Merchants Only Limited
Registered name: MERCHANTS ONLY LIMITED
Part of Russnick Group Limited groupMerchants Only Limited made £18.2m revenue and £436k profit in the year to 31 Jan 2025. read from filing text
Merchants Only Limited’s revenue was £18.2m in the year to 31 Jan 2025, with £436k profit and 2 employees. The company is classified under “activities of other holding companies” and is based in London; we hold 5 years of its filed accounts.
- Status
- Active
- Location
- London, London
- Age
- 10 yrs · since 2015
- 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 Oct 2021 | 31 Oct 2022 | 31 Oct 2023 | 31 Jan 2024 | 31 Jan 2025 |
|---|---|---|---|---|---|
| Disclosure | No P&L | No P&L | No P&L | Full P&Lread from filing text | Full P&Lread from filing text |
| Profit & loss | |||||
| Revenue (turnover) | — | — | — | £4m | £18.2m |
| Cost of sales | — | — | — | £3.6m | £15.8m |
| Gross profit | — | — | — | £394k | £2.4m |
| Operating profit | — | — | — | £162k | £501k |
| Profit before tax | — | — | — | £109k | £473k |
| Profit after tax | — | — | — | £109k | £436k |
| Profit (best available) | — | — | — | £109k | £436k |
| Employees (average) | 1 | 1 | 1 | 1 | 2 |
| Ratios | |||||
| Profit margin | — | — | — | 2.8% | 2.4% |
| Gross margin | — | — | — | 10% | 13.3% |
| Revenue per employee | — | — | — | £4m | £9.1m |
| Profit per employee | — | — | — | £109k | £218k |
| Growth (year on year) | |||||
| Headcount growth | — | 0% | 0% | — | — |
| Balance sheet — indirect signals, not revenue | |||||
| Cash at bank | £1.6k | £1.6k | £1.6k | £700 | £700 |
| Net assets | £152k | £151k | £150k | £150k | £150k |
| Fixed assets | — | £10 | — | £10 | £10 |
| Current assets | £180k | £181k | £172k | £172k | £172k |
| Debtors | £179k | £179k | £171k | £172k | £172k |
| Deferred income | £2.8k | £2.3k | £2.3k | £2.3k | £2.3k |
| Source | Accounts · bulk data Oct 2023 | Accounts · bulk data Oct 2023 | FullAccounts · bulk data Jul 2024 | FullAccounts · bulk data Oct 2025 | FullAccounts · bulk data Jan 2026 |
How the business works
- Profit margin
- 2.4%
- Profit ÷ revenue.
- Gross margin
- 13.3%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £9.1m
- Revenue ÷ average employees.
- Profit per employee
- £218k
- 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
- 0%
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- 0.9%
- 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
- —
- Now £150k
- Cash at bank
- —
- Now £700
- Headcount
- —
- Now 2
- Deferred income
- —
- Now £2.3k
- Fixed assets
- —
- Now £10
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
- Russnick Group Limitedultimate parent75–100%
- Merchants Only Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (13)
- Tiger Supplies LimitedRev. £19.3m · Profit £107k
- Upwood Distribution LimitedRev. £18.2m · Profit £455k
- Benferri Developments LimitedFigures not disclosed
- Bumblebee Recycling LimitedFigures not disclosed
- CHS Group LimitedFigures not disclosed
- Estelle Wells LimitedFigures not disclosed
- Fall Guard UK LimitedFigures not disclosed
- LMP Group LimitedRev. — · Profit £1
- LPB Homes Holdings LimitedFigures not disclosed
- One Stop Group LimitedFigures not disclosed
- Onepro Distribution Holdings LimitedFigures not disclosed
- Penny Pot Hall Classics LimitedFigures not disclosed
- Traffic Site Equipment LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from FullAccounts for the year to 31 Jan 2025 (profit £436k), 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.