Barnes & Mullins Limited
Registered name: BARNES & MULLINS LIMITED
Part of Troubadour Investments Limited groupBarnes & Mullins Limited made £10.9m revenue and £657k profit in the year to 31 Dec 2025. read from filing text
Barnes & Mullins Limited’s revenue grew 8% to £10.9m in the year to 31 Dec 2025, with £657k profit and 41 employees. The company is classified under “manufacture of musical instruments” and is based in Oswestry; we hold 4 years of its filed accounts.
- Status
- Active
- Location
- Oswestry, West Midlands
- Age
- 49 yrs · since 1977
- Type
- Private Limited Company
Part of a group. The filing indicates this company sits within a group structure, so its results may depend on intra-group trading and it may be hard to replicate independently. From the filing: “The ultimate parent company is Troubadour Investments Limited, which is incorporated in England and Wales.”
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Dec 2022 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|---|---|
| Disclosure | Full P&Lread from filing text | Full P&Lread from filing text | Full P&Lread from filing text | Full P&Lread from filing text |
| Profit & loss | ||||
| Revenue (turnover) | £11.3m | £10.6m | £10.1m | £10.9m |
| Cost of sales | £7.9m | £6.9m | £6.6m | £7.2m |
| Gross profit | £3.5m | £3.6m | £3.5m | £3.6m |
| Operating profit | £1m | £952k | £842k | £853k |
| Profit before tax | £990k | £940k | £853k | £876k |
| Profit after tax | £810k | £754k | £620k | £657k |
| Profit (best available) | £810k | £754k | £620k | £657k |
| Staff costs | £1.7m | £1.7m | £1.7m | £1.8m |
| Employees (average) | 39 | 39 | 38 | 41 |
| Ratios | ||||
| Profit margin | 7.1% | 7.1% | 6.1% | 6% |
| Gross margin | 30.7% | 34.5% | 34.7% | 33.5% |
| Revenue per employee | £290k | £271k | £267k | £266k |
| Profit per employee | £20.8k | £19.3k | £16.3k | £16k |
| Cash conversion | 26% | −161.9% | −89.8% | −105.1% |
| Growth (year on year) | ||||
| Revenue growth | — | ▼6.5% | ▼4.3% | ▲7.5% |
| Profit growth | — | ▼6.9% | ▼17.8% | ▲6.1% |
| Headcount growth | — | 0% | ▼2.6% | ▲7.9% |
| Balance sheet — indirect signals, not revenue | ||||
| Cash at bank | £712k | £1.7m | £2m | £2.3m |
| Net assets | £5m | £5.4m | £5.8m | £6.2m |
| Fixed assets | £140k | £230k | £177k | £152k |
| Current assets | £6m | £6.4m | £6.8m | £7.1m |
| Debtors | £1.4m | £1.1m | £1.2m | £1.3m |
| Deferred income | £198k | £180k | £182k | £189k |
| Cash from operations | £263k | −£1.5m | −£756k | −£897k |
| Source | FullAccounts · bulk data Jun 2024 | FullAccounts · bulk data Jun 2024 | FullAccounts · bulk data Aug 2025 | FullAccounts · bulk data Sep 2026 |
How the business works
- Profit margin
- 6%
- Profit ÷ revenue.
- Gross margin
- 33.5%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £266k
- Revenue ÷ average employees.
- Profit per employee
- £16k
- Profit ÷ average employees.
- Cash conversion
- −105.1%
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- 1.4%
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- 1.7%
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- 12.1%
- Money owed by customers. Low = customers pay quickly.
Balance-sheet signals
Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.
- Net assets
- ▲7%
- Now £6.2m
- Cash at bank
- ▲20%
- Now £2.3m
- Headcount
- ▲8%
- Now 41
- Deferred income
- ▲4%
- Now £189k
- Fixed assets
- ▼14%
- Now £152k
Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.
Group structure
Ownership chain
- Troubadour Investments Limitedultimate parent75–100%
- Barnes & Mullins Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Barnes & Mullins (Manufacturing) LimitedActive - Proposal to Strike offFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from FullAccounts for the year to 31 Dec 2025 (profit £657k), from the Companies House accounts bulk data published Sep 2026. Spotted an error? Request a correction.
Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.