How much does Waterloo Air Products Limited make?

Waterloo Air Products Limited reported revenue of £11.5m and a loss of £678k in the year to 31 Dec 2025, according to its accounts filed at Companies House.

How many employees does Waterloo Air Products Limited have?

Waterloo Air Products Limited reported an average of 111 employees in the year to 31 Dec 2025.

Is Waterloo Air Products Limited profitable?

No — Waterloo Air Products Limited reported a loss of £678k in the year to 31 Dec 2025.

Company No. 04911865 · Incorporated 25 Sep 2003

Waterloo Air Products Limited

Registered name: WATERLOO AIR PRODUCTS LIMITED

Part of Swegon Group Aktiebolag group

Waterloo Air Products Limited made £11.5m revenue and a £678k loss in the year to 31 Dec 2025. read from filing text

Waterloo Air Products Limited’s revenue grew 2% to £11.5m in the year to 31 Dec 2025, with a loss of £678k and 111 employees. The company is classified under “manufacture of non-domestic cooling and ventilation equipment” and is based in Wednesbury; we hold 5 years of its filed accounts.

Full P&L filedSection C · ManufacturingSIC 28250Manufacture of non-domestic cooling and ventilation equipment

Status: Active
Location: Wednesbury, West Midlands
Age: 23 yrs · since 2003
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 Dec 2025

Key figures

Revenue

£11.5m

Growth ▲2.4%

Profit

−£678k

Growth —

Profit margin

−5.9%

Gross 33%

Employees

111

Change 0%

Profit / employee

−£6.1k

Revenue/employee £104k

Profitable streak

0yrs

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 Dec 2021	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	Full P&Lread from filing text
Profit & loss
Revenue (turnover)	£11.4m	£11.2m	£12.1m	£11.3m	£11.5m
Cost of sales	£7.2m	£7.4m	£8.6m	£8.5m	£7.7m
Gross profit	£4.3m	£3.7m	£3.5m	£2.7m	£3.8m
Operating profit	£608k	−£1.2m	−£799k	−£1.2m	—
Profit before tax	£607k	−£1.2m	−£799k	−£1.2m	−£824k
Profit after tax	£486k	−£1m	−£636k	−£859k	−£678k
Profit (best available)	£486k	−£1m	−£636k	−£859k	−£678k
Employees (average)	112	111	110	111	111
Ratios
Profit margin	4.3%	−9.4%	−5.3%	−7.6%	−5.9%
Gross margin	37.3%	33.5%	29%	24.1%	33%
Revenue per employee	£102k	£100k	£110k	£101k	£104k
Profit per employee	£4.3k	−£9.4k	−£5.8k	−£7.7k	−£6.1k
Growth (year on year)
Revenue growth	—	▼2.3%	▲8.3%	▼6.7%	▲2.4%
Profit growth	—	▼315.4%	—	—	—
Headcount growth	—	▼0.9%	▼0.9%	▲0.9%	0%
Balance sheet — indirect signals, not revenue
Cash at bank	£1.4m	£450k	£550k	£407k	£540k
Net assets	£1.9m	£882k	£246k	−£613k	£3.8m
Fixed assets	£1.2m	£2.7m	£2.9m	£3.3m	£3.2m
Current assets	£4.4m	£4.1m	£4.9m	£3.5m	£3.7m
Debtors	£2.2m	£2m	£2.2m	£1.7m	£1.6m
Deferred income	£474k	£1.2m	£1.3m	£1.1m	£994k
Source	FullAccounts · bulk data Feb 2024	FullAccounts · bulk data Feb 2024	FullAccounts · bulk data Dec 2024	FullAccounts · bulk data Dec 2025	FullAccounts · bulk data Jul 2026

Derived from the latest filing

How the business works

Profit margin: −5.9%; Profit ÷ revenue.
Gross margin: 33%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £104k; Revenue ÷ average employees.
Profit per employee: −£6.1k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 28.1%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 8.6%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 13.5%; 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 £3.8m
Cash at bank: ▲33%; Now £540k
Headcount: 0%; Now 111
Deferred income: ▼12%; Now £994k
Fixed assets: ▼1%; Now £3.2m

Deferred income is reported together with accruals in this filing (“accruals and deferred income”), so it is an approximate signal only.

Corporate ownership

Group structure

Ownership chain

Swegon Group Aktiebolag (registered outside the UK register)ultimate parent75–100%
Swegon Limited75–100%
Waterloo Air Products Limitedthis company

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

Sister companies (4)

Dalair LimitedRev. £25.8m · Profit £2.5m
Swegon Air Management LimitedFigures not disclosed
Swegon Cooling LtdFigures not disclosed
Waterloo Group LimitedActive - 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 Dec 2025 (profit −£678k), from the Companies House accounts bulk data published Jul 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.