How much does The State51 Conspiracy Ltd make?

The State51 Conspiracy Ltd reported revenue of £19.3m and £594k profit in the year to 31 Mar 2025, according to its accounts filed at Companies House.

How many employees does The State51 Conspiracy Ltd have?

The State51 Conspiracy Ltd reported an average of 16 employees in the year to 31 Mar 2025.

Is The State51 Conspiracy Ltd profitable?

Yes — The State51 Conspiracy Ltd reported a profit of £594k in the year to 31 Mar 2025.

Company No. 06460702 · Incorporated 28 Dec 2007

The State51 Conspiracy Ltd

Registered name: THE STATE51 CONSPIRACY LTD

Part of The State51 Music Group Limited group

The State51 Conspiracy Ltd made £19.3m revenue and £594k profit in the year to 31 Mar 2025. read from filing text

The State51 Conspiracy Ltd’s revenue fell 6% to £19.3m in the year to 31 Mar 2025, with £594k profit and 16 employees. The company is classified under “other business support service activities” and is based in London; we hold 4 years of its filed accounts.

Full P&L filedSection N · Administrative and support servicesSIC 82990Other business support service activities n.e.c.

Status: Active
Location: London, London
Age: 18 yrs · since 2007
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 parent undertaking is The state51 Music Group Limited, a company registered in England and Wales, registered office 8-10 Rhoda Street, Shoreditch, London, E2 7EF.”

Latest accounts · year to 31 Mar 2025

Key figures

Capital-light

Revenue

£19.3m

Growth ▼6.4%

Profit

£594k

Growth —

Profit margin

3.1%

Gross 12.1%

Employees

Change ▲6.7%

Profit / employee

£37.1k

Revenue/employee £1.2m

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.

4 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Mar 2022	31 Mar 2023	31 Mar 2024	31 Mar 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)	£16.5m	£18.2m	£20.6m	£19.3m
Cost of sales	£15.4m	£16.6m	£18.2m	£16.9m
Gross profit	£1.1m	£1.6m	£2.4m	£2.3m
Operating profit	−£156k	£216k	−£315k	£592k
Profit before tax	−£156k	£216k	−£315k	£592k
Profit after tax	−£163k	£215k	−£330k	£594k
Profit (best available)	−£163k	£215k	−£330k	£594k
Staff costs	£393k	£401k	£537k	£582k
Employees (average)	14	13	15	16
Ratios
Profit margin	−1%	1.2%	−1.6%	3.1%
Gross margin	6.9%	8.7%	11.7%	12.1%
Revenue per employee	£1.2m	£1.4m	£1.4m	£1.2m
Profit per employee	−£11.7k	£16.5k	−£22k	£37.1k
Growth (year on year)
Revenue growth	—	▲10.2%	▲13.2%	▼6.4%
Profit growth	—	—	▼253.5%	—
Headcount growth	—	▼7.1%	▲15.4%	▲6.7%
Balance sheet — indirect signals, not revenue
Cash at bank	£1.9m	£2.3m	£1.6m	£2.5m
Net assets	−£1.8m	−£1.6m	−£2m	−£1.4m
Fixed assets	£243k	£186k	£134k	£82.5k
Current assets	£4.9m	£5.8m	£5.4m	£5.9m
Debtors	£273k	£391k	£682k	£476k
Deferred income	£5.8m	£6.4m	£6.1m	£6m
Source	FullAccounts · bulk data Dec 2023	FullAccounts · bulk data Dec 2023	FullAccounts · bulk data Mar 2025	FullAccounts · bulk data Dec 2025

Derived from the latest filing

How the business works

Profit margin: 3.1%; Profit ÷ revenue.
Gross margin: 12.1%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £1.2m; Revenue ÷ average employees.
Profit per employee: £37.1k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 0.4%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 31.2%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 2.5%; 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 −£1.4m
Cash at bank: ▲55%; Now £2.5m
Headcount: ▲7%; Now 16
Deferred income: ▼2%; Now £6m
Fixed assets: ▼39%; Now £82.5k

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

The State51 Music Group Limitedultimate parent75–100%
The State51 Conspiracy Ltdthis company

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

Sister companies (1)

Open Music Rights LimitedFigures not disclosed

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

Same industry, similar size

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Sources

Companies House profile Filing history & original accounts

Latest figures from FullAccounts for the year to 31 Mar 2025 (profit £594k), 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.