How much does Underbelly Limited make?

Underbelly Limited reported revenue of £18.9m and £1.6m profit in the year to 31 Mar 2026, according to its accounts filed at Companies House.

How many employees does Underbelly Limited have?

Underbelly Limited reported an average of 30 employees in the year to 31 Mar 2026.

Is Underbelly Limited profitable?

Yes — Underbelly Limited reported a profit of £1.6m in the year to 31 Mar 2026.

Company No. 04206540 · Incorporated 26 Apr 2001

Underbelly Limited

Registered name: UNDERBELLY LIMITED

Underbelly Limited made £18.9m revenue and £1.6m profit in the year to 31 Mar 2026. read from filing text

Underbelly Limited’s revenue fell 2% to £18.9m in the year to 31 Mar 2026, with £1.6m profit and 30 employees. The company is classified under “performing arts” and is based in London; we hold 5 years of its filed accounts.

Full P&L filedSection R · Arts, entertainment and recreationSIC 90010Performing arts SIC 90020Support activities to performing arts SIC 90040Operation of arts facilities

Status: Active
Location: London, London
Age: 25 yrs · since 2001
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.

Latest accounts · year to 31 Mar 2026

Key figures

Revenue

£18.9m

Growth ▼1.5%

Profit

£1.6m

Growth —

Profit margin

8.6%

Gross 29.1%

Employees

Change ▲3.5%

Profit / employee

£54.4k

Revenue/employee £631k

Profitable streak

1yr

Consecutive profitable years in our data

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

5 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Mar 2022	31 Mar 2023	31 Mar 2024	31 Mar 2025	31 Mar 2026
Disclosure	No P&L	No P&L	No P&L	Full P&Lread from filing text	Full P&Lread from filing text
Profit & loss
Revenue (turnover)	—	—	—	£19.2m	£18.9m
Cost of sales	—	—	—	£16.4m	£13.4m
Gross profit	—	—	—	£2.9m	£5.5m
Operating profit	—	—	—	−£727k	£1.6m
Profit (best available)	—	—	—	−£727k	£1.6m
Employees (average)	25	26	26	29	30
Ratios
Profit margin	—	—	—	−3.8%	8.6%
Gross margin	—	—	—	14.9%	29.1%
Revenue per employee	—	—	—	£663k	£631k
Profit per employee	—	—	—	−£25.1k	£54.4k
Growth (year on year)
Revenue growth	—	—	—	—	▼1.5%
Headcount growth	—	▲4%	0%	▲11.5%	▲3.5%
Balance sheet — indirect signals, not revenue
Cash at bank	£229k	£256k	£424k	£400k	£181k
Net assets	−£1.2m	−£3.1m	−£3.5m	−£6.9m	−£5.9m
Fixed assets	£2.7m	£2.6m	£2.9m	£2.6m	£2.4m
Current assets	£4.5m	£2.4m	£3.4m	£2.5m	£2.8m
Debtors	£275k	£393k	£986k	£562k	£594k
Source	FullAccounts · bulk data Sep 2024	FullAccounts · bulk data Sep 2024	FullAccounts · bulk data Oct 2025	FullAccounts · bulk data May 2026	FullAccounts · bulk data May 2026

Derived from the latest filing

How the business works

Profit margin: 8.6%; Profit ÷ revenue.
Gross margin: 29.1%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £631k; Revenue ÷ average employees.
Profit per employee: £54.4k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 12.7%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: —; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 3.1%; 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: —; Now −£5.9m
Cash at bank: ▼55%; Now £181k
Headcount: ▲3%; Now 30
Deferred income: —; Now —
Fixed assets: ▼9%; Now £2.4m

Corporate ownership

Group structure

Ownership chain

By Popular Demand Promotions Ltd (registered outside the UK register)ultimate parent75–100%
Underbelly Limitedthis company

Bands show the share of ownership each company holds in the one below it.

Subsidiaries (1)

Jazz Nutcracker LtdActive - Proposal to Strike offFigures not disclosed

From the Persons with Significant Control register (corporate controllers only).

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Sources

Companies House profile Filing history & original accounts

Latest figures from FullAccounts for the year to 31 Mar 2026 (profit £1.6m), from the Companies House accounts bulk data published May 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.