covec limited

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covec limited Company Information

Share COVEC LIMITED

Company Number

07804110

Shareholders

keith bloxsome

brian richard norton

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Group Structure

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Industry

Other business support service activities n.e.c.

 

Registered Address

unit 3 flanders industrial park, flanders road, southampton, hampshire, SO30 2FZ

covec limited Estimated Valuation

£1.8m

Pomanda estimates the enterprise value of COVEC LIMITED at £1.8m based on a Turnover of £3.2m and 0.58x industry multiple (adjusted for size and gross margin).

covec limited Estimated Valuation

£1m

Pomanda estimates the enterprise value of COVEC LIMITED at £1m based on an EBITDA of £240.3k and a 4.27x industry multiple (adjusted for size and gross margin).

covec limited Estimated Valuation

£1.4m

Pomanda estimates the enterprise value of COVEC LIMITED at £1.4m based on Net Assets of £675.2k and 2.13x industry multiple (adjusted for liquidity).

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Covec Limited Overview

Covec Limited is a live company located in southampton, SO30 2FZ with a Companies House number of 07804110. It operates in the other business support service activities n.e.c. sector, SIC Code 82990. Founded in October 2011, it's largest shareholder is keith bloxsome with a 45.8% stake. Covec Limited is a established, small sized company, Pomanda has estimated its turnover at £3.2m with healthy growth in recent years.

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Covec Limited Health Check

Pomanda's financial health check has awarded Covec Limited a 5 rating. We use a traffic light system to show it exceeds the industry average on 5 measures and has 5 areas for improvement. Company Health Check FAQs

Health Check Image
Health Rating5out of 5
positive_score

5 Strong

positive_score

2 Regular

positive_score

5 Weak

size

Size

annual sales of £3.2m, make it smaller than the average company (£4.8m)

£3.2m - Covec Limited

£4.8m - Industry AVG

growth

Growth

3 year (CAGR) sales growth of 10%, show it is growing at a faster rate (6.7%)

10% - Covec Limited

6.7% - Industry AVG

production

Production

with a gross margin of 38.2%, this company has a comparable cost of product (38.2%)

38.2% - Covec Limited

38.2% - Industry AVG

profitability

Profitability

an operating margin of 6.8% make it more profitable than the average company (5.7%)

6.8% - Covec Limited

5.7% - Industry AVG

employees

Employees

with 7 employees, this is below the industry average (27)

7 - Covec Limited

27 - Industry AVG

paystructure

Pay Structure

on an average salary of £53.9k, the company has an equivalent pay structure (£53.9k)

£53.9k - Covec Limited

£53.9k - Industry AVG

efficiency

Efficiency

resulting in sales per employee of £452.7k, this is more efficient (£171.2k)

£452.7k - Covec Limited

£171.2k - Industry AVG

debtordays

Debtor Days

it gets paid by customers after 64 days, this is later than average (42 days)

64 days - Covec Limited

42 days - Industry AVG

creditordays

Creditor Days

its suppliers are paid after 64 days, this is slower than average (32 days)

64 days - Covec Limited

32 days - Industry AVG

stockdays

Stock Days

it holds stock equivalent to 134 days, this is more than average (33 days)

134 days - Covec Limited

33 days - Industry AVG

cashbalance

Cash Balance

has cash to cover current liabilities for 3 weeks, this is less cash available to meet short term requirements (22 weeks)

3 weeks - Covec Limited

22 weeks - Industry AVG

debtlevel

Debt Level

it has a ratio of liabilities to total assets of 54.4%, this is a lower level of debt than the average (62.6%)

54.4% - Covec Limited

62.6% - Industry AVG

COVEC LIMITED financials

EXPORTms excel logo

Covec Limited's latest turnover from December 2023 is estimated at £3.2 million and the company has net assets of £675.2 thousand. According to their latest financial statements, Covec Limited has 7 employees and maintains cash reserves of £40 thousand as reported in the balance sheet.

Data source: Companies HousePomanda Estimates

Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013Dec 2012
Turnover3,168,5831,127,2102,782,0472,381,6632,978,3344,748,4683,041,4131,401,1161,519,644865,6781,113,111211,697
Other Income Or Grants
Cost Of Sales1,959,077695,3191,741,8901,496,5871,862,3532,984,7131,898,565868,598966,208558,687724,802135,558
Gross Profit1,209,506431,8911,040,157885,0761,115,9811,763,7551,142,848532,518553,436306,991388,31076,139
Admin Expenses993,344533,4491,329,063698,241988,8771,628,614912,376612,020530,685462,440528,113268,388
Operating Profit216,162-101,558-288,906186,835127,104135,141230,472-79,50222,751-155,449-139,803-192,249
Interest Payable12,46612,2755,8464,6719,09017,56613,377729298
Interest Receivable5,2874,1272406243469646123233528404
Pre-Tax Profit208,983-109,706-294,513182,226118,057117,621217,190-80,18522,576-155,216-139,275-191,845
Tax-52,246-34,623-22,431-22,348-41,266-4,515
Profit After Tax156,737-109,706-294,513147,60395,62695,273175,924-80,18518,061-155,216-139,275-191,845
Dividends Paid
Retained Profit156,737-109,706-294,513147,60395,62695,273175,924-80,18518,061-155,216-139,275-191,845
Employee Costs377,259359,413341,865185,656183,850265,651251,681293,632457,122249,205328,81180,170
Number Of Employees7774466711682
EBITDA*240,331-76,436-263,127203,343143,407153,242249,126-60,04242,096-140,681-132,846-189,249

* Earnings Before Interest, Tax, Depreciation and Amortisation

Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013Dec 2012
Tangible Assets69,58675,54464,31128,28715,45415,42017,22517,91520,46321,2679,880
Intangible Assets20,18924,60837,22039,53648,82251,76954,19658,15166,90563,80655,75027,000
Investments & Other
Debtors (Due After 1 year)
Total Fixed Assets89,775100,152101,53167,82364,27667,18971,42176,06687,36885,07365,63027,000
Stock & work in progress721,885749,881923,1021,168,2351,067,456649,278651,643479,370349,739318,176163,99122,582
Trade Debtors561,23067,433502,673349,041566,886984,383693,902193,570244,49468,786100,28430,799
Group Debtors
Misc Debtors67,49589,21835,70148,1467,14123,2894,28836,14222,679
Cash40,039161,35374,464117,2856,6534,7817,54430,8056,00043,18849,857161,426
misc current assets
total current assets1,390,6491,067,8851,535,9401,682,7071,648,1361,661,7311,357,377739,887622,912430,150314,132214,807
total assets1,480,4241,168,0371,637,4711,750,5301,712,4121,728,9201,428,798815,953710,280515,223379,762241,807
Bank overdraft143,45378,168180,2556,826146,308123,023397,44314,1709,155
Bank loan
Trade Creditors 348,094130,860293,819245,011255,388664,804211,097139,30860,554113,436200,50823,406
Group/Directors Accounts
other short term finances
hp & lease commitments
other current liabilities191,737220,953198,694182,103203,017171,062116,558110,694101,180
total current liabilities683,284429,981672,768433,940604,713958,889725,098264,172170,889113,436200,50823,406
loans
hp & lease commitments
Accruals and Deferred Income
other liabilities121,950219,603332,629393,918332,63090,588119,530143,53550,96054,243
provisions3,915
total long term liabilities121,950219,603336,544393,918332,63090,588119,530143,53550,96054,243
total liabilities805,234649,5841,009,312827,858937,3431,049,477844,628407,707221,849167,679200,50823,406
net assets675,190518,453628,159922,672775,069679,443584,170408,246488,431347,544179,254218,401
total shareholders funds675,190518,453628,159922,672775,069679,443584,170408,246488,431347,544179,254218,401
Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013Dec 2012
Operating Activities
Operating Profit216,162-101,558-288,906186,835127,104135,141230,472-79,50222,751-155,449-139,803-192,249
Depreciation18,95017,80114,2634,4843,2423,8804,2985,3544,8863,470429
Amortisation5,2197,32111,51612,02413,06114,22114,35614,10614,45911,2986,5283,000
Tax-52,246-34,623-22,431-22,348-41,266-4,515
Stock-27,996-173,221-245,133100,779418,178-2,365172,273129,63131,563154,185141,40922,582
Debtors472,074-381,723141,187-176,840-433,645309,482468,478-37,461198,387-31,49869,48530,799
Creditors217,234-162,95948,808-10,377-409,416453,70771,78978,754-52,882-87,072177,10223,406
Accruals and Deferred Income-29,21622,25916,591-20,91431,95554,5045,8649,514101,180
Deferred Taxes & Provisions-3,9153,915
Cash flow from operations-67,975333,893-89,867213,490-241,018331,988-355,238-63,944-144,071-350,440-166,638-219,224
Investing Activities
capital expenditure-13,792-23,743-59,487-20,055-13,390-13,869-14,009-8,158-21,640-34,211-45,587-30,000
Change in Investments
cash flow from investments-13,792-23,743-59,487-20,055-13,390-13,869-14,009-8,158-21,640-34,211-45,587-30,000
Financing Activities
Bank loans
Group/Directors Accounts
Other Short Term Loans
Long term loans
Hire Purchase and Lease Commitments
other long term liabilities-97,653-113,026-61,28961,288242,042-28,942-24,00592,575-3,28354,243
share issue122,826323,506100,128410,246
interest-7,179-8,148-5,606-4,609-9,047-17,520-13,281-683-175233528404
cash flow from financing-104,832-121,174-66,89556,679232,995-46,462-37,28691,892119,368377,982100,656410,650
cash and cash equivalents
cash-121,31486,889-42,821110,6321,872-2,763-23,26124,805-37,188-6,669-111,569161,426
overdraft65,285-102,087173,429-139,48223,285-274,420383,2735,0159,155
change in cash-186,599188,976-216,250250,114-21,413271,657-406,53419,790-46,343-6,669-111,569161,426

covec limited Credit Report and Business Information

Very Low Risk70 - 100
Low Risk50 - 70
Moderate Risk30 - 50
High Risk20 - 30
Very High Risk0 - 20
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Covec Limited Competitor Analysis

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Perform a competitor analysis for covec limited by selecting its closest rivals, whether from the ADMINISTRATIVE AND SUPPORT SERVICE ACTIVITIES sector, other small companies, companies in SO30 area or any other competitors across 12 key performance metrics.

covec limited Ownership

COVEC LIMITED group structure

Covec Limited has no subsidiary companies.

Ultimate parent company

COVEC LIMITED

07804110

COVEC LIMITED Shareholders

keith bloxsome 45.77%
brian richard norton 19.4%
par innovation fund i lp 13.81%
robert mark redwood 4.06%
david toplas 2.29%
khurram sethi 2.19%
jeanette mccarthy 1.92%
clive robinson 1.14%
steve charles pottinger 1.08%
alan lawson 0.68%

covec limited directors

Covec Limited currently has 3 directors. The longest serving directors include Mr Brian Norton (Oct 2011) and Mr Keith Bloxsome (Oct 2011).

officercountryagestartendrole
Mr Brian NortonEngland59 years Oct 2011- Director
Mr Keith BloxsomeEngland64 years Oct 2011- Director
Mr Paul MunnEngland62 years Jun 2012- Director

P&L

December 2023

turnover

3.2m

+181%

operating profit

216.2k

0%

gross margin

38.2%

-0.37%

turnover

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

Balance Sheet

December 2023

net assets

675.2k

+0.3%

total assets

1.5m

+0.27%

cash

40k

-0.75%

net assets

Total assets minus all liabilities

covec limited company details

company number

07804110

Type

Private limited with Share Capital

industry

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

incorporation date

October 2011

age

14

incorporated

UK

ultimate parent company

None

accounts

Total Exemption Full

last accounts submitted

December 2023

previous names

N/A

accountant

ROCHES CHARTERED ACCOUNTANTS

auditor

-

address

unit 3 flanders industrial park, flanders road, southampton, hampshire, SO30 2FZ

Bank

-

Legal Advisor

-

covec limited Charges & Mortgages

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 6 charges/mortgages relating to covec limited. Currently there are 1 open charges and 5 have been satisfied in the past.

covec limited Capital Raised & Share Issues BETA

When a company issues new shares, e.g. to new investors following a funding round, it is required to notify Companies House within one month of making an allotment of shares.

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covec limited Companies House Filings - See Documents

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