Project Steel Midco 2 Limited
Registered name: PROJECT STEEL MIDCO 2 LIMITED
Part of Project Steel Topco Limited groupProject Steel Midco 2 Limited made £931k revenue and a £565k loss in the year to 31 Dec 2024.
Project Steel Midco 2 Limited’s revenue grew 4% to £931k in the year to 31 Dec 2024, with a loss of £565k and 4 employees. The company is classified under “other service activities” and is based in London; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- London, London
- Age
- 7 yrs · since 2018
- 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 immediate parent and controlling party is Project Steel Midco 1 Limited, its registered office being Corby Innovation Hub, Bangrave Road South, Corby, England, NN17 1NN. The ultimate parent is Pro”
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Dec 2022 | 31 Dec 2023 | 31 Dec 2024 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £774k | £893k | £931k |
| Gross profit | £774k | £893k | £931k |
| Operating profit | £70.2k | −£129k | −£565k |
| Profit before tax | £70.2k | −£129k | −£565k |
| Profit after tax | £70.5k | −£129k | −£565k |
| Profit (best available) | £70.5k | −£129k | −£565k |
| Staff costs | £675k | £784k | £807k |
| Employees (average) | 4 | 4 | 4 |
| Ratios | |||
| Profit margin | 9.1% | −14.5% | −60.7% |
| Gross margin | 100% | 100% | 100% |
| Revenue per employee | £193k | £223k | £233k |
| Profit per employee | £17.6k | −£32.4k | −£141k |
| Growth (year on year) | |||
| Revenue growth | — | ▲15.5% | ▲4.2% |
| Profit growth | — | ▼283.6% | — |
| Headcount growth | — | 0% | 0% |
| Balance sheet — indirect signals, not revenue | |||
| Cash at bank | £22.5k | £22.4k | £22.3k |
| Net assets | −£267k | −£397k | −£962k |
| Fixed assets | £8.8k | £8.8k | £8.8k |
| Current assets | £16.9m | £17m | £16.7m |
| Debtors | £16.9m | £16.9m | £16.6m |
| Deferred income | £67.6k | £71.2k | £72.3k |
| Source | Accounts · bulk data Sep 2024 | Accounts · bulk data Sep 2024 | FullAccounts · bulk data Sep 2025 |
How the business works
- Profit margin
- −60.7%
- Profit ÷ revenue.
- Gross margin
- 100%
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £233k
- Revenue ÷ average employees.
- Profit per employee
- −£141k
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- 0.9%
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- 7.8%
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- 1789%
- 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 −£962k
- Cash at bank
- ▼0%
- Now £22.3k
- Headcount
- 0%
- Now 4
- Deferred income
- ▲1%
- Now £72.3k
- Fixed assets
- 0%
- Now £8.8k
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
- Project Steel Topco Limitedultimate parent75–100%
- Project Steel Midco 1 Limited75–100%
- Project Steel Midco 2 Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- Project Steel Bidco LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
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Sources
Latest figures from FullAccounts for the year to 31 Dec 2024 (profit −£565k), from the Companies House accounts bulk data published Sep 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.