How much does Puzzel Ltd make?

Puzzel Ltd reported revenue of £16.2m and £532k profit in the year to 31 Dec 2025, according to its accounts filed at Companies House.

How many employees does Puzzel Ltd have?

Puzzel Ltd reported an average of 54 employees in the year to 31 Dec 2025.

Is Puzzel Ltd profitable?

Yes — Puzzel Ltd reported a profit of £532k in the year to 31 Dec 2025.

Company No. 04124967 · Incorporated 13 Dec 2000

Puzzel Ltd

Registered name: PUZZEL LTD

Puzzel Ltd made £16.2m revenue and £532k profit in the year to 31 Dec 2025.

Puzzel Ltd’s revenue grew 4% to £16.2m in the year to 31 Dec 2025, with £532k profit and 54 employees. The company is classified under “other telecommunications activities” and is based in Slough; we hold 4 years of its filed accounts.

Full P&L filedSection J · Information and communicationSIC 61900Other telecommunications activities

Status: Active
Location: Slough, South East
Age: 25 yrs · since 2000
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 immediate parent company is Puzzel AS, a company incorporated and operating in Norway.The ultimate parent company is Jigsaw Topco AS, a company incorporated and operating in Norway.Puzzel AS prepa”

Latest accounts · year to 31 Dec 2025

Key figures

Capital-lightDoing more with lessCash flow filed

Revenue

£16.2m

Growth ▲4.1%

Profit

£532k

Growth ▼43.9%

Profit margin

3.3%

Gross 58.7%

Employees

Change ▼8.5%

Profit / employee

£9.8k

Revenue/employee £300k

Profitable streak

3yrs

Consecutive profitable years in our data

Badges are automated estimates derived from the filed figures — not statements of fact about the company.

4 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Dec 2022	31 Dec 2023	31 Dec 2024	31 Dec 2025
Disclosure	Full P&L	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	£13.7m	£15.3m	£15.6m	£16.2m
Cost of sales	£5.4m	£6m	£5.8m	£6.7m
Gross profit	£8.3m	£9.3m	£9.8m	£9.5m
Operating profit	−£372k	£437k	£723k	£703k
Profit before tax	−£521k	£170k	£818k	£721k
Profit after tax	−£521k	£170k	£947k	£532k
Profit (best available)	−£521k	£170k	£947k	£532k
Staff costs	£6.4m	£7.5m	£7.2m	£6.7m
Employees (average)	65	62	59	54
Ratios
Profit margin	−3.8%	1.1%	6.1%	3.3%
Gross margin	60.4%	60.7%	62.6%	58.7%
Revenue per employee	£211k	£247k	£264k	£300k
Profit per employee	−£8k	£2.7k	£16.1k	£9.8k
Cash conversion	—	−653%	−272.8%	111.8%
Growth (year on year)
Revenue growth	—	▲11.6%	▲1.8%	▲4.1%
Profit growth	—	—	▲457.3%	▼43.9%
Headcount growth	—	▼4.6%	▼4.8%	▼8.5%
Balance sheet — indirect signals, not revenue
Cash at bank	£316k	£403k	£366k	£808k
Net assets	−£307k	−£138k	£809k	£1.3m
Fixed assets	£1.7m	£1.2m	£579k	£31.3k
Current assets	£3.3m	£5.4m	£8m	£7.9m
Debtors	£1.7m	£1.7m	£2.1m	£2.9m
Cash from operations	−£1.2m	−£2.9m	−£2m	£785k
Source	FullAccounts · bulk data Mar 2024	FullAccounts · bulk data Mar 2024	FullAccounts · bulk data Mar 2025	FullAccounts · bulk data Apr 2026

Derived from the latest filing

How the business works

Profit margin: 3.3%; Profit ÷ revenue.
Gross margin: 58.7%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £300k; Revenue ÷ average employees.
Profit per employee: £9.8k; Profit ÷ average employees.
Cash conversion: 111.8%; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 0.2%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: —; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 18%; Money owed by customers. Low = customers pay quickly.

Indirect — not revenue

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: ▲66%; Now £1.3m
Cash at bank: ▲121%; Now £808k
Headcount: ▼8%; Now 54
Deferred income: —; Now —
Fixed assets: ▼95%; Now £31.3k

Same industry, similar size

Similar profitable businesses

Industry benchmarks →

Sources

Companies House profile Filing history & original accounts

Latest figures from FullAccounts for the year to 31 Dec 2025 (profit £532k), from the Companies House accounts bulk data published Apr 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.