Version 1 Solutions Limited

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SOLUTIONS

version 1 solutions limited Company Information

Live

MatureLargeRapid

Company Number

03438874

Website

www.version1.com

Registered Address

suite 3d&e, third floor, 31 temple street, birmingham, B2 5DB

Industry

Computer consultancy activities

Telephone

02038594790

Next Accounts Due

September 2024

Group Structure

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Directors

Tom O'Connor7 Years

Louise Lahiff2 Years

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Shareholders

version 1 software uk ltd 100%

version 1 solutions limited Estimated Valuation

£108.1m

Pomanda estimates the enterprise value of VERSION 1 SOLUTIONS LIMITED at £108.1m based on a Turnover of £79.8m and 1.35x industry multiple (adjusted for size and gross margin).

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Version 1 Solutions Limited is a live company located in birmingham, B2 5DB with a Companies House number of 03438874. It operates in the information technology consultancy activities sector, SIC Code 62020. Founded in September 1997, it's largest shareholder is version 1 software uk ltd with a 100% stake. Version 1 Solutions Limited is a mature, large sized company, Pomanda has estimated its turnover at £79.8m with rapid growth in recent years.

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Pomanda's financial health check has awarded Version 1 Solutions Limited a 4 rating. We use a traffic light system to show it exceeds the industry average on 4 measures and has 4 areas for improvement. Company Health Check FAQs

Health Rating4out of 5

4 Strong

4 Regular

4 Weak

Size

annual sales of £79.8m, make it larger than the average company (£1.8m)

Growth

3 year (CAGR) sales growth of 51%, show it is growing at a faster rate (4.4%)

EXPORT

Version 1 Solutions Limited's latest turnover from December 2022 is £79.8 million and the company has net assets of £28.4 million. According to their latest financial statements, Version 1 Solutions Limited has 632 employees and maintains cash reserves of £6.9 million as reported in the balance sheet.

Data source: Companies House, Pomanda Estimates

	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Oct 2014	Oct 2013	Oct 2012	Oct 2011	Oct 2010	Oct 2009
Turnover	79,786,864	62,830,497	49,075,385	23,224,041	22,190,143	15,982,389	9,075,338	6,274,505	8,677,933	8,286,217	6,961,275	18,069,471	5,970,987	7,230,879
Other Income Or Grants	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cost Of Sales	48,464,247	37,494,526	30,886,500	15,430,976	16,279,195	11,105,756	6,508,502	3,967,454	5,804,921	5,738,421	4,919,512	6,717,180	4,401,855	5,100,142
Gross Profit	31,322,617	25,335,971	18,188,885	7,793,065	5,910,948	4,876,633	2,566,836	2,307,051	2,873,012	2,547,796	2,041,763	11,352,291	1,569,132	2,130,737
Admin Expenses	22,914,696	15,603,296	12,835,248	4,386,773	4,035,885	3,867,307	2,031,461	2,124,463	1,756,527	1,653,304	1,422,610	11,849,932	1,307,907	1,643,985
Operating Profit	8,407,921	9,732,675	5,353,637	3,406,292	1,875,063	1,009,326	535,375	182,588	1,116,485	894,492	619,153	-497,641	261,225	486,752
Interest Payable	104,562	38,303	49,817	315	5,294	1,383	2,431	1,697	20	0	1,384	0	1,443	3,745
Interest Receivable	0	12	14,439	13,611	23,298	1,662	5,728	36,217	3,158	2,998	321	1,179	0	0
Pre-Tax Profit	11,794,171	9,694,384	5,318,259	3,419,588	1,893,067	1,009,605	538,672	217,108	-316,099	897,490	618,090	-496,462	259,782	199,877
Tax	-1,613,969	-1,623,704	-1,043,867	-639,720	-386,278	-192,660	-102,846	-122,988	-179,970	-213,276	-103,014	0	-50,080	-51,520
Profit After Tax	10,180,202	8,070,680	4,274,392	2,779,868	1,506,789	816,945	435,826	94,120	-496,069	684,214	515,076	-496,462	209,702	148,357
Dividends Paid	0	0	331,615	0	0	0	0	0	532,611	546,860	280,545	0	137,779	158,870
Retained Profit	10,180,202	8,070,680	3,942,777	2,779,868	1,506,789	816,945	435,826	94,120	-1,028,680	137,354	234,531	-496,462	71,923	-10,513
Employee Costs	54,486,022	33,996,132	23,214,216	9,521,760	6,655,629	5,259,146	4,779,720	5,400,799	4,376,649	4,176,279	3,604,455	7,614,766	3,521,677	3,807,758
Number Of Employees	632	405	293	105	78	59	69	53	56	54	53	142	50	50
EBITDA*	8,938,983	10,155,409	5,828,994	3,558,644	2,057,012	1,222,797	710,946	290,727	1,176,409	929,237	653,290	-447,520	319,616	549,241

* Earnings Before Interest, Tax, Depreciation and Amortisation

	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Oct 2014	Oct 2013	Oct 2012	Oct 2011	Oct 2010	Oct 2009
Tangible Assets	1,801,860	1,413,432	1,246,868	38,796	58,667	100,510	168,227	195,833	224,617	81,723	59,191	59,970	92,818	140,930
Intangible Assets	284,577	284,577	325,190	447,030	568,870	690,710	812,550	0	0	0	0	0	0	0
Investments & Other	34,626,669	17,310	17,310	0	0	0	0	0	0	0	0	0	0	0
Debtors (Due After 1 year)	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Fixed Assets	36,713,106	1,698,009	1,572,058	485,826	627,537	791,220	980,777	195,833	224,617	81,723	59,191	59,970	92,818	140,930
Stock & work in progress	1,606,875	2,231,459	1,693,317	577,497	546,530	1,185,691	512,122	281,645	0	0	0	0	0	0
Trade Debtors	12,107,816	10,088,383	8,020,406	3,369,956	4,520,107	2,704,348	2,474,113	1,187,569	1,129,203	1,422,038	1,419,422	2,754,706	1,263,792	975,457
Group Debtors	35,158,854	20,665,696	3,455,956	6,495,518	5,758,758	845,249	114,599	0	0	0	0	0	0	0
Misc Debtors	3,223,372	241,227	621,472	852,382	441,634	96,935	194,806	104,991	1,023,470	2,125,942	1,737,855	0	1,800,599	2,658,415
Cash	6,941,846	5,258,877	12,138,469	3,135,899	1,519,516	5,116,688	2,334,038	1,505,473	859,421	799,724	799,943	0	471,492	85
misc current assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0
total current assets	59,038,763	39,408,694	26,423,586	14,431,252	12,786,545	9,948,911	5,629,678	3,079,678	3,012,094	4,347,704	3,957,220	2,754,706	3,535,883	3,633,957
total assets	95,751,869	41,106,703	27,995,644	14,917,078	13,414,082	10,740,131	6,610,455	3,275,511	3,236,711	4,429,427	4,016,411	2,814,676	3,628,701	3,774,887
Bank overdraft	0	0	0	0	0	0	0	0	0	73,721	240	0	0	207,376
Bank loan	0	0	0	0	0	0	0	0	151,927	0	0	0	0	0
Trade Creditors	2,339,058	601,687	158,211	489,882	342,961	616,722	691,199	326,093	676,269	538,568	276,436	1,571,533	371,857	550,784
Group/Directors Accounts	52,513,131	0	0	0	0	0	0	268,662	0	0	0	0	0	0
other short term finances	0	0	0	0	0	0	0	0	0	0	0	0	0	0
hp & lease commitments	100,083	220,353	229,772	0	0	0	0	0	0	0	0	0	0	0
other current liabilities	12,010,224	21,480,392	16,646,007	8,198,719	9,599,362	8,135,290	4,686,698	1,984,339	1,806,218	2,193,919	2,260,717	0	1,510,555	1,330,931
total current liabilities	66,962,496	22,302,432	17,033,990	8,688,601	9,942,323	8,752,012	5,377,897	2,579,094	2,634,414	2,806,208	2,537,393	1,571,533	1,882,412	2,089,091
loans	0	1,186,406	1,627,098	0	0	0	0	0	0	0	0	0	0	0
hp & lease commitments	398,103	593,203	813,549	0	0	0	0	0	0	0	0	0	0	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	0	0	0
provisions	0	0	15,434	61,732	108,032	154,330	277,098	38,234	38,234	8,191	1,344	0	6,684	18,114
total long term liabilities	398,103	593,203	821,266	30,866	54,016	77,165	138,549	38,234	38,234	8,191	1,344	0	6,684	18,114
total liabilities	67,360,599	22,895,635	17,855,256	8,719,467	9,996,339	8,829,177	5,516,446	2,617,328	2,672,648	2,814,399	2,538,737	1,571,533	1,889,096	2,107,205
net assets	28,391,270	18,211,068	10,140,388	6,197,611	3,417,743	1,910,954	1,094,009	658,183	564,063	1,615,028	1,477,674	1,243,143	1,739,605	1,667,682
total shareholders funds	28,391,270	18,211,068	10,140,388	6,197,611	3,417,743	1,910,954	1,094,009	658,183	564,063	1,615,028	1,477,674	1,243,143	1,739,605	1,667,682

	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Oct 2014	Oct 2013	Oct 2012	Oct 2011	Oct 2010	Oct 2009
Operating Activities
Operating Profit	8,407,921	9,732,675	5,353,637	3,406,292	1,875,063	1,009,326	535,375	182,588	1,116,485	894,492	619,153	-497,641	261,225	486,752
Depreciation	531,062	382,121	353,517	30,512	60,109	91,681	94,344	108,139	59,924	34,745	34,137	50,121	58,391	62,489
Amortisation	0	40,613	121,840	121,840	121,840	121,790	81,227	0	0	0	0	0	0	0
Tax	-1,613,969	-1,623,704	-1,043,867	-639,720	-386,278	-192,660	-102,846	-122,988	-179,970	-213,276	-103,014	0	-50,080	-51,520
Stock	-624,584	538,142	1,115,820	30,967	-639,161	673,569	230,477	281,645	0	0	0	0	0	0
Debtors	19,494,736	18,897,472	1,379,978	-2,643	7,073,967	863,014	1,490,958	-860,113	-1,395,307	390,703	402,571	-309,685	-569,481	3,633,872
Creditors	1,737,371	443,476	-331,671	146,921	-273,761	-74,477	365,106	-350,176	137,701	262,132	-1,295,097	1,199,676	-178,927	550,784
Accruals and Deferred Income	-9,470,168	4,834,385	8,447,288	-1,400,643	1,464,072	3,448,592	2,702,359	178,121	-387,701	-66,798	2,260,717	-1,510,555	179,624	1,330,931
Deferred Taxes & Provisions	0	-15,434	-46,298	-46,300	-46,298	-122,768	238,864	0	30,043	6,847	1,344	-6,684	-11,430	18,114
Cash flow from operations	-19,277,935	-5,641,482	10,358,648	1,590,578	-3,620,059	2,744,901	2,192,994	574,152	2,171,789	527,439	1,114,669	-455,398	828,284	-1,236,322
Investing Activities
capital expenditure	-919,490	-548,685	-1,561,589	-10,641	-18,266	-23,914	-960,515	-79,355	-202,818	-57,277	-33,358	-17,273	-10,279	-60,226
Change in Investments	34,609,359	0	17,310	0	0	0	0	0	0	0	0	0	0	0
cash flow from investments	-35,528,849	-548,685	-1,578,899	-10,641	-18,266	-23,914	-960,515	-79,355	-202,818	-57,277	-33,358	-17,273	-10,279	-60,226
Financing Activities
Bank loans	0	0	0	0	0	0	0	-151,927	151,927	0	0	0	0	0
Group/Directors Accounts	52,513,131	0	0	0	0	0	-268,662	268,662	0	0	0	0	0	0
Other Short Term Loans	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long term loans	-1,186,406	-440,692	1,627,098	0	0	0	0	0	0	0	0	0	0	0
Hire Purchase and Lease Commitments	-315,370	-229,765	1,043,321	0	0	0	0	0	0	0	0	0	0	0
other long term liabilities	0	0	0	0	0	0	0	0	0	0	0	0	0	0
share issue	0	0	0	0	0	0	0	0	-22,285	0	0	0	0	1,678,195
interest	-104,562	-38,291	-35,378	13,296	18,004	279	3,297	34,520	3,138	2,998	-1,063	1,179	-1,443	-3,745
cash flow from financing	50,906,793	-708,748	2,635,041	13,296	18,004	279	-265,365	151,255	132,780	2,998	-1,063	1,179	-1,443	1,674,450
cash and cash equivalents
cash	1,682,969	-6,879,592	9,002,570	1,616,383	-3,597,172	2,782,650	828,565	646,052	59,697	-219	799,943	-471,492	471,407	85
overdraft	0	0	0	0	0	0	0	0	-73,721	73,481	240	0	-207,376	207,376
change in cash	1,682,969	-6,879,592	9,002,570	1,616,383	-3,597,172	2,782,650	828,565	646,052	133,418	-73,700	799,703	-471,492	678,783	-207,291

Very Low Risk70 - 100

Low Risk50 - 70

Moderate Risk30 - 50

High Risk20 - 30

Very High Risk0 - 20

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VERSION 1 SOLUTIONS LIMITED group structure

Version 1 Solutions Limited has 4 subsidiary companies.

Ultimate parent company

SIONNACH LTD

#0114415

VERSION 1 SOFTWARE UK LIMITED

08661831

2 parents

VERSION 1 SOLUTIONS LIMITED

03438874

4 subsidiaries

QUBIX INTERNATIONAL LIMITED

04783753

INSTINCTIVE BUSINESS INTELLIGENCE LTD

SC529957

AUTOMATION LOGIC LTD

07093444

VERSION 1 ANALYTICS UK LIMITED

07658364

VERSION 1 SOLUTIONS LIMITED Shareholders

version 1 software uk ltd

100%

Version 1 Solutions Limited currently has 3 directors. The longest serving directors include Mr Tom O'Connor (Mar 2017) and Mrs. Louise Lahiff (Jul 2022).

officer	country	age	start	end	role
Mr Tom O'Connor	Ireland	51 years	Mar 2017	-	Director
Mrs. Louise Lahiff	Ireland	46 years	Jul 2022	-	Director
Mr Patrick Cooney	Northern Ireland	48 years	Mar 2024	-	Director

P&L

December 2022

turnover

79.8m

+27%

operating profit

8.4m

-14%

gross margin

39.3%

-2.64%

turnover

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

Balance Sheet

December 2022

net assets

28.4m

+0.56%

total assets

95.8m

+1.33%

cash

6.9m

+0.32%

net assets

Total assets minus all liabilities

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company number

03438874

Type

Private limited with Share Capital

industry

62020 - Computer consultancy activities

incorporation date

September 1997

accounts

Full Accounts

ultimate parent company

SIONNACH LTD

previous names

patech solutions limited (April 2015)

last accounts submitted

December 2022

address

suite 3d&e, third floor, 31 temple street, birmingham, B2 5DB

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 7 charges/mortgages relating to version 1 solutions limited. Currently there are 2 open charges and 5 have been satisfied in the past.

version 1 solutions limited Company Information

version 1 solutions limited Estimated Valuation

version 1 solutions limited Estimated Valuation

version 1 solutions limited Estimated Valuation

Version 1 Solutions Limited Overview

Version 1 Solutions Limited Health Check

VERSION 1 SOLUTIONS LIMITED financials

version 1 solutions limited Credit Report and Business Information

Version 1 Solutions Limited Competitor Analysis

version 1 solutions limited Ownership

version 1 solutions limited directors

version 1 solutions limited company details

version 1 solutions limited Charges & Mortgages

version 1 solutions limited Companies House Filings - See Documents