SIGN-OFF RISK · STOPPEDCovenant stated as met. It isn’t.
Draft says “comfortably within banking covenants.” The pack’s own numbers put leverage at 3.4× against a 3.0× limit.
Receipt
Net debt — balance sheet£3,128,000
EBITDA — appendix P&L£920,000
3,128,000 ÷ 920,0003.40×
Facility limit3.00×
Draft claim“comfortably within” ✗
Margin mismatch
EBITDA margin overstated.
Draft: margin improved to 18.4%. Appendix implies 17.0% — the operating-leverage conclusion doesn’t hold at the recomputed figure.
£920,000 ÷ £5,400,00017.0%
Draft states18.4% ✗ does not agree
Overstated growth
“Strong across all segments.”
SMB declined quarter-on-quarter. The all-segments claim fails on the pack’s own segment schedule.
SMB revenue — Q1£1,280,000
SMB revenue — Q2£1,240,000
Change−3.1% ✗ contradicts claim
Missing caveat
“Cash position remains robust.”
Quarter-end creditor timing isn’t disclosed alongside the cash claim. Stated without the caveat, the sentence says more than the pack supports.
✓ Not flaggedEBITDA £920k — verified.
Recomputed from the appendix P&L. Agrees exactly.