W.i.p (Work in Progress) Limited
Registered name: W.I.P (WORK IN PROGRESS) LIMITED
Part of Dragonfly Venture Group Ltd groupW.i.p (Work in Progress) Limited made £48.9m revenue and £10.5m profit in the year to 31 Mar 2025.
W.i.p (Work in Progress) Limited’s revenue grew 10% to £48.9m in the year to 31 Mar 2025, with £10.5m profit and 3 employees. The company is classified under “manufacture of footwear” and is based in Tyne & Wear; we hold 4 years of its filed accounts.
- Status
- Active
- Location
- Tyne & Wear, North East
- Age
- 23 yrs · since 2003
- Type
- Private Limited Company
Pass-through vehicle. This looks like a holding, staffing or umbrella company. Its revenue and profit may largely pass through to or from other entities, so the figures may not reflect a standalone operating business. It is excluded from our opportunity lists.
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.
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Mar 2022 | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L | Full P&L |
| Profit & loss | ||||
| Revenue (turnover) | £48.9m | £39.1m | £44.3m | £48.9m |
| Cost of sales | £30.9m | £25.8m | £28m | £30.7m |
| Gross profit | £18.1m | £13.2m | £16.3m | £18.2m |
| Operating profit | £14.6m | £8.2m | £12.1m | £13.4m |
| Profit before tax | £15m | £9m | £13.1m | £14.1m |
| Profit after tax | £12.1m | £7.3m | £9.8m | £10.5m |
| Profit (best available) | £12.1m | £7.3m | £9.8m | £10.5m |
| Staff costs | £263k | £246k | £318k | £275k |
| Employees (average) | 3 | 3 | 3 | 3 |
| Ratios | ||||
| Profit margin | 24.8% | 18.7% | 22.1% | 21.6% |
| Gross margin | 36.9% | 33.8% | 36.9% | 37.3% |
| Revenue per employee | £16.3m | £13m | £14.8m | £16.3m |
| Profit per employee | £4m | £2.4m | £3.3m | £3.5m |
| Growth (year on year) | ||||
| Revenue growth | — | ▼20.2% | ▲13.5% | ▲10.3% |
| Profit growth | — | ▼39.6% | ▲34.4% | ▲7.3% |
| Headcount growth | — | 0% | 0% | 0% |
| Balance sheet — indirect signals, not revenue | ||||
| Cash at bank | £3.6m | £2.9m | £2.5m | £2.4m |
| Net assets | £12.1m | £7.3m | £17.1m | £10.5m |
| Fixed assets | £4k | £4k | £4k | £4k |
| Current assets | £24.9m | £29.7m | £33m | £42.7m |
| Debtors | £6.1m | £1.8m | £4.3m | £7.7m |
| Deferred income | £387k | £357k | £323k | £698k |
| Source | Accounts · bulk data May 2024 | Accounts · bulk data May 2024 | Accounts · bulk data Jan 2025 | FullAccounts · bulk data Dec 2025 |
How the business works
- Profit margin
- 21.6%
- Profit ÷ revenue.
- Gross margin
- 37.3%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £16.3m
- Revenue ÷ average employees.
- Profit per employee
- £3.5m
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- 0%
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- 1.4%
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- 15.8%
- 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
- ▼38%
- Now £10.5m
- Cash at bank
- ▼5%
- Now £2.4m
- Headcount
- 0%
- Now 3
- Deferred income
- ▲116%
- Now £698k
- Fixed assets
- 0%
- Now £4k
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
- Dragonfly Venture Group Ltdultimate parent75–100%
- W.i.p (Work in Progress) Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Sister companies (4)
- Dragonfly Venture (Trading) LimitedRev. £25.7m · Profit £1.2m
- W.i.p. (Workwear) LimitedRev. £19.7m · Profit £4.9m
- Dragonfly Venture (UK) LimitedFigures not disclosed
- Golden Dragon Footwear LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Similar profitable businesses
Sources
Latest figures from FullAccounts for the year to 31 Mar 2025 (profit £10.5m), from the Companies House accounts bulk data published Dec 2025. 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.