Ishtar Topco Limited
Registered name: ISHTAR TOPCO LIMITED
Part of Tenzing Pe I GP LLP groupIshtar Topco Limited made £26.4m revenue and a £20.8m loss in the year to 31 Dec 2025.
Ishtar Topco Limited’s revenue fell 2% to £26.4m in the year to 31 Dec 2025, with a loss of £20.8m. The company is classified under “activities of other holding companies” and is based in Hungerford; we hold 2 years of its filed accounts.
- Status
- Active
- Location
- Hungerford, South East
- Age
- 8 yrs · since 2018
- 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 Dec 2024 | 31 Dec 2025 |
|---|---|---|
| Disclosure | Full P&L | Full P&L |
| Profit & loss | ||
| Revenue (turnover) | £26.9m | £26.4m |
| Cost of sales | −£12.3m | −£11m |
| Gross profit | £14.5m | £15.4m |
| Operating profit | −£2.2m | £2.1m |
| Profit before tax | −£9.1m | −£20.5m |
| Profit after tax | −£9.6m | −£20.8m |
| Profit (best available) | −£9.6m | −£20.8m |
| Employees (average) | — | — |
| Ratios | ||
| Profit margin | −35.9% | −78.8% |
| Gross margin | 54.1% | 58.4% |
| Growth (year on year) | ||
| Revenue growth | — | ▼1.9% |
| Balance sheet — indirect signals, not revenue | ||
| Net assets | — | — |
| Source | Accounts · bulk data Dec 2025 | Accounts · bulk data Jul 2026 |
How the business works
- Profit margin
- −78.8%
- Profit ÷ revenue.
- Gross margin
- 58.4%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- —
- Revenue ÷ average employees.
- Profit per employee
- —
- 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.
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
- —
- Now —
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Tenzing Pe I GP LLPultimate parent50–75%
- Ishtar Topco Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Ishtar Midco LimitedFigures not disclosed
Sister companies (2)
- Payroll Software & Services Group Topco LimitedRev. £21.2m · Profit −£2.5m
- Malachite Topco LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Dec 2025 (profit −£20.8m), 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.