Storetec Services Limited

Storetec Services Ltd, based in Hull, UK, is a small holding company with an active status, celebrating 22 years in business. Employing 63 people and boasting £3,462,647 in assets, the company operates from a real address and is overseen by two directors and one owner. It maintains a stellar 5.0 Google rating based on 40 reviews. Storetec Services is an irregular importer, primarily dealing in machinery, boilers, and mechanical appliances—parts, with the last import operation occurring two months ago in July 01, 2022.

The company specializes in document scanning and digital transformation services, as evidenced by its website. It doesn’t appear to be an e-commerce business; instead, it provides services like large format scanning, data capture, invoice processing, and digital mailroom solutions. They cater to a wide range of sectors, including construction, manufacturing, healthcare, and local government. The website highlights certifications, awards, and a commitment to ESG (Environmental, Social, and Governance) principles. They even offer a cloud-based document management system called MDI Cloud.

Financially, Storetec Services Ltd presents a mixed picture. Cash bank on hand has impressively doubled to £1,800,000, a positive sign. However, current assets have decreased by 27% to £3,500,000, and net assets have fallen 30% to £2,100,000. Debtors have significantly reduced by 55%, indicating better collection practices, but creditors have increased by 7.7% to £2,100,000. A notable increase in bank borrowings, rising by 2,400% to £29,000, suggests the company may be leveraging debt to fund operations. The company meets the criteria for a small company, with turnover under £10.2 million, assets under £5.1 million, and fewer than 50 employees. As a small company, it is exempt from an audit, and the financial statements are unaudited.

The increase in bank borrowings, while concerning, could be a strategic move to capitalize on opportunities in the digital transformation space. The company’s focus on specialized services and its strong Google rating suggest a solid foundation, but careful management of debt will be crucial for sustained growth.

Registered in England/Wales under the registration number 04719444, with a registered address at HU3 4XA, Hull, Sidings Business Park, Freightliner Road.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.