How much does Thistle Initiatives Limited make?

Thistle Initiatives Limited reported revenue of £10.1m and a loss of £96.2k in the year to 31 Mar 2025, according to its accounts filed at Companies House.

How many employees does Thistle Initiatives Limited have?

Thistle Initiatives Limited reported an average of 70 employees in the year to 31 Mar 2025.

Is Thistle Initiatives Limited profitable?

No — Thistle Initiatives Limited reported a loss of £96.2k in the year to 31 Mar 2025.

Company No. 07078648 · Incorporated 17 Nov 2009

Thistle Initiatives Limited

Registered name: THISTLE INITIATIVES LIMITED

Part of Dragontail Holdings Limited group

Thistle Initiatives Limited made £10.1m revenue and a £96.2k loss in the year to 31 Mar 2025. read from filing text

Thistle Initiatives Limited’s revenue grew 9% to £10.1m in the year to 31 Mar 2025, with a loss of £96.2k and 70 employees. The company is classified under “management consultancy activities other than financial management” and is based in London; we hold 4 years of its filed accounts.

Full P&L filedSection M · Professional, scientific and technical activitiesSIC 70229Management consultancy activities other than financial management

Status: Active
Location: London, London
Age: 16 yrs · since 2009
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 intermediate parent company is Thistle Initiatives Group Limited. The ultimate parent company is Whitby TopCo Limited, a company incorporated in Jersey. Ultimate control rests with J Del Missier.”

Latest accounts · year to 31 Mar 2025

Key figures

Revenue

£10.1m

Growth ▲8.6%

Profit

−£96.2k

Growth ▼136.1%

Profit margin

−0.9%

Gross 97%

Employees

Change ▲18.6%

Profit / employee

−£1.4k

Revenue/employee £144k

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.

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	No P&L	Full P&Lread from filing text	Full P&Lread from filing text	Full P&Lread from filing text
Profit & loss
Revenue (turnover)	—	£6.7m	£9.3m	£10.1m
Cost of sales	—	£386k	£113k	£300k
Gross profit	—	£6.3m	£9.2m	£9.8m
Operating profit	—	£1.5m	£1.6m	£440k
Profit before tax	—	£1.2m	£889k	£172k
Profit after tax	—	£861k	£267k	−£96.2k
Profit (best available)	—	£861k	£267k	−£96.2k
Staff costs	—	£3.4m	£5.1m	£6.6m
Employees (average)	35	41	59	70
Ratios
Profit margin	—	12.8%	2.9%	−0.9%
Gross margin	—	94.3%	98.8%	97%
Revenue per employee	—	£164k	£157k	£144k
Profit per employee	—	£21k	£4.5k	−£1.4k
Growth (year on year)
Revenue growth	—	—	▲38.1%	▲8.6%
Profit growth	—	—	▼69%	▼136.1%
Headcount growth	—	▲17.1%	▲43.9%	▲18.6%
Balance sheet — indirect signals, not revenue
Cash at bank	£2.1m	£1.6m	£2.4m	£3.3m
Net assets	£2.4m	£2.9m	£3.2m	£3.1m
Fixed assets	£268k	£5.7m	£3.7m	£3.1m
Current assets	£3.3m	£3.9m	£5.8m	£6.8m
Debtors	£689k	£1.6m	£2.3m	£1.9m
Deferred income	£317k	£344k	£397k	£395k
Source	FullAccounts · bulk data Mar 2024	FullAccounts · bulk data Mar 2024	FullAccounts · bulk data Mar 2025	FullAccounts · bulk data Jan 2026

Derived from the latest filing

How the business works

Profit margin: −0.9%; Profit ÷ revenue.
Gross margin: 97%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £144k; Revenue ÷ average employees.
Profit per employee: −£1.4k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: 30.7%; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: 3.9%; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: 18.9%; 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: ▼3%; Now £3.1m
Cash at bank: ▲36%; Now £3.3m
Headcount: ▲19%; Now 70
Deferred income: ▼0%; Now £395k
Fixed assets: ▼16%; Now £3.1m

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

Dragontail Holdings Limitedultimate parent75–100%
Thistle Initiatives Group Limited75–100%
Thistle Initiatives Holdings Limited75–100%
Thistle Initiatives Limitedthis company

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

Subsidiaries (3)

Ateb Business Solutions LimitedFigures not disclosed
Tori LimitedFigures not disclosed
Whitby 1 (CSL) LimitedFigures not disclosed

Sister companies (1)

Whitby 2 (Acl) LimitedFigures 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 2025 (profit −£96.2k), from the Companies House accounts bulk data published Jan 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.