

Size

annual sales of £33m, make it larger than the average company (£3.7m)

Growth

3 year (CAGR) sales growth of -6%, show it is growing at a slower rate (3%)

EXPORT

Itec Connect Ltd's latest turnover from December 2022 is £33 million and the company has net assets of £2.7 million. According to their latest financial statements, Itec Connect Ltd has 49 employees and maintains cash reserves of £202.5 thousand as reported in the balance sheet.

Data source: Companies House, Pomanda Estimates

	Dec 2022	Dec 2021	Dec 2020	Feb 2020	Feb 2019	Feb 2018	Feb 2017	Feb 2016	Feb 2015	Feb 2014	Feb 2013	Mar 2012	Mar 2011	Mar 2010
Turnover	32,971,835	31,028,983	23,215,999	43,368,643	39,737,105	27,853,160	27,425,336	21,782,365	20,206,564	16,986,008	10,692,981	10,795,277	9,068,945	4,368,014
Other Income Or Grants	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cost Of Sales	28,490,660	25,662,868	18,177,721	23,704,842	22,833,589	16,198,174	17,024,320	13,378,358	12,029,470	10,149,084	6,837,580	7,035,882	7,468,978	3,349,245
Gross Profit	4,481,175	5,366,115	5,038,278	19,663,801	16,903,516	11,654,986	10,401,016	8,404,007	8,177,094	6,836,924	3,855,401	3,759,395	1,599,967	1,018,769
Admin Expenses	9,341,830	10,035,745	7,491,828	19,289,208	17,319,664	11,277,594	9,371,938	8,353,172	7,478,913	6,511,650	3,494,971	3,857,410	1,435,392	1,007,812
Operating Profit	-4,860,655	-4,669,630	-2,453,550	374,593	-416,148	377,392	1,029,078	50,835	698,181	325,274	360,430	-98,015	164,575	10,957
Interest Payable	368,290	103,268	41,855	297,433	437,640	65,128	50,700	87,603	154,065	148,203	97,802	77,198	51,230	0
Interest Receivable	0	0	0	0	0	27,033	0	0	0	22	119	8,326	0	370
Pre-Tax Profit	-5,228,945	-4,772,898	-2,495,405	77,160	-853,788	339,297	978,378	-34,155	544,116	784,336	262,747	-166,887	113,345	11,327
Tax	74,262	57,517	-20,319	-295,186	-171,357	-151,089	-268,061	-55,046	-151,002	14,763	-43,968	-33	20,917	1,719
Profit After Tax	-5,154,683	-4,715,381	-2,515,724	-218,026	-1,025,145	188,208	710,317	-89,201	393,114	799,099	218,779	-166,920	134,262	13,046
Dividends Paid	0	0	155,065	0	92,418	54,372	0	40,000	120,000	120,000	110,000	20,000	0	46,667
Retained Profit	-5,154,683	-4,715,381	-2,670,789	-223,372	-1,081,135	167,391	710,317	-129,201	273,114	679,099	108,779	-225,867	-181,750	-33,621
Employee Costs	3,485,644	5,646,037	8,936,001	11,390,511	10,624,980	6,967,485	6,322,740	5,336,002	4,574,819	3,912,563	2,425,350	2,526,583	2,424,776	702,321
Number Of Employees	49	108	270	283	259	202	173	154	132	108	64	71	69	19
EBITDA*	-3,041,366	-2,753,109	-846,716	3,011,825	1,800,761	1,250,932	1,864,961	668,200	1,306,090	870,082	637,978	109,764	300,617	18,407

* Earnings Before Interest, Tax, Depreciation and Amortisation

	Dec 2022	Dec 2021	Dec 2020	Feb 2020	Feb 2019	Feb 2018	Feb 2017	Feb 2016	Feb 2015	Feb 2014	Feb 2013	Mar 2012	Mar 2011	Mar 2010
Tangible Assets	990,148	1,390,220	1,431,658	1,970,197	2,605,163	2,280,376	1,042,764	928,869	735,690	525,697	435,839	178,650	314,711	53,470
Intangible Assets	6,176,708	7,505,501	8,859,509	10,093,533	11,569,793	4,310,953	3,344,030	2,318,813	2,544,532	2,898,917	1,135,665	1,268,386	1,414,623	0
Investments & Other	1,321,650	1,321,650	1,321,650	140,569	134,119	97,691	201,636	454,011	496,611	42,600	2,132,909	1,489,164	0	1,007,015
Debtors (Due After 1 year)	119,912	45,327	0	0	0	0	0	0	0	0	0	0	0	0
Total Fixed Assets	8,608,418	10,262,698	11,612,817	12,204,299	14,309,075	6,689,020	4,588,430	3,701,693	3,776,833	3,467,214	3,704,413	2,936,200	1,729,334	1,060,485
Stock & work in progress	3,763,452	4,463,083	4,831,282	5,094,952	5,657,386	4,178,139	3,845,919	3,276,293	3,073,145	2,465,379	1,618,520	1,769,143	1,705,786	884,072
Trade Debtors	4,173,115	3,713,968	5,711,800	5,536,615	7,034,366	4,474,479	2,818,067	2,421,585	3,426,583	3,461,559	2,377,374	2,303,965	1,663,733	925,470
Group Debtors	1,249,209	1,202,404	719,677	1	0	0	0	0	172,058	68,058	278,085	1,221	0	0
Misc Debtors	2,754,291	2,155,367	1,649,882	1,427,453	1,370,926	1,121,299	611,740	559,859	798,077	454,235	402,191	383,271	199,663	27,147
Cash	202,521	272,128	37,996	945,193	165,993	865,738	977,978	966,665	643,551	472,040	1,924	2,536	16,105	181,003
misc current assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0
total current assets	12,142,588	11,806,950	12,950,637	13,004,214	14,228,671	10,639,655	8,253,704	7,224,402	8,113,414	6,921,271	4,678,094	4,460,136	3,585,287	2,017,692
total assets	20,751,006	22,069,648	24,563,454	25,208,513	28,537,746	17,328,675	12,842,134	10,926,095	11,890,247	10,388,485	8,382,507	7,396,336	5,314,621	3,078,177
Bank overdraft	0	0	0	0	1,118,606	38,485	0	0	0	0	123,703	43,365	168,095	0
Bank loan	0	0	0	3,798,436	0	0	0	0	0	0	0	0	0	0
Trade Creditors	3,184,151	4,812,367	6,419,213	8,051,928	10,412,371	7,438,209	5,673,820	5,387,303	5,257,862	4,404,980	2,979,940	3,017,344	2,039,009	1,183,697
Group/Directors Accounts	13,709,693	8,171,558	2,163,712	340,000	125,937	0	201,118	568,684	667,801	466,164	596,974	630,223	47,692	61,820
other short term finances	0	0	0	0	0	0	0	0	0	0	0	445,900	272,800	0
hp & lease commitments	3,259	12,365	11,353	113,760	220,078	167,366	20,567	2,462	9,849	13,296	35,790	29,881	34,888	0
other current liabilities	1,008,602	1,057,955	3,189,682	8,065,602	7,713,448	4,462,387	2,317,417	1,779,792	2,084,608	1,695,235	1,119,249	596,096	1,009,490	225,727
total current liabilities	17,905,705	14,054,245	11,783,960	20,369,726	19,590,440	12,106,447	8,212,922	7,738,241	8,020,120	6,579,675	4,855,656	4,762,809	3,571,974	1,471,244
loans	0	0	0	0	3,575,000	18,606	0	205,212	800,144	936,632	1,339,562	340,796	67,219	0
hp & lease commitments	0	3,259	15,624	109,322	278,715	371,088	50,312	0	2,462	12,311	28,447	47,467	84,297	0
Accruals and Deferred Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0
other liabilities	0	0	0	0	0	0	0	0	0	0	0	200,000	200,000	25,714
provisions	186,285	198,445	234,790	91,852	244,728	211,725	125,481	111,276	66,955	26,725	4,799	0	0	8,338
total long term liabilities	186,285	201,704	250,414	201,174	4,098,443	601,419	175,793	316,488	869,561	975,668	1,372,808	588,263	351,516	34,052
total liabilities	18,091,990	14,255,949	12,034,374	20,570,900	23,688,883	12,707,866	8,388,715	8,054,729	8,889,681	7,555,343	6,228,464	5,351,072	3,923,490	1,505,296
net assets	2,659,016	7,813,699	12,529,080	4,637,613	4,848,863	4,620,809	4,453,419	2,871,366	3,000,566	2,833,142	2,154,043	2,045,264	1,391,131	1,572,881
total shareholders funds	2,659,016	7,813,699	12,529,080	4,637,613	4,848,863	4,620,809	4,453,419	2,871,366	3,000,566	2,833,142	2,154,043	2,045,264	1,391,131	1,572,881

	Dec 2022	Dec 2021	Dec 2020	Feb 2020	Feb 2019	Feb 2018	Feb 2017	Feb 2016	Feb 2015	Feb 2014	Feb 2013	Mar 2012	Mar 2011	Mar 2010
Operating Activities
Operating Profit	-4,860,655	-4,669,630	-2,453,550	374,593	-416,148	377,392	1,029,078	50,835	698,181	325,274	360,430	-98,015	164,575	10,957
Depreciation	490,496	562,513	401,307	974,578	850,416	519,155	313,669	260,799	253,524	212,068	144,827	61,542	102,802	7,450
Amortisation	1,328,793	1,354,008	1,205,527	1,662,654	1,366,493	354,385	522,214	356,566	354,385	332,740	132,721	146,237	33,240	0
Tax	74,262	57,517	-20,319	-295,186	-171,357	-151,089	-268,061	-55,046	-151,002	14,763	-43,968	-33	20,917	1,719
Stock	-699,631	-368,199	-826,104	-562,434	1,479,247	332,220	569,626	203,148	607,766	846,859	-150,623	63,357	821,714	884,072
Debtors	1,179,461	-964,293	-323,933	-1,441,223	2,809,514	2,165,971	448,363	-1,415,274	412,866	926,202	369,193	825,061	910,779	952,617
Creditors	-1,628,216	-1,606,846	-3,993,158	-2,360,443	2,974,162	1,764,389	286,517	129,441	852,882	1,425,040	-37,404	978,335	855,312	1,183,697
Accruals and Deferred Income	-49,353	-2,131,727	-4,523,766	352,154	3,251,061	2,144,970	537,625	-304,816	389,373	575,986	523,153	-413,394	783,763	225,727
Deferred Taxes & Provisions	-12,160	-36,345	-9,938	-152,876	33,003	86,244	14,205	44,321	40,230	21,926	4,799	0	-8,338	8,338
Cash flow from operations	-5,136,663	-5,138,018	-8,243,860	2,559,131	3,598,869	2,597,255	1,417,258	1,694,226	1,416,941	1,134,736	865,988	-213,746	219,778	-398,801
Investing Activities
capital expenditure	-90,424	-521,075	2,276,955	0	-9,812,169	-1,995,759	-1,022,962	0	-952,462	-307,325	-401,175	-1,420,209	-801,045	-60,920
Change in Investments	0	0	1,187,531	6,450	36,428	-103,945	-252,375	-42,600	454,011	-2,090,309	643,745	1,489,164	-1,007,015	1,007,015
cash flow from investments	-90,424	-521,075	1,089,424	-6,450	-9,848,597	-1,891,814	-770,587	42,600	-1,406,473	1,782,984	-1,044,920	-2,909,373	205,970	-1,067,935
Financing Activities
Bank loans	0	0	0	3,798,436	0	0	0	0	0	0	0	0	0	0
Group/Directors Accounts	5,538,135	6,007,846	2,037,775	214,063	125,937	-201,118	-367,566	-99,117	201,637	-130,810	-33,249	582,531	-14,128	61,820
Other Short Term Loans	0	0	0	0	0	0	0	0	0	0	-445,900	173,100	272,800	0
Long term loans	0	0	-3,575,000	-3,575,000	3,556,394	18,606	-205,212	-594,932	-136,488	-402,930	998,766	273,577	67,219	0
Hire Purchase and Lease Commitments	-12,365	-11,353	-471,816	-275,711	-39,661	467,575	68,417	-9,849	-13,296	-38,630	-13,111	-41,837	119,185	0
other long term liabilities	0	0	0	0	0	0	0	0	0	0	-200,000	0	174,286	25,714
share issue	0	0	10,351,006	12,122	1,309,189	-1	871,736	1	-105,690	0	0	880,000	0	1,606,502
interest	-368,290	-103,268	-41,855	-297,433	-437,640	-38,095	-50,700	-87,603	-154,065	-148,181	-97,683	-68,872	-51,230	370
cash flow from financing	5,157,480	5,893,225	8,300,110	-123,523	4,514,219	246,967	316,675	-791,500	-207,902	-720,551	208,823	1,798,499	568,132	1,694,406
cash and cash equivalents
cash	-69,607	234,132	-127,997	779,200	-699,745	-112,240	11,313	323,114	171,511	470,116	-612	-13,569	-164,898	181,003
overdraft	0	0	-1,118,606	-1,118,606	1,080,121	38,485	0	0	0	-123,703	80,338	-124,730	168,095	0
change in cash	-69,607	234,132	990,609	1,897,806	-1,779,866	-150,725	11,313	323,114	171,511	593,819	-80,950	111,161	-332,993	181,003

Very Low Risk70 - 100

Low Risk50 - 70

Moderate Risk30 - 50

High Risk20 - 30

Very High Risk0 - 20

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ITEC CONNECT LTD group structure

Itec Connect Ltd has 7 subsidiary companies.

Ultimate parent company

XEROX HOLDINGS CORP

#0131590

ARENA GROUP HOLDINGS LIMITED

03735943

2 parents

ITEC CONNECT LTD

02219814

7 subsidiaries

PENINSULA BUSINESS SYSTEMS LTD

04955631

CRITERION IT LTD.

07496097

STEM NETWORKS LIMITED

05587008

MAIL A DOC LIMITED

06301068

TIME BUSINESS SYSTEMS LIMITED

03297839

UNA-STEM LIMITED

09435242

CITRUS DIGITAL LIMITED

06833702

ITEC CONNECT LTD Shareholders

arena group holdings limited

100%

Itec Connect Ltd currently has 2 directors. The longest serving directors include Mr David Dyas (Mar 2020) and Mr Paolo Rossetti (Oct 2022).

officer	country	age	start	end	role
Mr David Dyas	England	60 years	Mar 2020	-	Director
Mr Paolo Rossetti		54 years	Oct 2022	-	Director

P&L

December 2022

turnover

33m

+6%

operating profit

-4.9m

+4%

gross margin

13.6%

-21.41%

turnover

Turnover, or revenue, is the amount of sales generated by a company within the financial year.

Balance Sheet

December 2022

net assets

2.7m

-0.66%

total assets

20.8m

-0.06%

cash

202.5k

-0.26%

net assets

Total assets minus all liabilities

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company number

02219814

Type

Private limited with Share Capital

industry

82990 - Other business support service activities n.e.c.

62090 - Other information technology and computer service activities

82190 - Photocopying, document preparation and other specialised office support activities

incorporation date

February 1988

age

accounts

Audit Exemption Subsidiary

ultimate parent company

XEROX HOLDINGS CORP

previous names

portrayal limited (May 2012)

raidcell limited (March 1988)

incorporated

address

itec house hawkfield way, whitchurch, bristol, BS14 0BL

last accounts submitted

December 2022

A charge, or mortgage, refers to the rights a company gives to a lender in return for a loan, often in the form of security given over business assets.

We found 18 charges/mortgages relating to itec connect ltd. Currently there are 7 open charges and 11 have been satisfied in the past.

itec connect ltd Company Information

itec connect ltd Estimated Valuation

itec connect ltd Estimated Valuation

itec connect ltd Estimated Valuation

Itec Connect Ltd Overview

Itec Connect Ltd Health Check

ITEC CONNECT LTD financials

itec connect ltd Credit Report and Business Information

Itec Connect Ltd Competitor Analysis

itec connect ltd Ownership

itec connect ltd directors

itec connect ltd company details

itec connect ltd Charges & Mortgages

itec connect ltd Companies House Filings - See Documents