How much does Understudy Limited make?

Understudy Limited reported revenue of £24.6m and £908k profit in the year to 28 Dec 2025, according to its accounts filed at Companies House.

How many employees does Understudy Limited have?

Understudy Limited reported an average of 298 employees in the year to 28 Dec 2025.

Is Understudy Limited profitable?

Yes — Understudy Limited reported a profit of £908k in the year to 28 Dec 2025.

Company No. 08641225 · Incorporated 7 Aug 2013

Understudy Limited

Registered name: UNDERSTUDY LIMITED

Understudy Limited made £24.6m revenue and £908k profit in the year to 28 Dec 2025.

Understudy Limited’s revenue grew 26% to £24.6m in the year to 28 Dec 2025, with £908k profit and 298 employees. The company is classified under “licensed restaurants” and is based in London; we hold 6 years of its filed accounts.

Full P&L filedSection I · Accommodation and food servicesSIC 56101Licensed restaurants

Status: Active
Location: London, London
Age: 13 yrs · since 2013
Type: Private Limited Company

Latest accounts · year to 28 Dec 2025

Key figures

Independent

Revenue

£24.6m

Growth ▲25.7%

Profit

£908k

Growth —

Profit margin

3.7%

Gross 68.3%

Employees

298

Change ▲11.6%

Profit / employee

£3k

Revenue/employee £82.7k

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.

6 filed years

Financial history

Multi-year financials, oldest to newest
Year to	31 Dec 2022	29 Dec 2023	31 Dec 2023	28 Dec 2024	29 Dec 2024	28 Dec 2025
Disclosure	Profit only	Full P&L	Profit only	Full P&L	Full P&L	Full P&L
Profit & loss
Revenue (turnover)	—	£15.8m	—	£19.6m	£19.6m	£24.6m
Cost of sales	—	−£4.9m	—	−£5.9m	−£5.9m	−£7.8m
Gross profit	—	£10.9m	—	£13.7m	£13.7m	£16.8m
Operating profit	—	£126k	—	£212k	£212k	£1.3m
Profit before tax	—	−£65k	—	£44.8k	£44.8k	£1.1m
Profit after tax	£267k	£115k	£115k	−£136k	−£136k	£908k
Profit (best available)	£267k	£115k	£115k	−£136k	−£136k	£908k
Employees (average)	0	238	0	267	267	298
Ratios
Profit margin	—	0.7%	—	−0.7%	−0.7%	3.7%
Gross margin	—	69.2%	—	70%	70%	68.3%
Revenue per employee	—	£66.3k	—	£73.4k	£73.4k	£82.7k
Profit per employee	—	£484	—	−£511	−£511	£3k
Growth (year on year)
Revenue growth	—	—	—	—	—	▲25.7%
Profit growth	—	▼56.8%	—	▼218.5%	—	—
Headcount growth	—	—	—	—	—	▲11.6%
Balance sheet — indirect signals, not revenue
Cash at bank	£2.5m	—	£2.1m	—	—	—
Net assets	£852k	—	£967k	—	—	—
Fixed assets	£2.2m	—	£2.5m	—	—	—
Current assets	£3.2m	—	£3.7m	—	—	—
Debtors	£0	—	£800	—	—	—
Deferred income	£791k	—	£786k	—	—	—
Source	FullAccounts · bulk data Aug 2024	Accounts · bulk data Aug 2025	FullAccounts · bulk data Aug 2024	Accounts · bulk data Aug 2026	Accounts · bulk data Aug 2025	Accounts · bulk data Aug 2026

Derived from the latest filing

How the business works

Profit margin: 3.7%; Profit ÷ revenue.
Gross margin: 68.3%; Gross profit ÷ revenue. High for software and services.
Revenue per employee: £82.7k; Revenue ÷ average employees.
Profit per employee: £3k; Profit ÷ average employees.
Cash conversion: —; Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
Fixed assets ÷ revenue: —; Capital intensity. Low = capital-light, cheaper to start.
Deferred income ÷ revenue: —; Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
Debtors ÷ revenue: —; 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 —
Cash at bank: —; Now —
Headcount: ▲12%; Now 298
Deferred income: —; Now —
Fixed assets: —; Now —

Corporate ownership

Group structure

Subsidiaries (3)

Understudy 1 LimitedFigures not disclosed
Understudy 2 LimitedFigures not disclosed
Understudy 3 LimitedFigures not disclosed

Minority corporate shareholders

BGF Investment Management Limited 25–50%

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 accounts for the year to 28 Dec 2025 (profit £908k), from the Companies House accounts bulk data published Aug 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.